WENERGY CO.,LTD.(SZ:000543)2024-04-19 03:00Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company achieved a revenue of 27.867 billion yuan in 2023, representing a year-on-year growth of 8.26% [1] - The net profit attributable to shareholders was 1.429 billion yuan, with a significant year-on-year increase of 186.37% [1] - The company plans to distribute a cash dividend of 2.21 yuan per 10 shares, amounting to 501 million yuan, which accounts for 38.22% of the distributable profits at the end of 2023 [1] - The decline in coal prices has significantly improved the company's profitability, with gross and net profit margins of 6.87% and 6.28%, respectively, showing increases of 4.43 percentage points and 5.01 percentage points year-on-year [1] - The company has entered a new growth phase with the commissioning of power generation units in Xinjiang, which is expected to open new growth opportunities [1] Financial Summary - The company forecasts revenues of 29.754 billion yuan, 32.833 billion yuan, and 34.396 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 6.77%, 10.35%, and 4.76% [2] - The projected net profit for the same years is 1.909 billion yuan, 2.234 billion yuan, and 2.411 billion yuan, with growth rates of 33.56%, 17.02%, and 7.91% [2] - The company's PE ratios for 2024, 2025, and 2026 are expected to be 10.59, 9.05, and 8.39, respectively [2] - The company maintains a reasonable debt-to-asset ratio of 66.36%, with a slight increase of 3.13 percentage points year-on-year [1]