CTGR(SH:600905) Hua Yuan Zheng Quan·2025-11-12 11:13Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The report highlights the pressure on power consumption and market entry, emphasizing the importance of green energy development efficiency [5] - The company has faced a decline in revenue and net profit in the first three quarters of 2025, primarily due to consumption issues and market-driven price pressures [6] - The report anticipates a gradual clarification of marketization and efficiency during the 14th Five-Year Plan period, influenced by recent government policies [6] Financial Performance Summary - For 2023, the company is projected to achieve a revenue of 26,485 million yuan, with a year-on-year growth rate of 11.23% [5] - The net profit attributable to the parent company for 2023 is expected to be 7,181 million yuan, reflecting a slight increase of 0.36% year-on-year [5] - The company’s earnings per share (EPS) for 2023 is estimated at 0.25 yuan [5] - The company’s total assets are projected to reach 356,871 million yuan by 2024, with a debt ratio of 71.25% [3][7] - The report forecasts a decline in net profit for 2024 to 6,111 million yuan, a decrease of 14.90% year-on-year [5] Project Development and Capacity - As of June 2025, the company has a total installed capacity of 49.94 million kilowatts, with wind and solar power accounting for 22.97 million and 25.91 million kilowatts, respectively [6] - The company has a robust project reserve, with a balanced proportion of wind and solar projects, indicating strong resource acquisition capabilities [6]