Minsheng Securities·2024-04-26 02:00Investment Rating - The report maintains a "Cautious Recommendation" rating for the company, with a target price of 20.95 CNY per share based on a 20.0 times PE valuation for 2024 [3][5]. Core Views - The company's Q1 performance shows a balance between short-term pressure in the wind power sector and recovery in thermal power performance, with a slight increase in investment income contributing positively to overall results [3]. - The company’s wind power revenue faced challenges due to decreased wind speeds and a higher marketization ratio, leading to a decline in average utilization hours and revenue [2]. - The thermal power segment benefited from increased electricity demand in Jiangsu, resulting in a significant year-on-year increase in generation and revenue, aided by lower coal prices [2]. - The photovoltaic segment continued to show strong growth, with substantial increases in installed capacity and revenue, indicating a positive trend in renewable energy [2]. Summary by Sections Financial Performance - For Q1 2024, the company reported operating revenue of 9.877 billion CNY, a year-on-year increase of 0.10%, and a net profit attributable to shareholders of 2.393 billion CNY, up 2.47% [2]. - The company’s wind power installed capacity reached 27.7806 million kW, a 6.1% increase year-on-year, but revenue from this segment decreased by 4.7% to 7.376 billion CNY due to lower average utilization hours [2]. - The thermal power segment saw a revenue increase of 3.3% to 1.976 billion CNY, driven by a year-on-year increase in generation of 11.3% [2]. - The photovoltaic segment's installed capacity reached 6.5002 million kW, a remarkable 113.8% increase year-on-year, with revenue soaring by 146.5% to 0.524 billion CNY [2]. Earnings Forecast - The report forecasts EPS for 2024, 2025, and 2026 to be 0.95 CNY, 0.99 CNY, and 1.02 CNY respectively, with corresponding PE ratios of 18.9, 18.2, and 17.7 [4][3]. - The projected operating revenue for 2024 is estimated at 39.413 billion CNY, reflecting a growth rate of 4.7% [4].