华电新能（600930）：新股覆盖研究

Investment Rating - The investment rating for the company is "Buy" based on the expectation of a relative increase in stock price over the next 6-12 months [37]. Core Insights - The company, Huadian New Energy, is primarily engaged in the development, investment, and operation of renewable energy projects, focusing on wind and solar power [9][26]. - The company has a robust pipeline of projects under construction, with the total amount increasing from 49.43 billion yuan in 2022 to 74.01 billion yuan in 2024, indicating significant growth in installed capacity [27]. - The company is the only integrated platform for wind and solar energy under China Huadian, benefiting from strong resource support and policy advantages [26][27]. - The company has achieved substantial revenue growth, with projected revenues of 33.97 billion yuan in 2024, reflecting a year-on-year increase of 14.83% [10][31]. Summary by Sections 1. Basic Financial Status - The company reported revenues of 24.67 billion yuan, 29.58 billion yuan, and 33.97 billion yuan for the years 2022, 2023, and 2024, respectively, with year-on-year growth rates of 13.49%, 19.89%, and 14.83% [10][6]. - The net profit attributable to the parent company was 8.52 billion yuan, 9.62 billion yuan, and 8.83 billion yuan for the same years, with growth rates of 17.49%, 12.88%, and a decline of 8.20% [10][6]. 2. Industry Situation - The company operates within the wind and solar power sectors, which are rapidly growing segments of the renewable energy market in China [17][18]. - China's wind power industry has seen significant growth, with the country leading in global installed capacity [19][23]. 3. Company Highlights - The company has a diverse project portfolio, covering various types of renewable energy projects, including large-scale wind and solar farms [26]. - As of the end of 2024, the company had a total installed capacity of 68.62 million kilowatts, with a market share of 6.15% in wind power and 4.13% in solar power [9][26]. 4. Fundraising Project Investments - The company plans to invest in four major projects through its IPO, with a total investment of approximately 80.45 billion yuan and a combined installed capacity of 1,516.55 megawatts [30][34]. 5. Peer Company Comparison - In 2024, the company achieved revenues of 33.97 billion yuan, with a net profit of 8.83 billion yuan, positioning it in the mid-to-high range compared to its peers [31][32].