Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.75 RMB [6][4]. Core Insights - The company reported a revenue of 6.174 billion RMB for 2024, reflecting a year-on-year increase of 9.7%, and a net profit attributable to shareholders of 1.126 billion RMB, up 11.1% year-on-year [1][5]. - The company plans to maintain a dividend payout ratio of 30%, consistent with the previous year [1]. - The hydropower generation for 2024 increased by 57% year-on-year, contributing significantly to the revenue growth [2]. - The revenue from pumped storage decreased by 6.4% year-on-year due to a reduction in capacity pricing, but future projects are expected to drive growth [3]. - The new energy storage segment underperformed expectations, leading to a downward revision of revenue forecasts for 2025 and 2026 [3][4]. Summary by Sections Financial Performance - The company achieved a total revenue of 6.174 billion RMB in 2024, with a net profit of 1.126 billion RMB, indicating a growth of 9.7% and 11.1% respectively [1][5]. - The fourth quarter of 2024 saw a revenue of 1.655 billion RMB, a 5.9% increase year-on-year, but a significant drop in net profit by 58.2% [1]. Hydropower and Storage Business - The hydropower segment saw a substantial increase in generation, with specific plants reporting growth rates of 55.3%, 80.9%, and 11.1% [2]. - The average on-grid electricity price for the hydropower stations remained stable at 0.22 RMB per kWh [2]. Future Projections - The company anticipates a revenue decline in the pumped storage segment but expects new projects to contribute positively in the coming years [3]. - Revenue forecasts for the new energy storage business have been revised downwards by 68% and 73% for 2025 and 2026, respectively [4]. Valuation Metrics - The report provides a target price of 13.75 RMB based on a projected PE ratio of 31x for 2025, reflecting the company's growth potential in the pumped storage and independent energy storage sectors [4][6].