GDPD(SH:600795)2024-04-23 12:02Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a significant recovery in coal power performance, with a net profit of 5.609 billion yuan for 2023, a year-on-year increase of 104.41%, although it was below previous expectations [6] - The company plans to distribute a cash dividend of 0.70 yuan per 10 shares, amounting to 1.248 billion yuan, which represents 38.16% of the net profit attributable to shareholders [6] - The company has a diversified power generation portfolio with installed capacity of 10,557.97 MW, including coal, hydro, wind, and solar power [6] Summary by Sections Financial Performance - The company achieved total revenue of 180.999 billion yuan in 2023, a decrease of 7.0% year-on-year [7] - The net profit attributable to shareholders for 2023 was 5.609 billion yuan, reflecting a year-on-year growth of 98.8% [7] - The average on-grid electricity price was 437.78 yuan per MWh, a slight decrease of 0.25% year-on-year [6] Segment Analysis - The net profit from coal power was 3.069 billion yuan, up 317.50% year-on-year, while hydro and wind power profits were 1.854 billion yuan and 1.749 billion yuan, showing year-on-year changes of 51.47% and -23.49% respectively [6] - The company’s coal procurement totaled 184 million tons in 2023, with 94% sourced from long-term contracts, which helped maintain cost advantages [6] Future Outlook - The company plans to add 35 GW of new energy capacity during the 14th Five-Year Plan, with a focus on wind and solar projects [6] - The report forecasts net profits of 8.421 billion yuan and 9.343 billion yuan for 2024 and 2025 respectively, with a new estimate for 2026 at 9.988 billion yuan [7][8] - The company is expected to benefit from improved water conditions and rising electricity prices in the hydro segment, contributing to performance growth [6]