ZMNY(SH:600163) Haitong Securities International·2025-08-05 13:40Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 6.05 based on a 15.5x PE for 2025 [5][9]. Core Insights - The company's wind power assets in Fujian are of high quality, and the power supply-demand situation in Fujian is favorable, indicating potential for renewable energy absorption [11]. - The current valuation shows a strong safety margin with a PB of 1.4x and a PE of 13x for 2025E, alongside expectations for asset injections, making it a long-term investment opportunity [11]. - The company experienced a decline in power generation in Q2 2025, with a total of 0.51 billion kWh generated, down 18% year-over-year, primarily due to weak wind resources [10][11]. Financial Summary - The projected financials indicate total revenue of RMB 1,732 million for 2023, with a slight increase to RMB 1,741 million in 2024, and expected growth to RMB 2,144 million by 2027 [4]. - Net profit attributable to the parent company is forecasted to decrease from RMB 678 million in 2023 to RMB 651 million in 2024, before rising to RMB 851 million by 2027 [4]. - The estimated EPS for 2025 is RMB 0.39, increasing to RMB 0.45 by 2027 [5][9]. Project Developments - The company has several projects in the pipeline, including the Chang Le offshore project with a total investment of RMB 7.3 billion, expected to contribute approximately RMB 0.5 million to annual net profit [12]. - Another project, the Chang Le B area offshore wind project, has an estimated annual net profit contribution of RMB 0.2 million [12]. - A total of 480,000 kW fishery-PV projects have been filed, with an expected annual net profit contribution of RMB 0.4 million [12].