Minsheng Securities·2024-03-27 16:00Investment Rating - The report maintains a "Cautious Recommendation" rating for the company, with a target price of 23.75 CNY per share based on a PE valuation of 25.0 times for 2024 [5][3]. Core Views - The company reported a revenue of 37.642 billion CNY in 2023, a decrease of 5.57% year-on-year, while the net profit attributable to shareholders increased by 22.27% to 6.249 billion CNY [2][4]. - The company plans to distribute a cash dividend of 0.2225 CNY per share, totaling 1.86 billion CNY, representing a cash dividend payout ratio of approximately 30.60% [2]. - The wind power segment faced challenges due to cost expansion and impairment losses, with a revenue of 27.361 billion CNY, a year-on-year increase of 2.1%, but operating profit decreased by 5.3% to 11.011 billion CNY [2][3]. - The company has significant growth potential in the solar energy sector, with installed capacity reaching 5.9643 million kW and a generation increase of 159.8% year-on-year [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 37.642 billion CNY, with a year-on-year growth rate of -5.57% [4]. - The net profit attributable to shareholders was 6.249 billion CNY, reflecting a growth rate of 22.27% [4]. - The company expects EPS of 0.95 CNY for 2024 and 0.99 CNY for 2025, with corresponding PE ratios of 24.4 and 19.1 [4][9]. Operational Highlights - The company added 1.5626 million kW of wind power capacity in 2023, with total wind power generation reaching 61.353 billion kWh, a growth of 5.2% [2][3]. - The average on-grid electricity price for wind power decreased by 0.024 CNY/kWh to 0.457 CNY/kWh, a decline of 5.0% [2]. - The solar energy segment saw a significant increase in generation and revenue, with a total generation of 4.553 billion kWh and revenue of 1.408 billion CNY, representing growth rates of 159.8% and 114.4%, respectively [3][4]. Future Outlook - The company has secured new energy development indicators totaling 19.84 GW, with significant reserves in both wind and solar resources [3]. - The report anticipates continued improvements in profitability for the fire power segment due to declining fuel costs and increased market trading volumes [2][3].