Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company's operating revenue slightly decreased by 1.00% to 179.18 billion yuan in 2024, while the net profit attributable to shareholders increased significantly by 75.28% to 9.83 billion yuan. The decrease in revenue is attributed to a decline in electricity prices and the transfer of equity in a subsidiary, while the increase in net profit is due to higher investment income from the transferred subsidiary and joint ventures [1][7]. - The company is actively advancing conventional energy projects, with a total of 1.83 million kilowatts of new thermal power capacity added in 2024. The company has ongoing thermal power projects totaling 8.35 million kilowatts and plans to add 2 million kilowatts of thermal power capacity in 2025 [2][18]. - The company is steadily developing renewable energy, adding 4.29 million kilowatts of new capacity in 2024, including 546,500 kilowatts from wind power and 3.74 million kilowatts from solar power. The company has secured renewable energy resources totaling 16.79 million kilowatts, ensuring a solid foundation for future project construction [3][19]. Financial Performance - In 2024, the company's operating revenue is projected to be 179.18 billion yuan, with a net profit of 9.83 billion yuan. The earnings per share (EPS) is expected to be 0.55 yuan [4][22]. - The company's return on equity (ROE) is expected to increase to 17.5% in 2024, reflecting improved profitability [16][22]. - The company plans to distribute a cash dividend of 0.20 yuan per share in 2024, with a total cash payout of 3.57 billion yuan, representing a 66.68% increase year-on-year [20].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company's operating revenue slightly decreased by 1.00% to 179.18 billion yuan in 2024, while the net profit attributable to shareholders increased significantly by 75.28% to 9.83 billion yuan. The decline in revenue is attributed to a decrease in electricity prices and the transfer of equity in Guodian Construction Investment, which is no longer included in the consolidated scope [7][20]. - The company is actively advancing conventional energy projects, with a total of 1.83 million kilowatts of new thermal power capacity added in 2024. The company has ongoing thermal power projects totaling 8.35 million kilowatts and plans to add 2 million kilowatts of thermal power capacity in 2025 [2][18]. - The company is steadily developing renewable energy, with an increase of 4.29 million kilowatts in new installed capacity in 2024, including 546,500 kilowatts from wind power and 3.74 million kilowatts from solar power. The company has secured renewable energy resources totaling 16.79 million kilowatts [3][19]. Financial Performance - In 2024, the company's gross profit margin was 14.24%, a decrease of 0.38 percentage points year-on-year. The net profit margin increased to 9.29%, up 2.67 percentage points from the previous year due to increased investment income [14][16]. - The return on equity (ROE) improved to 18.60%, an increase of 6.76 percentage points compared to 2023. The operating cash flow for 2024 was 55.64 billion yuan, a year-on-year increase of 30.66% [16][20]. - The company plans to distribute a cash dividend of 0.20 yuan per share in 2024, with a total cash distribution amounting to 3.57 billion yuan, representing a year-on-year increase of 66.68% [20]. Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 7.50 billion yuan, 8.32 billion yuan, and 9.07 billion yuan, respectively, reflecting a year-on-year growth of -23.7%, 11.0%, and 9.0% [20][22]. - The earnings per share (EPS) are projected to be 0.42 yuan, 0.47 yuan, and 0.51 yuan for 2025, 2026, and 2027, respectively [20][22].

Core Viewpoint - Guodian Power's net profit significantly increased in 2024, driven primarily by investment income, despite a slight decline in revenue [1][2]. Financial Performance - In 2024, Guodian Power reported revenue of 179.18 billion yuan, a year-on-year decrease of 1.00%, while net profit attributable to shareholders reached 9.83 billion yuan, a substantial increase of 75.28% [1]. - The company's investment income surged to 7.33 billion yuan in 2024 from 1.58 billion yuan in 2023, largely due to the transfer of a 50% stake in a subsidiary [1][2]. - The average utilization hours for thermal power generation decreased by 26 hours to 5,137 hours, impacting revenue despite a profit increase in the thermal segment [2][3]. Market Trends - The national installed capacity of renewable energy surpassed that of thermal power for the first time, reaching 1.45 billion kilowatts, indicating a shift towards renewable energy sources [1]. - The average price of wind power decreased by 5.52% to 474.20 yuan per megawatt-hour, while solar power prices fell by 15.11% to 408.22 yuan per megawatt-hour, reflecting supply-demand imbalances [5]. Structural Changes - Guodian Power's renewable energy capacity expanded to 17.89 million kilowatts in 2024, with significant contributions from wind and solar power, although profits from these segments declined due to falling prices and reduced utilization hours [4][5]. - The company is transitioning towards a "capacity model" for coal power pricing, which will affect revenue structures moving forward [4]. Hydropower Segment - The hydropower segment outperformed other divisions, with a total generation of 59.468 billion kilowatt-hours, marking a year-on-year growth of 7.93% [6]. - The completion of the Sichuan-Chongqing UHV AC grid project is expected to alleviate issues related to water abandonment and enhance the transmission capacity of hydropower [6][7]. - The profitability of the hydropower segment is projected to improve as water abandonment decreases and electricity prices rise, although uncertainties remain regarding external pricing and delivery ratios [7].

相比之下，收购方远达环保业绩表现较为逊色。2022年至2024年10月末，远达环保实现营收分别为 41.36亿元、42.51亿元、35.78亿元；净利润分别为-0.39亿元、0.45亿元、0.67亿元。 本次收购完成后，远达环保的营利能力可以实现大幅提升。以2024年10月末的业绩来算，远达环保的营 收将增至95.8亿元，增幅为167.7%，净利润也将升至13.1亿元，增幅高达1862%。 同时，远达环保的公司业务也将新增水力发电及流域水电站新能源一体化综合开发运营业务，主要为湖 南省内水力发电、风力发电、太阳能发电业务以及广西壮族自治区内水力发电业务。 4月16日晚，远达环保发布公告称，拟通过发行股份及支付现金的方式向中国电力、湘投国际持有的五 凌电力100%股权以及广西公司持有的长洲水电64.93%股权，交易金额合计约277亿元。 二级市场上来看，自2024年10月重组消息公布以来，远达环保股价已从5.31元涨至14.3元，涨幅达 160%，截至发稿，远达环保总市值约为112亿元。 其中，五凌电力100%股权和长洲水电64.93%股权的交易价格拟分别约为246.7亿元和30.7亿元，均为溢 价收购。并且还 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][23] Core Views - The company experienced a slight increase in net profit despite a decrease in revenue, attributed to the disposal of thermal power assets and an increase in investment income [1][7] - The company is expanding its renewable energy capacity, with significant growth in both wind and solar power installations, which is expected to drive future performance [2][18] - The company has announced an increase in its dividend payout ratio, committing to distribute at least 30% of its net profit to shareholders from 2025 to 2027 [3][19] Financial Performance Summary - In 2024, the company reported revenue of 370.70 billion yuan, a decrease of 2.58% year-on-year, while net profit was 63.45 billion yuan, an increase of 0.66% [1][7] - The company’s operating income is projected to slightly recover in 2025, with estimates of 372.85 billion yuan, followed by further growth in subsequent years [4][21] - The company’s net profit is expected to grow to 71.4 billion yuan in 2025, reflecting a year-on-year increase of 12.5% [3][19] Renewable Energy Capacity Expansion - The company added 7.48 million kilowatts of renewable energy capacity in 2024, with wind power accounting for 2.65 million kilowatts and solar power for 4.83 million kilowatts [2][18] - As of 2024, the total controllable installed capacity reached 41.14 million kilowatts, with plans to further increase this capacity by 5.5 million kilowatts in 2025 [2][18] Dividend Policy - The company plans to distribute a dividend of 0.2278 yuan per share in 2024, with a total cash dividend amounting to 19.04 billion yuan, maintaining a payout ratio of 30% [3][19]

Investment Rating - The investment rating for Huaneng International is "Outperform the Market" [5][3]. Core Views - The company's operating revenue decreased by 3.48% year-on-year to 245.55 billion yuan in 2024, while the net profit attributable to shareholders increased by 20.01% to 10.135 billion yuan, driven by lower fuel costs and the expansion of renewable energy [1][7]. - The company added 9.69 GW of controllable power generation capacity in 2024, with a focus on renewable energy, aiming for a 45% share of low-carbon clean energy capacity by the end of the 14th Five-Year Plan [2][19]. - The company is optimizing its coal power structure and enhancing its gas power generation capabilities, which is expected to stabilize coal power profitability despite declining electricity prices [2][21]. Summary by Sections Financial Performance - In 2024, Huaneng International achieved operating revenue of 245.55 billion yuan, a decrease of 3.48% year-on-year, while net profit attributable to shareholders was 10.135 billion yuan, an increase of 20.01% [1][7]. - The average on-grid electricity price for the company's power plants in China was 494.26 yuan per megawatt-hour, down 2.85% [1][7]. - The company’s coal procurement price decreased by 8.27% year-on-year, and the domestic power generation fuel cost fell by 9.69% [1][7]. Renewable Energy Development - The company added 9.69 GW of controllable power generation capacity in 2024, including 2.65 GW of wind power and 6.77 GW of solar power, bringing the total controllable capacity to 145.13 GW by the end of 2024 [2][19]. - The proportion of low-carbon clean energy capacity reached 35.82%, with plans to increase this to around 45% by the end of the 14th Five-Year Plan [2][19]. Profitability and Cost Management - The company's gross margin improved to 15.14%, an increase of 3.03 percentage points year-on-year, while the net profit margin rose to 5.75%, up 2.18 percentage points [14]. - Operating cash flow for 2024 was 50.53 billion yuan, reflecting an 11.06% year-on-year increase, primarily due to lower fuel procurement costs [15]. Future Outlook - The company plans to invest 69.35 billion yuan in capital expenditures in 2025, with a significant portion allocated to renewable energy projects [15][20]. - The expected net profit for 2025-2027 is projected to be 11.93 billion yuan, 12.66 billion yuan, and 13.34 billion yuan, respectively, with corresponding EPS of 0.76, 0.81, and 0.85 yuan [3][21].

杭州经纬信息技术股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（主承销商）:海通证券股份有限公司 特别提示 根据中国证券监督管理委员会（以下简称"中国证监会"）2012 年 10 月发 布的《上市公司行业分类指引（2012 年修订）》的行业目录及分类原则，杭州经 纬信息技术股份有限公司（以下简称"经纬股份"或"发行人"）所处行业属于 "M74 专业技术服务业"。截至 2023 年 4 月 18 日（T-3 日），中证指数有限公司 发布的行业最近一个月平均静态市盈率为 32.57 倍。本次发行价格 37.70 元/股对 应发行人 2022 年扣非前后孰低归母净利润摊薄后市盈率为 32.35 倍，低于中证 指数有限公司发布的行业最近一个月平均静态市盈率；低于招股说明书中所选 可比公司近 20 日扣非后算术平均静态市盈率；低于招股说明书中所选可比公司 近 20 日扣非前算术平均静态市盈率，但仍存在未来发行人股价下跌给投资者带 来损失的风险。发行人和保荐人（主承销商）提请投资者关注投资风险，审慎 研判发行定价的合理性，理性做出投资决策。 经纬股份根据《证券发行与承销管理办法》（证监会令[第 208 号] ...