来水好转电量提升，综能业务发展迅速

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.65 CNY per share based on a 25x PE valuation for 2024 [5][27]. Core Views - The company has shown improvement in self-generated electricity due to better water inflow, and its comprehensive energy services are progressing steadily [5][26]. - The company's revenue for 2023 was 11.177 billion CNY, a year-on-year increase of 0.8%, while the net profit attributable to shareholders was 516 million CNY, up 8.3% year-on-year [2][16]. - The report highlights the company's strategic plan to achieve a sales volume of 100 billion kWh by 2025, with a focus on market-oriented sales [73]. Financial Summary - Revenue and Profitability: - 2023 revenue was 11.177 billion CNY, with a growth rate of 0.8% [2]. - Net profit for 2023 was 516 million CNY, reflecting an 8.3% increase [2]. - The company's gross margin slightly decreased to 10.3%, while the net margin improved to 4.6% [16][39]. - Earnings Forecast: - Expected net profits for 2024, 2025, and 2026 are projected at 662 million CNY, 733 million CNY, and 778 million CNY respectively [2][26]. - Valuation Metrics: - The company's PE ratio for 2023 was 27.92, with projections for 2024 at 20.75 [2]. - The report suggests a reasonable valuation of 8.65 CNY per share based on a 25x PE for 2024 [5][27]. Operational Highlights - Electricity Generation: - The company generated 25.19 billion kWh in 2023, a 24.1% increase year-on-year, with a significant rise in sales volume due to increased customer demand [26][71]. - The average selling price of electricity was 0.489 CNY per kWh, a slight decrease of 0.4% year-on-year [71]. - Comprehensive Energy Services: - The company is expanding its comprehensive energy services, with significant projects underway, including a 135 MW gas resource utilization project [26][48]. - The report notes that the comprehensive energy business achieved an operating profit of 926.3 million CNY in 2023, reflecting strong growth [26][48].