GGEP(SH:600236) Hua Yuan Zheng Quan·2025-12-28 05:59Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The construction of the navigation facility at Longtan Hydropower Station has commenced, with minimal expected impact on operations [5] - The company has reported a significant increase in hydropower generation, with a 22% year-on-year growth in electricity output for the first three quarters, contributing to a 12% increase in net profit [7] - The company is expected to maintain a favorable dividend level, with a projected dividend of 0.2 yuan per share from 2022 to 2024 [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 8,091 million yuan - 2024: 9,598 million yuan (growth of 18.63%) - 2025: 9,784 million yuan (growth of 1.93%) - 2026: 10,396 million yuan (growth of 6.26%) - 2027: 11,049 million yuan (growth of 6.28%) [6] - Net profit forecasts are: - 2023: 1,226 million yuan - 2024: 2,283 million yuan (growth of 86.26%) - 2025: 2,793 million yuan (growth of 22.33%) - 2026: 2,994 million yuan (growth of 7.18%) - 2027: 3,159 million yuan (growth of 5.51%) [6] - Earnings per share (EPS) estimates are: - 2023: 0.16 yuan - 2024: 0.29 yuan - 2025: 0.35 yuan - 2026: 0.38 yuan - 2027: 0.40 yuan [6] - The company’s return on equity (ROE) is projected to be: - 2023: 6.70% - 2024: 12.08% - 2025: 14.15% - 2026: 14.51% - 2027: 14.64% [6] Investment Opportunity - The company is expected to have a price-to-earnings (P/E) ratio of 20.60 for 2025, decreasing to 18.22 by 2027, indicating potential for long-term investment value in the hydropower sector [7]