QYDL(SZ:002039) Minsheng Securities·2024-03-29 16:00Investment Rating - The report maintains a "Recommended" rating for Qianyuan Power (002039.SZ) with a target price of 19.18 CNY per share, corresponding to a PE ratio of 14.0 times for 2024 [13][21]. Core Views - The company's electricity generation has shown continuous improvement, with a significant increase in output leading to enhanced revenue. In Q4 2023, the total electricity generation reached 1.198 billion kWh, a year-on-year increase of 46.3% [12]. - The financial optimization efforts have resulted in a decrease in financial expenses and an improved debt structure, contributing to internal growth [19]. - The expected EPS for 2024 and 2025 are projected to be 1.37 CNY and 1.57 CNY, respectively, with a further increase to 1.72 CNY in 2026 [13]. Financial Summary - In 2023, the company reported total revenue of 1.990 billion CNY, a decrease of 23.83% year-on-year, while the net profit attributable to shareholders was 265 million CNY, down 36.09% [18]. - The company plans to distribute a cash dividend of 0.19 CNY per share, totaling 81 million CNY, with a cash dividend payout ratio of approximately 30.68% [18]. - The company's total assets are projected to be 15.999 billion CNY in 2023, with a decrease in the debt ratio to 58.56% by the end of the year [19].