Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 6.174 billion yuan in 2024, representing a year-on-year growth of 9.67%, and a net profit attributable to shareholders of 1.126 billion yuan, up 11.14% year-on-year [7] - The report highlights the stability of the pumped storage business and significant improvements in peak-shaving hydropower, with the latter's revenue increasing by 55.5% year-on-year [7] - The company is entering a production phase for pumped storage projects, with a total installed capacity of 10.28 million kilowatts expected by the end of 2024 [7] - The new energy storage segment saw a remarkable revenue increase of 198.9% year-on-year, driven by the commissioning of the Foshan Baotang storage station [7] Financial Performance Summary - In 2024, the company reported total revenue of 61.74 billion yuan, with a net profit of 11.26 billion yuan, and a weighted average ROE of 5.31% [7] - The revenue from pumped storage was 4.147 billion yuan, down 6.4% year-on-year, while peak-shaving hydropower revenue reached 1.634 billion yuan, up 55.5% year-on-year [7] - The company’s cash flow from operating activities was 3.855 billion yuan, an increase of 8.39% year-on-year, with a cash dividend of 338 million yuan, representing a 30% payout ratio [7] - The projected net profit for 2025 is 1.235 billion yuan, with a corresponding P/E ratio of 25.21 [1][8]