2024-04-28 01:32Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported Q1 2024 results with revenue of 9.877 billion RMB, a year-on-year increase of 0.10%, and a net profit attributable to shareholders of 2.482 billion RMB, up 2.59%, but below expectations [5] - Wind conditions were unfavorable, leading to a decline in wind power revenue, with national wind power utilization hours down by 19 hours year-on-year to 596 hours [5] - The company’s wind power generation increased by only 1.37% year-on-year, with a total generation of 17.030 billion kWh [5] - The company’s thermal power generation increased by 11.30% year-on-year to 2.581 billion kWh, partially offsetting the decline in wind power performance [5] - The company’s investment income improved significantly, turning positive in Q1 2024 with 69 million RMB compared to a loss of 69 million RMB in Q1 2023 [5] - The company’s installed capacity reached 36,155.83 MW as of Q1 2024, with significant growth in renewable energy installations [5] Financial Data and Profit Forecast - The company’s revenue is projected to grow from 39.813 billion RMB in 2024 to 46.264 billion RMB in 2026, with a compound annual growth rate of approximately 9.96% [6] - The net profit attributable to shareholders is expected to increase from 7.635 billion RMB in 2024 to 9.338 billion RMB in 2026, reflecting a growth rate of 22.18% in 2024 [6] - The price-to-earnings ratio is projected to decrease from 6.0 in 2024 to 4.9 in 2026, indicating an attractive valuation [6]