国金证券：给予嘉泽新能买入评级

Core Viewpoint - Guojin Securities has given a "Buy" rating to Jiazhe New Energy, highlighting the company's project development expansion and potential asset structure optimization [1] Financial Performance - In the 2024 annual report, Jiazhe New Energy reported a revenue of 2.42 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 630 million yuan, a year-on-year decrease of 21.5% [2] - In Q4, the company achieved a revenue of 610 million yuan, a year-on-year increase of 5.6%, with a net profit of 79 million yuan, down 48.4% year-on-year [2] Operational Analysis - The company's scale growth has mitigated the impact of new energy market entry, with stable power generation business performance. The abandonment rates for wind and solar energy were 4.2% and 4.7%, respectively, with year-on-year increases of 1.2 percentage points and 3.0 percentage points [3] - The on-grid electricity prices for wind and solar were 0.45 yuan/kWh and 0.36 yuan/kWh, respectively, showing decreases of 0.02 yuan/kWh and 0.09 yuan/kWh year-on-year [3] - The revenue from the "new energy power station development-construction-operation-sale" business was 2.28 billion yuan, a slight decrease of 0.14% year-on-year, with a gross profit margin of 62.71%, down 0.16 percentage points year-on-year [3] - The company is expanding project development outside of Ningxia, with existing projects in Heilongjiang and Guangxi, where the coal benchmark electricity prices are significantly higher than in Ningxia, potentially leading to increased profitability [3] Market Position and Strategy - With the recent policy changes allowing for full market entry of new energy, the company’s extensive market transaction experience is expected to yield excess returns. The company has been providing specialized trading services since obtaining sales agency qualifications in August 2021 [4] - The company plans to distribute cash dividends of approximately 1 yuan per 10 shares, totaling about 243 million yuan, which is 38.63% of the net profit attributable to shareholders [4] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to 660 million yuan, 770 million yuan, and 930 million yuan, corresponding to price-to-earnings ratios of 15, 13, and 10 times, respectively, maintaining a "Buy" rating [5]