Tebon Securities·2024-05-07 01:00Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company reported a slight increase in revenue for Q1 2024, achieving 9.877 billion yuan, a year-on-year growth of 0.1%, and a net profit attributable to the parent company of 2.393 billion yuan, up 2.47% year-on-year [5] - The company continues to see steady growth in wind and solar installations, with a total installed capacity of 36,155.83 MW, including 27,780.64 MW from wind power and 6,500.19 MW from other renewable sources [5] - The company has a robust resource reserve, having signed development agreements for 54 GW in 2023, with a focus on high-quality resource areas [5] Financial Performance and Forecast - The company expects revenues of 39.88 billion yuan, 43.76 billion yuan, and 47.32 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 5.9%, 9.7%, and 8.1% [6][8] - The net profit forecast for the same period is 7.791 billion yuan, 8.414 billion yuan, and 9.006 billion yuan, with growth rates of 24.7%, 8.0%, and 7.0% [6][8] - The average utilization hours for wind power decreased by 14 hours year-on-year to 640 hours, while the average utilization hours for thermal power increased by 140 hours to 1,377 hours due to increased electricity demand in Jiangsu [5]