WENERGY CO.,LTD.(SZ:000543) Soochow Securities·2025-08-27 12:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the decline in revenue has been offset by a decrease in costs, resulting in a gross profit margin increase of 4.92 percentage points to 18.63% for the power generation business [7] - The company benefits from the declining coal prices, which have decreased by 26.9% year-on-year, helping to mitigate the impact of falling electricity prices [7] - The report emphasizes the strong electricity demand in Anhui province, supported by economic growth and the development of emerging industries, which is expected to drive future electricity consumption [7] - The company is positioned as a leading power operator in Anhui, with a significant share of the province's thermal power generation capacity [7] Financial Summary - Total revenue for 2023 is projected at 27,867 million yuan, with a year-on-year growth of 8.26% [1] - The net profit attributable to the parent company for 2023 is expected to be 1,430 million yuan, reflecting a substantial year-on-year increase of 186.37% [1] - The earnings per share (EPS) for 2023 is estimated at 0.63 yuan, with a price-to-earnings (P/E) ratio of 11.59 [1] - For 2025, the net profit is projected to reach 2,373 million yuan, representing a year-on-year growth of 15% [7] - The report forecasts a decrease in total revenue for 2025 to 28,046 million yuan, a decline of 6.80% compared to 2024 [1]