CTGR(600905) Guotai Junan Securities·2024-05-06 08:32Investment Rating - The report downgrades the investment rating to "Cautious Accumulate" from "Accumulate" [3][5] Core Views - The company's electricity price has slightly decreased in 2023, but with ample project reserves, installed capacity is expected to continue growing [3] - The 2023 revenue reached 26.5 billion yuan, a year-on-year increase of 11.2%, while the net profit attributable to shareholders was 7.18 billion yuan, up 0.9% year-on-year [3] - The average on-grid electricity price for 2023 was 0.488 yuan/kWh, down 2.8% year-on-year, attributed to an increase in market-based trading and the rise of parity renewable energy projects [3] - As of the end of 2023, the cumulative installed capacity reached 40 GW, a year-on-year increase of 51.0%, with a projected installed capacity of 18.8 GW under construction [3] Summary by Sections Financial Summary - Revenue for 2023 was 26,485 million yuan, with a growth rate of 11% [4] - Operating profit (EBIT) for 2023 was 12,174 million yuan, showing no growth compared to the previous year [4] - Net profit attributable to shareholders for 2023 was 7,181 million yuan, with a growth rate of 1% [4] - The EPS for 2023 was 0.25 yuan, with projections of 0.28 yuan for 2024 and 0.30 yuan for 2025 [4] Profitability and Valuation Metrics - The operating profit margin for 2023 was 46.0%, down from 51.3% in 2022 [4] - The net asset return rate (ROE) for 2023 was 8.7% [4] - The price-to-earnings (PE) ratio for 2024 is projected at 16.77 [4] Market Data - The current stock price is 4.69 yuan, with a target price set at 5.04 yuan [5][10] - The stock has a market capitalization of 134.234 billion yuan [11] - The stock's 52-week price range is between 4.22 and 5.56 yuan [11]