CTGR(SH:600905) EBSCN·2025-05-07 02:10Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's revenue for 2024 reached 29.717 billion yuan, a year-on-year increase of 12.13%, while the net profit attributable to shareholders decreased by 14.81% to 6.111 billion yuan [1][2] - The company aims to focus on the expansion of green energy, particularly wind and solar power, despite facing challenges from declining electricity prices [2][3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 29.717 billion yuan, up 12.13% year-on-year, while the net profit attributable to shareholders was 6.111 billion yuan, down 14.81% [1][2] - For Q1 2025, the company reported a revenue of 7.628 billion yuan, a decrease of 3.47% year-on-year, with a net profit of 2.447 billion yuan, an increase of 1.16% [1] Capacity and Generation - By the end of 2024, the company's installed capacity reached 47.9614 million kilowatts, with wind power at 22.432 million kilowatts (up 15.5%) and solar power at 24.2657 million kilowatts (up 22.5%) [2] - The total electricity generation for 2024 was 71.952 billion kilowatt-hours, an increase of 30.40% year-on-year, with wind power generation at 45.173 billion kilowatt-hours (up 15.96%) and solar power generation at 25.401 billion kilowatt-hours (up 65.44%) [2] Profitability Forecast - Due to significant declines in grid electricity prices, the profit forecasts for 2025 and 2026 have been adjusted downwards to 7.044 billion yuan and 7.234 billion yuan, respectively [3] - The report projects earnings per share (EPS) of 0.25 yuan for 2025 and 0.26 yuan for 2027, with corresponding price-to-earnings (P/E) ratios of 17 for 2025 and 16 for 2027 [3][5] Strategic Focus - The company is strategically shifting its focus towards its core business by divesting from hydroelectric operations, which has resulted in significant non-recurring gains [3] - The company has a substantial pipeline of projects, with 12.1982 million kilowatts of newly approved capacity and 16.4385 million kilowatts of projects under construction planned for the future [3]