Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 2.10, indicating a potential upside of 20.7% from the current price of HKD 1.74 [11]. Core Views - The company has shown impressive progress in wind and solar installations, with an expected dividend yield of 8.7%, the highest in its sub-industry [2][6]. - Despite a slight decline in profits due to asset impairment, the company’s net profit for 2023 increased by 7.4% year-on-year to RMB 3.06 billion, slightly below expectations [1][6]. - The management anticipates achieving its 2024 installation target of 12.5 GW, with a high probability of completing 2.7 GW of new wind and solar capacity by the end of 2024 [1][2]. Financial Summary - Revenue is projected to grow from RMB 20.03 billion in 2022 to RMB 26.59 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 13.5% [3][12]. - Net profit is expected to increase from RMB 2.95 billion in 2022 to RMB 4.77 billion in 2026, with a CAGR of around 30.1% [3][12]. - The company’s earnings per share (EPS) is forecasted to grow from RMB 0.35 in 2022 to RMB 0.57 in 2026, with a notable increase in the dividend payout ratio to 38% in 2023 [3][12]. Installation Capacity and Performance - The company aims to increase its total installed capacity from 13.71 GW in 2024 to 25.64 GW by 2026, with wind and solar accounting for a growing share of the total [7][8]. - The expected contribution from wind and solar power is projected to rise significantly, with wind and solar accounting for 62.7% of total power generation by 2024 [7][8]. Market Position - The company maintains a strong market position with a market capitalization of approximately HKD 4.92 billion and an average daily trading volume of 14.18 million shares [5][11]. - The report highlights that the company’s valuation remains attractive, with a price-to-earnings (P/E) ratio of 5.2 times for 2024, suggesting room for further valuation improvement [2][12].
今年风光装机进度有惊喜，8.7%预期股息率为子行业中最高