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悦达投资(600805):追“光”逐“绿”,聚焦“两新一智”转型发展

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is transitioning towards "new energy, new materials, and intelligent manufacturing," leveraging its unique competitive advantages in project acquisition and resource allocation due to its government-controlled status [2]. - The photovoltaic project construction is progressing steadily, with a plan to achieve a cumulative installed capacity of 1-2 GW over the next three years [3]. - The strategic significance of the energy storage industry is increasingly recognized, with the company making forward-looking investments in quality capacity [4]. - The company is expected to achieve significant profit growth, with projected net profits of 0.78 billion, 1.16 billion, and 1.50 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 186.45%, 48.86%, and 28.88% [4]. Financial Summary - For 2025, the company is projected to generate revenue of 3.432 billion yuan, a year-on-year increase of 13.17% [5]. - The net profit attributable to the parent company is expected to reach 0.78 billion yuan in 2025, with a significant recovery from previous losses [5]. - The earnings per share (EPS) is forecasted to be 0.09 yuan in 2025, with a price-to-earnings (P/E) ratio of 60.60x [5]. - The company’s total assets are projected to be 9.758 billion yuan in 2025, with a debt-to-asset ratio of 48.5% [13].