Jiaze Renewables(SH:601619) Hua Yuan Zheng Quan·2024-04-26 03:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [4][6]. Core Insights - The company achieved a revenue of 2.403 billion yuan in 2023, representing a year-on-year growth of 30.53%, and a net profit attributable to shareholders of 803 million yuan, which is a 37.9% increase compared to the adjusted net profit from 2022 [4]. - The company has 1.82 GW of wind power projects under construction or planned, expected to contribute significantly to profitability in the next two years, with high benchmark electricity prices in regions like Heilongjiang and Guangxi [5]. - The company plans to issue the first private REITs in the country, which could provide substantial after-tax profits and enhance earnings flexibility in 2024 [5]. Financial Projections - The forecast for net profit attributable to shareholders for 2024 and 2025 is 991 million yuan and 1.174 billion yuan, respectively, with a new projection for 2026 at 1.37 billion yuan, reflecting growth rates of 23.4%, 18.5%, and 16.7% [6]. - The current price-to-earnings (PE) ratios are projected to be 8.5, 7.2, and 6.1 for 2024, 2025, and 2026, indicating a low valuation level [6]. Revenue and Profitability Metrics - The total revenue for 2023 was 2.403 billion yuan, with a year-on-year growth rate of 30.5% [7]. - The net profit for 2023 was 803 million yuan, showing a year-on-year growth of 50.1% [7]. - The gross profit margin for 2023 was 62.2%, with a projected decline to 59.5% in 2024 [7]. Market Performance - The company's stock closed at 3.46 yuan on April 25, 2024, with a market capitalization of 8.4 billion yuan [14]. - The stock has seen a yearly high of 4.97 yuan and a low of 2.79 yuan [14]. Project Development - The company has a robust pipeline of projects, with 1.58 million kilowatts of wind power projects approved by the end of 2022 and an additional 1.27 million kilowatts approved in 2023 [16]. - The company is also focusing on distributed photovoltaic projects, planning to develop 800,000 to 1 million kilowatts over the next three years [16].