Core Insights - The CEO of Abu Dhabi National Oil Company (ADNOC) announced that the UAE and the US will invest $440 billion in the energy sector by 2035 [1] Group 1 - ADNOC's CEO highlights a significant investment collaboration between the UAE and the US in the energy sector [1]

Investment Rating - The report initiates coverage with an "Outperform" rating and sets a target price of RMB 5.61, based on a PE of 16.5x for 2025 [1][13]. Core Views - The company is expected to see revenue growth in 2024 of RMB 20 billion, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of RMB 1.81 billion, up 3.8% year-on-year [1][13]. - In Q1 2025, the company reported revenue of RMB 4.18 billion, a decline of 19.7% year-on-year, and a net profit of RMB 360 million, down 54.3% year-on-year, primarily due to poor water inflow affecting hydroelectric generation [1][13]. - The report highlights the long-term value release of the company's power generation assets, particularly with the expected transition of the Hubei spot market by June 2025 [1][13]. Financial Summary - The company’s financial performance shows a projected revenue increase from RMB 20.03 billion in 2024 to RMB 20.05 billion in 2025, with a slight growth forecast for subsequent years [3][5]. - Net profit attributable to shareholders is expected to rise from RMB 1.81 billion in 2024 to RMB 2.23 billion in 2025, reflecting a year-on-year growth of 23% [3][5]. - The report indicates that the company’s hydroelectric net profit is expected to decline due to lower utilization hours, while thermal power profits may increase with a decrease in coal prices [1][13]. Segment Performance - In 2024, the hydroelectric segment's net profit increased by RMB 380 million to RMB 1.12 billion, driven by higher generation in Peru and reduced purchase costs [1][13]. - The thermal power segment achieved a net profit of RMB 870 million, an increase of RMB 690 million, attributed to the new Yicheng plant's contribution [1][13]. - The new energy segment's net profit decreased by RMB 260 million to RMB 320 million, impacted by lower prices for wind and solar energy [1][13]. Construction and Future Outlook - The company has two 660,000 kW thermal units under construction, expected to commence operations by the end of 2025 and mid-2026, each projected to contribute RMB 110 million in annual net profit [1][13]. - The report anticipates a net profit of RMB 2.2 billion for 2025, with a PE ratio of 13.6x, reflecting a positive outlook for the company's financial performance [1][13].

2024 年报及 25Q1 季报点评 股票研究 /Table_Date] 2025.05.12 2025-05-13 首次覆盖：Q1 来水不佳，湖北现货即将转正 湖北能源000883 [Table_Industry] 电力/公用事业 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 5.61 [Table_CurPrice] 当前价格： 4.66 [Table_Market] 交易数据 总市值（百万元） 30,292 总股本流通A 股（百万股） 6,500/6,480 本报告导读： 请务必阅读正文之后的免责条款部分 公司 24 年和 25Q1 业绩分别受到减值和来水不佳影响，湖北现货市场推进，看好公 司电源长期价值释放。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 18,669 | 20,031 | 20,045 | 21,655 | 21,980 | | (+/)% | 9 ...