ZMNY(SH:600163) Hua Yuan Zheng Quan·2025-09-05 09:10Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q2 performance was negatively impacted by poor wind conditions in Fujian province, leading to a decline in earnings. The report anticipates future approvals for offshore wind projects in Fujian [6][7] - The company is expected to benefit from favorable policies for existing wind power projects, which will help secure return rates [7] - The group has committed to injecting 1.2GW of offshore wind and 1.2GW of pumped storage capacity, which are expected to enhance profitability [7] Financial Summary - For 2023, the company is projected to achieve revenue of 1,732 million RMB, with a year-on-year decline of 3.30%. The revenue is expected to grow to 1,880 million RMB in 2025, reflecting a growth rate of 7.96% [6][8] - The net profit attributable to shareholders is forecasted to be 678 million RMB in 2023, decreasing by 6.94% year-on-year, and is expected to rise to 740 million RMB in 2025, with a growth rate of 13.69% [6][8] - The earnings per share (EPS) is projected to be 0.36 RMB in 2023, increasing to 0.39 RMB in 2025 [6][8] Market Performance - As of September 4, 2025, the closing price of the company's stock is 5.25 RMB, with a yearly high of 6.60 RMB and a low of 4.19 RMB [4] - The total market capitalization is approximately 9,990.73 million RMB [4]