Investment Rating - The report maintains a "Buy" rating for Suntien Green Energy [3] Core Views - Suntien Green Energy reported a revenue of 20.282 billion RMB for 2023, a year-on-year increase of 9.27%, and a net profit attributable to shareholders of 2.207 billion RMB, a decrease of 3.71% [3] - The company plans to distribute a dividend of 0.214 RMB per share, resulting in a dividend yield of 7.99% based on the closing price on March 26 [3] - The report highlights the company's integrated advantages in the natural gas industry and the expansion of its sales network, with total gas transmission volume reaching 5.114 billion cubic meters, a year-on-year increase of 13.63% [3] - The report anticipates accelerated growth in installed capacity and power generation due to new wind power projects included in government development plans [3] Financial Summary - Revenue for 2022 was 18.561 billion RMB, with a projected increase to 25.567 billion RMB in 2024, reflecting a growth rate of 26.1% [4][6] - Net profit for 2022 was 2.293 billion RMB, with a forecasted increase to 2.616 billion RMB in 2024, indicating an 18.5% growth rate [4][6] - Earnings per share (EPS) is projected to be 0.62 RMB in 2024, increasing to 0.83 RMB by 2026 [4][6] - The report notes a decrease in gross profit margin to 59.45%, down 2.02 percentage points year-on-year, due to rising costs in the wind and solar power segments [3]
天然气产业链优势巩固，高股息凸显投资价值