YEIC(SZ:002053) Guotou Securities·2024-03-27 16:00Investment Rating - The report maintains a "Buy - A" investment rating with a target price of 12.06 CNY for the next six months [17][20]. Core Views - The company is expected to continue its high growth trajectory due to the intensive production of renewable energy projects, which has significantly boosted its performance [15][16]. - The company has a strong project pipeline and is likely to benefit from potential project injections from its parent company, enhancing future growth prospects [16][20]. Financial Performance - In 2023, the company achieved a revenue of 2.9041 billion CNY, representing an 8.47% year-on-year increase. The net profit attributable to shareholders was 482.3 million CNY, a substantial growth of 76.06% year-on-year [1][20]. - The company’s average utilization hours for power generation reached 2,781 hours in 2023, exceeding the national average by 556 hours, indicating strong operational efficiency [2][3]. Project Development - As of the end of 2023, the company has a total installed capacity of 1.581 million kW in wind and solar projects, a remarkable increase of 304% from the end of 2022 [2]. - The company has received approval for renewable energy projects totaling 2.066 million kW, which supports its growth strategy during the "14th Five-Year Plan" period [3]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 3.8849 billion CNY, 4.7665 billion CNY, and 5.1999 billion CNY, with growth rates of 32.3%, 24.1%, and 9.1% respectively [20]. - Net profit forecasts for the same period are 620.2 million CNY, 771.2 million CNY, and 893.8 million CNY, with growth rates of 28.6%, 24.4%, and 15.9% respectively [20].