CTGR(600905) 民生证券·2024-05-01 06:00Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 6.40 CNY per share [4] Core Views - The company achieved a revenue of 26.485 billion CNY in 2023, an 11.23% YoY increase, and a net profit attributable to shareholders of 7.181 billion CNY, a 0.94% YoY increase [1] - In Q1 2024, the company's revenue reached 7.899 billion CNY, a 15.26% YoY increase, with a net profit attributable to shareholders of 2.422 billion CNY, a 0.10% YoY increase [1] - The company's installed capacity exceeded 40GW in 2023, with new installations totaling 13.54GW, including 2.88GW of onshore wind, 0.62GW of offshore wind, and 9.54GW of photovoltaic [1] - The company's electricity generation in 2023 reached 55.179 billion kWh, a 14.1% YoY increase, with onshore wind, offshore wind, and photovoltaic generation increasing by 16.5%, 11.2%, and 14.1% respectively [1] - The company's comprehensive gross margin in Q1 2024 was 59.0%, a slight increase of 0.2 percentage points YoY [1] Financial Performance - The company's operating income is expected to grow to 33.641 billion CNY in 2024, a 27.0% YoY increase, and further to 38.669 billion CNY in 2025, a 14.9% YoY increase [3] - Net profit attributable to shareholders is projected to reach 9.039 billion CNY in 2024, a 25.9% YoY increase, and 10.635 billion CNY in 2025, a 17.7% YoY increase [3] - The company's EPS is forecasted to be 0.32 CNY in 2024, 0.37 CNY in 2025, and 0.41 CNY in 2026 [3] Operational Highlights - The company's installed capacity growth is driven by significant ongoing projects, with 5.86GW of wind power and 12.41GW of photovoltaic projects under construction [2] - In Q1 2024, the company generated 17.735 billion kWh of electricity, a 28.7% YoY increase, with onshore wind, offshore wind, and photovoltaic generation increasing by 11.4%, 25.5%, and 64.9% respectively [1] Valuation and Projections - The company's PE ratio is estimated at 14.9x for 2024, 12.6x for 2025, and 11.5x for 2026 [3] - The target price of 6.40 CNY per share is based on a 20.0x PE valuation for 2024, considering the company's growth potential and industry comparables [2]