ZMNY(SH:600163) HTSC·2025-05-07 07:25Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.46 [6]. Core Views - The company is expected to achieve a revenue of RMB 1.741 billion in 2024, reflecting a year-on-year increase of 0.5%, while the net profit attributable to shareholders is projected to be RMB 651 million, down 4% year-on-year [1]. - The company is set to commence new offshore wind power projects, with expectations of a slight increase in wind power profitability in 2025 [2][3]. - The major shareholder's quality power assets are anticipated to be injected into the company, which could enhance performance [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of RMB 514 million, up 10% year-on-year, and a net profit of RMB 251 million, up 18% year-on-year [1]. - The company’s net profit for 2025 is expected to increase by 4.8% year-on-year, with a net profit per kilowatt-hour projected to decrease by 1.1% to RMB 0.260 [2]. Project Developments - The company has new projects in the pipeline, including the Changle B area offshore wind power and the Changle offshore concentrated collection station, expected to start construction in 2025 and be operational by the end of 2026 [2]. - The major shareholder's Pinghai Bay offshore wind power phase III project is awaiting subsidy verification results, which are crucial for asset injection [3]. Profit Forecast Adjustments - The profit forecasts for 2025 and 2026 have been revised down by 9% to RMB 730 million and RMB 807 million, respectively, due to adjustments in wind power prices and an increase in photovoltaic installations [4]. - The target price has been adjusted to RMB 6.46 from RMB 6.72, based on a 17x PE for 2025 [4].