GD ELECTRICITY(SZ:000537) Guotai Junan Securities·2024-05-05 02:02Investment Rating - The report maintains an "Overweight" rating for the company, with a target price set at 11.55 yuan, down from the previous forecast of 12.96 yuan [1]. Core Views - The company's performance is under pressure in the short term due to multiple adverse factors, but it has significant growth potential in the long term. The company has a clear installation plan and aims to expand its capacity significantly [1]. Summary by Sections Financial Performance - In Q1 2024, the company's revenue was 856 million yuan, a year-on-year decrease of 28.8%. The net profit attributable to shareholders was 210 million yuan, down 19.6% year-on-year [1]. - The company's average utilization hours for wind and solar power were 510 and 341 hours, respectively, showing a decline due to adverse weather conditions [1]. - The total installed capacity at the end of 2023 was 5.6 GW, a year-on-year increase of 30.7%, with an additional 15.3 GW under construction [1]. Growth Potential - The company plans to add over 20 GW of new construction capacity in 2024, supported by its strong shareholder background and central enterprise status [1]. - The long-term growth foundation of the company is further solidified, indicating broad future growth opportunities [1]. Valuation Metrics - The report projects the company's EPS for 2024 and 2025 to be 0.59 yuan and 0.77 yuan, respectively, with a PE ratio of 15 times for 2025 [1][14]. - The company's market capitalization is reported at 17.973 billion yuan, with a circulating share ratio of 100% [1].