ZMNY(600163) Changjiang Securities·2025-05-08 10:12Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved a total revenue of 514 million yuan in Q1 2025, representing a year-on-year growth of 10.43%, with a net profit attributable to shareholders of 251 million yuan, up 18.1% year-on-year [6][9] - The company's wind power generation in the Fujian region grew by 19.25% year-on-year, contributing significantly to revenue growth, while the average comprehensive electricity price remained stable at 0.586 yuan per kilowatt-hour, slightly down by 1 fen compared to the previous year [2][11] - The company successfully controlled costs, with financial expenses decreasing by 24.88% year-on-year to 18.8 million yuan, leading to improved profitability with gross and net profit margins of 68.16% and 51.36%, respectively, both showing year-on-year increases [2][11] Summary by Sections Financial Performance - In Q1 2025, the company generated 899 million kilowatt-hours of electricity, a 12.40% increase year-on-year, with the Fujian region being the primary driver of this growth [2][11] - The total operating costs decreased by 4.16% year-on-year, amounting to 1.64 billion yuan, while the company’s financial expenses were reduced significantly [11][12] Growth Potential - The company is positioned for future growth with several projects in the pipeline, including the potential asset injection from the group, which could enhance earnings per share [11][12] - The report forecasts EPS for 2025-2027 to be 0.46 yuan, 0.49 yuan, and 0.73 yuan, respectively, with corresponding PE ratios of 12.37, 11.59, and 7.74 [11][12]