Shenergy(SH:600642) Minsheng Securities·2024-05-01 06:00Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 9.48 CNY per share, based on a PE ratio of 12.0 for 2024 [4][10]. Core Insights - The company reported a revenue of 29.142 billion CNY for 2023, a year-on-year increase of 3.36%, and a net profit attributable to shareholders of 3.459 billion CNY, up 219.52% [1][2]. - The first quarter of 2024 showed a revenue of 8.071 billion CNY, reflecting a growth of 10.87%, with a net profit of 1.159 billion CNY, an increase of 57.96% [1]. - The coal power segment saw a recovery in 2023, with a total generation of 31.070 billion kWh, a slight decrease of 1.5% year-on-year, but the segment's gross profit increased significantly due to lower coal prices [1]. - Investment income contributed positively, with net investment income reaching 1.567 billion CNY in 2023, a year-on-year increase of 12.95 billion CNY [1]. - The renewable energy segment (wind and solar) generated revenue of 3.639 billion CNY in 2023, a growth of 5.9%, with a gross profit of 1.850 billion CNY [1]. Financial Performance Summary - The company plans to distribute a cash dividend of 0.40 CNY per share, totaling 1.958 billion CNY, which represents a cash dividend payout ratio of approximately 56.34% [1]. - The EPS for 2024 and 2025 is projected to be 0.79 CNY and 0.89 CNY respectively, with an additional estimate for 2026 at 0.95 CNY [2][8]. - The average on-grid electricity price in Q1 2024 was 0.515 CNY per kWh, a slight decrease of 0.8 cents per kWh compared to the previous year [1].