ZMNY(SH:600163) Great Wall Securities·2025-08-29 08:52Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company's performance is constrained by power restrictions and increased income tax expenses, while actively advancing the new offshore wind project [1][2] - The company is expected to benefit from the scarcity of quality wind resources and the long-term certainty of project development and asset injection [3] Financial Summary - Revenue projections for 2023A to 2027E are as follows: 1,732 million, 1,741 million, 1,769 million, 1,808 million, and 1,985 million respectively, with growth rates of -3.3%, 0.5%, 1.6%, 2.2%, and 9.8% [1] - Net profit attributable to the parent company is projected to be 678 million, 651 million, 694 million, 723 million, and 804 million from 2023A to 2027E, with year-on-year growth rates of -6.9%, -4.0%, 6.6%, 4.1%, and 11.2% [1] - The company's latest diluted EPS is expected to be 0.36, 0.34, 0.36, 0.38, and 0.42 from 2023A to 2027E [1] - The P/E ratio is projected to decrease from 14.8 in 2023A to 12.5 in 2027E [1] Operational Insights - In the first half of 2025, the company achieved a revenue of 794 million, a decrease of 2.95% year-on-year, and a net profit of 314 million, down 8.07% year-on-year [2] - The company's total power generation in the first half of 2025 was 1.405 billion kWh, a slight decrease of 0.89% year-on-year, with a notable decline in certain regions due to power restrictions [2] - The company plans to invest 1.177 billion to construct the Chang Le B District offshore wind farm project, with an expected annual grid-connected power generation of approximately 456.542 GWh [3]