Changjiang Securities·2024-05-06 01:32Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's revenue for Q1 2024 reached 9.877 billion yuan, a year-on-year increase of 0.1%, while the net profit attributable to the parent company was 2.393 billion yuan, up 2.47% year-on-year [5][6] - The company's installed capacity increased by 562,200 kW in Q1 2024, reaching a total of 36.1558 million kW, a year-on-year growth of 16.23% [6] - Despite the growth in installed capacity, the average utilization hours for wind power decreased by 14 hours year-on-year to 640 hours due to weak wind conditions, resulting in a modest increase in wind power generation of 1.37% [6] - The company’s gross profit margin was 39.89%, with a slight year-on-year decrease of 0.13%, indicating stable profitability despite challenges [6] Summary by Sections Revenue and Profitability - Q1 2024 revenue was 9.877 billion yuan, a 0.1% increase year-on-year, while net profit was 2.393 billion yuan, reflecting a 2.47% increase [5][6] - The company’s gross profit margin stood at 39.89%, with a minor decline of 0.13% year-on-year, indicating stable performance in cost management [6] Installed Capacity and Generation - The company added 562,200 kW of new installed capacity in Q1 2024, bringing the total to 36.1558 million kW, a 16.23% increase year-on-year [6] - Wind power generation was 17.031 billion kWh, with a year-on-year growth of only 1.37% due to reduced utilization hours [6] Cost Management - The company’s operating costs for Q1 2024 were 5.937 billion yuan, a year-on-year increase of only 0.33%, reflecting effective cost control measures [6] - Management expenses decreased by 3.25% year-on-year to 99 million yuan, while financial expenses increased by 1.64% to 853 million yuan [6] Future Outlook - The company is expected to maintain a positive profit outlook for the year, supported by a robust resource acquisition strategy and significant new energy development indicators [6][7]