GGEP(SH:600236) Hua Yuan Zheng Quan·2025-12-30 09:39Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights the planned acquisition of Datang Tibet Energy Development Co., Ltd. and China Datang Group ZDN Clean Energy Development Co., Ltd., which is expected to initiate a growth phase for the company [7] - The acquisition is valued at 2.025 billion yuan, with the assessed value of the target equity totaling 1.354 billion yuan, indicating a price-to-book ratio of 1.1 times [7] - The company is expected to secure hydropower development rights for the Nu River tributary, solidifying its position in the hydropower sector [7] - The report anticipates significant growth in net profit from 2.793 billion yuan in 2025 to 3.159 billion yuan in 2027, with corresponding price-to-earnings ratios decreasing from 20.20 to 17.87 [7] Financial Summary - Revenue projections for the company are as follows: 8,091 million yuan in 2023, increasing to 9,784 million yuan in 2025, and reaching 11,049 million yuan by 2027, reflecting a growth rate of 6.28% [6] - The expected net profit for 2025 is 2,793 million yuan, with a year-on-year growth rate of 22.33% [6] - The company's return on equity (ROE) is projected to improve from 12.08% in 2024 to 14.64% in 2027 [6] - The earnings per share (EPS) is expected to rise from 0.29 yuan in 2024 to 0.40 yuan in 2027 [6]