ZMNY(600163) Guoxin Securities·2025-05-09 05:05Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue showed a slight increase year-on-year, while the net profit attributable to shareholders decreased due to impairment losses [1][7] - The company is expected to achieve further growth in performance as power projects are being implemented [2][18] - Asset injection from shareholders is anticipated to enhance the profitability of the listed company [3][19] Revenue and Profitability - In 2024, the company achieved a revenue of 1.741 billion yuan (+0.54%) and a net profit of 651 million yuan (-4.03%) [1][4] - The increase in revenue was primarily driven by a rise in power generation, which reached 3.008 billion kWh (+2.47%) [1][7] - The net profit decline was attributed to increased credit impairment losses and asset impairment losses [1][7] Future Growth Prospects - The company has secured development rights for several renewable energy projects, including offshore wind and solar power projects, which are expected to drive future revenue growth [2][18] - The company plans to accelerate project implementation and expand its market presence in resource-rich areas outside Fujian province [2][18] Financial Forecasts - The company’s net profit forecasts for 2025-2027 are 700 million yuan, 760 million yuan, and 840 million yuan, representing year-on-year growth rates of 7.8%, 8.0%, and 10.2% respectively [19] - The earnings per share (EPS) for the same period are projected to be 0.37 yuan, 0.40 yuan, and 0.44 yuan [19] Financial Metrics - The company's gross margin for 2024 is reported at 57.64%, an increase of 0.96 percentage points year-on-year [12] - The return on equity (ROE) for 2024 is expected to be 9.6%, down from 10.9% in 2023 [16] - The price-to-earnings (PE) ratio for the company is projected to be 15.7, 14.5, and 13.2 for 2025-2027 [19]