GGEP(600236) Hua Yuan Zheng Quan·2025-05-15 05:51Investment Rating - The investment rating for the company is "Buy" (maintained) due to improved water inflow leading to high performance growth and favorable hydroelectric power configuration value [5]. Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 95.98 billion yuan, a year-on-year increase of 18.63%, and a net profit attributable to shareholders of 2.283 billion yuan, up 86.26% year-on-year [7]. - The company plans to distribute dividends of 0.12 yuan per share (tax included) at year-end, with a cumulative dividend payout ratio of 70.77% for 2024 [7]. - The company’s performance in Q1 2025 showed a revenue of 19.45 billion yuan, a decrease of 8.7% year-on-year, but a net profit of 5.43 billion yuan, an increase of 26.36% year-on-year [7]. - The company is focusing on expanding its hydroelectric capacity, with ongoing projects expected to contribute to future performance growth [7]. Summary by Sections Market Performance - The closing price as of May 14, 2025, was 6.36 yuan, with a total market capitalization of 50,131.92 million yuan [3]. Financial Forecasts and Valuation - Revenue projections for 2025 are estimated at 96.08 billion yuan, with a net profit of 2.613 billion yuan, corresponding to a P/E ratio of 19.19 [6][8]. - The company’s return on equity (ROE) is expected to be 13.28% in 2025, indicating strong profitability [6]. Operational Highlights - The company’s total installed capacity reached 13.9 million kilowatts by the end of 2024, with significant contributions from hydroelectric power [7]. - The company’s electricity generation in 2024 was 364 billion kilowatt-hours, a year-on-year increase of 28% [7].