YEIC(002053) 国泰君安·2024-04-30 02:02Investment Rating - The report maintains a "Buy" rating for Yunnan Energy Investment (002053) with a target price of 16.52 CNY, unchanged from the previous rating [13][14]. Core Insights - The company's performance is expected to continue growing due to a significant increase in new energy electricity generation, leading to explosive growth in earnings. The annual performance is anticipated to sustain high growth [13][14]. - In Q1 2024, the company reported operating revenue of 9.7 billion CNY, a year-on-year increase of 49.6%, and a net profit attributable to shareholders of 360 million CNY, up 101% year-on-year, aligning with prior performance forecasts [13][14]. - The new energy segment's net profit attributable to shareholders reached 320 million CNY in Q1 2024, with electricity sales volume increasing by 133% year-on-year to 1.39 billion kWh [13][14]. Summary by Sections Financial Performance - The company expects a significant increase in operating revenue from 2,904 million CNY in 2023A to 4,058 million CNY in 2024E, reflecting a growth rate of 39.7% [14]. - Net profit attributable to shareholders is projected to rise from 482 million CNY in 2023A to 1,003 million CNY in 2024E, indicating a growth rate of 108% [14]. - Earnings per share (EPS) is forecasted to increase from 0.52 CNY in 2023A to 1.09 CNY in 2024E [14]. Operational Highlights - The company has a robust pipeline of wind power projects, with the first phase of the Jinzhong Wind Farm adding 5.6 million kW of capacity in Q1 2024 [13][14]. - The natural gas segment reported a net profit of -24 million CNY in Q1 2024, primarily due to increased costs after the completion of branch pipelines [13][14]. Market Position - The company is positioned as a dual-business entity in salt and natural gas, with a strong focus on expanding its downstream market [14]. - The stock has shown a price range of 8.49 to 12.65 CNY over the past 52 weeks, with a current market capitalization of 11,288 million CNY [5][14].