CTGR(SH:600905) Tebon Securities·2024-05-07 01:00Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has shown steady growth in installed capacity and revenue, with a 2023 revenue of 26.485 billion yuan, reflecting an 11.23% year-on-year increase [5][6] - The installed capacity reached over 40 GW, with new installations of 13.5 GW in 2023, including 3.4944 million kW from wind power and 9.5402 million kW from solar energy [5][6] - The company has a robust pipeline of projects, with significant planned installations in wind and solar energy, supporting future growth [5][6] Financial Performance Summary - In 2023, the company achieved a net profit of 7.181 billion yuan, a 0.94% increase year-on-year [5][6] - For Q1 2024, the company reported a revenue of 7.899 billion yuan, up 15.26% year-on-year, while the net profit was 2.422 billion yuan, a slight increase of 0.1% [5][6] - The projected revenues for 2024-2026 are 32.441 billion yuan, 39.040 billion yuan, and 46.229 billion yuan, with growth rates of 22.5%, 20.3%, and 18.4% respectively [5][7] Project Pipeline and Future Outlook - As of the end of 2023, the company has substantial projects under construction, including 5.8567 million kW of wind power and 12.4103 million kW of solar power [5][6] - The company is expected to maintain steady growth due to its strong project reserves and operational capacity [5][6]