SDIC Power(600886) 长江证券·2024-05-16 06:02Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company's revenue for 2023 reached 56.712 billion yuan, a year-on-year increase of 12.32%. The net profit attributable to shareholders was 6.705 billion yuan, up 64.31% year-on-year. In Q1 2024, the company achieved a revenue of 14.108 billion yuan, a 6.43% increase year-on-year, with a net profit of 2.035 billion yuan, growing 26.14% year-on-year [4][5]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 56.712 billion yuan, with a net profit of 6.705 billion yuan. The Q1 2024 revenue was 14.108 billion yuan, and the net profit was 2.035 billion yuan [4][5]. - The overall power generation increased by 3.35% year-on-year, with hydropower generation decreasing by 5.03% due to low water levels, while thermal power generation increased by 14.93% [4][5]. - The average on-grid electricity price for hydropower was 0.3 yuan/kWh, up 10.29% year-on-year, while thermal power price decreased by 1.46% [4][5]. Operational Highlights - The company experienced strong performance in thermal and renewable energy sectors, with wind and solar power generation increasing by 31.75% and 60.36% respectively [4][5]. - The gross profit margin for 2023 was 36.08%, an increase of 4.04 percentage points year-on-year, attributed to falling coal prices and rising hydropower prices [4][5]. Future Outlook - The company expects EPS for 2024-2026 to be 1.06 yuan, 1.14 yuan, and 1.24 yuan respectively, with corresponding PE ratios of 14.34, 13.37, and 12.33 [5].