FUNENG CO.,LTD(SH:600483) Tianfeng Securities·2025-05-07 10:15Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [5][17]. Core Views - The company reported a revenue of 14.563 billion yuan in 2024, a slight decrease of 0.90% year-on-year, while the net profit attributable to shareholders increased by 6.47% to 2.793 billion yuan [3][4]. - The company plans to distribute a cash dividend of no less than 10% of the net profit attributable to ordinary shareholders for the first half of 2025 [1]. - The company has made significant progress in project planning, which lays a foundation for sustainable development, including the approval of multiple power generation projects [2]. Financial Performance Summary - In 2024, the company's revenue was 145.63 billion yuan, with a decline in thermal power revenue by 4.45% to 77.55 billion yuan, while wind power revenue increased by 10.33% to 37.92 billion yuan [3]. - The gross profit margin improved to 26.6%, up 2.7 percentage points year-on-year, driven by increased wind power utilization hours [3]. - For Q1 2025, the company achieved a revenue of 30.97 billion yuan, a year-on-year increase of 0.31%, and a net profit of 7.52 billion yuan, reflecting a significant growth of 42.83% [4]. Future Earnings Forecast - The company has adjusted its earnings forecast for 2025-2026, now expecting net profits of 3 billion yuan and 3.2 billion yuan respectively, with a new forecast for 2027 at 3.7 billion yuan [4]. - The projected price-to-earnings ratios for 2025-2027 are 9, 8, and 7 times respectively [4]. Key Financial Metrics - The company’s total installed capacity reached 6.096 million kilowatts by the end of 2024 [2]. - The company’s earnings per share (EPS) for 2024 is projected at 1.00 yuan, with a growth rate of 6.54% expected for 2025 [4][12]. - The company’s asset-liability ratio stands at 37.78% [6]. Market Position - The company operates in the public utility and power generation sector, with a focus on sustainable energy projects [5]. - The current market capitalization is approximately 26.97 billion yuan [6].