SINOLINK SECURITIES·2024-04-24 00:32Investment Rating - The report maintains a "Buy" rating for the company, expecting significant upside potential in the next 6-12 months [4][12]. Core Insights - In 2023, the company reported a revenue of 37.64 billion RMB, a decrease of 5.6% year-on-year, while the net profit attributable to shareholders was 6.36 billion RMB, an increase of 23.6% year-on-year [2][3]. - The company plans to distribute a cash dividend of 0.2225 RMB per share, a 90% increase from the previous year's dividend [2]. - The company has a total installed wind power capacity of 27.754 million kW by the end of 2023, reflecting a year-on-year increase of 6.0% [3]. - The average on-grid electricity price for wind power was 0.457 RMB/kWh, down 5.0% year-on-year, while the wind power segment generated revenue of 27.5 billion RMB, a slight increase of 1.1% [3]. - The company has accelerated the acquisition of new energy development indicators, with a total of 54 GW of new resource reserves added in 2023, including 24.65 GW of wind power and 23.95 GW of solar power [4]. - The company aims to start new energy projects totaling 10 GW in 2024, with a target of 7.5 GW to be put into operation [4]. Summary by Sections Performance Review - In 2023, the company achieved a revenue of 37.64 billion RMB, down 5.6% year-on-year, and a net profit of 6.36 billion RMB, up 23.6% year-on-year [2]. - The planned cash dividend for 2023 is 0.2225 RMB per share, compared to 0.1171 RMB per share in the previous year [2]. Operational Analysis - The company has a wind power installed capacity of 27.754 million kW, an increase of 156.2 thousand kW year-on-year [3]. - The wind power segment's revenue was 27.5 billion RMB, with a slight increase of 1.1% year-on-year [3]. - The "large replaces small" strategy has led to asset impairment losses of approximately 1.51 billion RMB in 2023, impacting short-term performance [3]. Future Growth Prospects - The company has added 54 GW of new resource reserves in 2023, with a focus on solar power as a key growth area [4]. - The company plans to initiate 10 GW of new energy projects in 2024, aiming for 7.5 GW to be operational [4]. - Profit forecasts for 2024-2026 are 7.43 billion RMB, 8.48 billion RMB, and 8.92 billion RMB, respectively, with corresponding EPS of 0.89 RMB, 1.01 RMB, and 1.07 RMB [4].