Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company achieved a revenue of 7.907 billion RMB in Q1 2024, representing a year-on-year growth of 20.55%. However, the net profit attributable to shareholders decreased by 0.89% to 832 million RMB, which was below expectations [5]. - The average on-grid electricity price for Q1 2024 was 0.43 RMB/kWh, a decrease of 2.48% year-on-year, influenced by a slight decline in wind conditions and an increase in market transaction electricity volume [5]. - The company’s LNG sales volume surged by 46,580% year-on-year to 363 million cubic meters in Q1 2024, following the commissioning of the first phase of the Tangshan Caofeidian LNG receiving station [5]. - The company plans to increase its renewable energy installed capacity to 10 million kW by the end of the 14th Five-Year Plan, with expectations for continued growth in wind and solar power generation [5]. Financial Data and Profit Forecast - Revenue (in million RMB): 2022: 18,561, 2023: 20,282, 2024E: 25,567, 2025E: 29,064, 2026E: 32,450 [6][8] - Net Profit (in million RMB): 2022: 2,293, 2023: 2,207, 2024E: 2,616, 2025E: 3,003, 2026E: 3,474 [6][8] - Earnings Per Share (EPS): 2024E: 0.62, 2025E: 0.72, 2026E: 0.83 [6][8] - Price-to-Earnings Ratio (PE): 2024E: 4.8, 2025E: 4.2, 2026E: 3.6 [6][8].
风况不佳略有拖累，天然气产业链价值加速释放