Shenergy(600642) 国泰君安·2024-08-31 14:39Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company's main business profits continue to grow despite a decline in investment income, highlighting the stability of its dividend value [4]. - The company reported a revenue of 13.7 billion yuan for the first half of 2024, a year-on-year decrease of 1.6%, while the net profit attributable to shareholders increased by 18.7% to 2.19 billion yuan [4]. - The second quarter of 2024 saw a revenue of 5.61 billion yuan, down 15.3% year-on-year, and a net profit of 1.03 billion yuan, down 7.3% year-on-year, which aligns with previous expectations [4]. - The company’s investment income decreased by 1.3 billion yuan year-on-year to 580 million yuan in Q2 2024, impacting overall performance [4]. - The company’s gross margin improved to 21.5%, up 1.8 percentage points year-on-year [4]. Summary by Sections Financial Performance - The company expects earnings per share (EPS) of 0.72, 0.78, and 0.79 yuan for 2024 to 2026, respectively, with a target price of 9.63 yuan [4]. - The estimated dividend per share for 2024 is approximately 0.43 yuan, resulting in a dividend yield of about 5.5% based on the stock price as of August 30, 2024 [4]. Business Operations - The company has a diversified asset portfolio that provides stable returns, which mitigates the impact of short-term fluctuations in electricity generation [4]. - The company has maintained a consistent dividend payout since its listing in 1993, with a total dividend amounting to 22.5 billion yuan [4]. Market Data - The current stock price is 7.85 yuan, with a 52-week price range of 5.77 to 9.24 yuan [5][6]. - The total market capitalization is 38.419 billion yuan, with a total share capital of 4.894 billion shares [6].