福建省风电运营商 充分受益于福建海风成长

Investment Rating - The report initiates coverage with an "Outperform" rating for the company, indicating a relative performance expectation of 5% to 20% above the market [1]. Core Insights - The company is a subsidiary of the Fujian Investment Group, focusing on renewable energy operations with a current installed capacity of 1GW, primarily in onshore and offshore wind power [2][59]. - The company has a strong project reserve of approximately 1GW in offshore wind, which is expected to be operational in the coming years, ensuring stable growth in installed capacity and profits [11][12]. - The offshore wind resources in Fujian province are of high quality, with a return on equity (ROE) exceeding 20% for projects commissioned before 2021, significantly higher than other provinces [9][47]. - The company is expected to achieve revenues of 1.653 billion, 1.738 billion, and 1.828 billion yuan from 2023 to 2025, with corresponding net profits of 607 million, 693 million, and 704 million yuan [1][48]. Summary by Sections Company Overview - The company has undergone significant transformation since 2015, shifting from paper production to wind power project development and operation, with a current installed capacity of 957,300 kW [59]. Project and Growth Potential - The company is set to add 100,000 kW of competitive offshore wind projects by 2025, with a tax-inclusive grid price of 0.25 yuan per kWh and an expected utilization of 4,500 hours [2][26]. - The Fujian Investment Group has committed to injecting additional offshore wind and pumped storage projects into the company, ensuring future growth [4][46]. Financial Projections - The projected financial performance indicates a revenue decline of 7.7% in 2023, followed by growth of 5.13% and 5.19% in 2024 and 2025, respectively [1][48]. - The company's price-to-earnings (PE) ratios are projected to be 14, 12, and 12 for the years 2023, 2024, and 2025, respectively, suggesting a valuation below comparable companies [1][48].