上网电量电价齐升叠加煤炭价格下降，助力公司业绩大幅增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [17]. Core Insights - The company has shown significant growth in both revenue and net profit, with a reported revenue of 4.822 billion yuan in 2023, a year-on-year increase of 22.64%, and a net profit of 293.11 million yuan, up 611.45% from the previous year [17][23]. - The increase in performance is attributed to rising electricity and heat sales prices, along with a decrease in coal prices and the commissioning of new gas power projects [6][17]. - The company is actively transitioning towards clean energy, focusing on four main sectors: electricity, heat, hydrogen, and storage, in line with national energy development strategies [23]. Financial Summary - Total shares outstanding: 1,041.40 million [2] - Revenue projections for 2024-2026 are 5.324 billion yuan, 6.628 billion yuan, and 6.976 billion yuan, with growth rates of 10.4%, 24.5%, and 5.2% respectively [23]. - Net profit projections for the same period are 311 million yuan, 362 million yuan, and 410 million yuan, with growth rates of 6.2%, 16.4%, and 13% respectively [23]. - The company achieved a basic earnings per share of 0.3504 yuan in 2023, reflecting a year-on-year increase of 602.73% [17]. Market Performance - The company completed a total electricity generation of 7.169 billion kWh in 2023, a year-on-year increase of 21.56%, and sold 3.9433 million tons of gas, up 3.67% [6]. - The stock price has fluctuated between 4.93 and 7.37 yuan over the past 52 weeks [2]. Strategic Developments - The company is advancing several gas power projects, including the "gas replacing coal" project and other natural gas power plants, which are expected to enhance its low-carbon energy supply capabilities [6][23]. - The company is also expanding its photovoltaic and hydrogen energy initiatives, with significant projects underway that are expected to contribute positively to its future performance [23].