ZMNY(SH:600163) Guoxin Securities·2025-08-29 12:33Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company's operating revenue and net profit attributable to the parent company both decreased year-on-year, with operating revenue of 794 million yuan (-2.95%) and net profit of 314 million yuan (-8.07%) in the first half of 2025. The decline in revenue is primarily due to increased power curtailment rates in Xinjiang and Heilongjiang, as well as the expiration of certain project price subsidies [1][8]. - The company is actively advancing offshore wind power projects in Fujian Province, with the Changle B District offshore wind farm project starting construction in August 2025, expected to add 114 MW of installed capacity [2][22]. - Due to increased income tax, the profit forecast for 2025-2027 has been adjusted downward, with expected net profits of 685 million yuan, 739 million yuan, and 813 million yuan respectively, reflecting year-on-year growth rates of 5.3%, 8.0%, and 10.2% [3][24]. Financial Performance Summary - In the second quarter of 2025, the company reported a significant decline in power generation and grid-connected power, with generation at 507 million kWh (-18.08%) and grid-connected power at 490 million kWh (-18.30%) [2][15]. - The company's gross margin decreased to 57.51%, down 1.15 percentage points year-on-year, primarily due to the decline in power generation [17]. - The return on equity (ROE) fell to 4.56%, a decrease of 0.76 percentage points compared to the same period in 2024, while operating cash flow decreased by 13.88% year-on-year [20][21]. Revenue and Profit Forecast - The projected operating revenue for 2025 is 1.806 billion yuan, reflecting a growth of 3.7% compared to 2024. The net profit is expected to be 685 million yuan, with an EPS of 0.36 yuan [4][26]. - The company’s financial metrics indicate a PE ratio of 14.6 for 2025, with a projected decline in the PE ratio over the next few years [4][26]. Market Position and Strategy - The company is focusing on expanding its asset base by actively pursuing offshore wind power resources and projects in both Fujian and other regions with abundant renewable energy resources [2][22]. - The company aims to enhance its market presence and asset scale by accelerating project implementation and resource allocation in the offshore wind sector [22].