GED(000539) 国盛证券·2024-09-03 00:13Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's profitability continues to improve due to declining costs, although revenue has been impacted by falling electricity prices [1][2] - The company has diversified its energy sources, with significant growth in clean and renewable energy projects contributing to a slight increase in total electricity generation [2] - The financial outlook for the company shows expected revenue growth in the coming years, despite a projected decline in 2024 [2][6] Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 26.079 billion yuan, a decrease of 7.98% year-on-year, while net profit attributable to shareholders was 903 million yuan, an increase of 5.42% [1] - The average selling price of electricity decreased by 8.85% to 539.50 yuan per MWh, with total electricity generation from coal-fired power down by 7.90% [1] - The company achieved a net profit of 306 million yuan from its coal power segment, up 48% year-on-year, while the gas power segment saw a decline in net profit by 43% [1] Renewable Energy Development - As of June 2024, the company has a total installed capacity of 5.7785 million kW in wind and solar energy, with an addition of 834,500 kW in the first half of 2024 [2] - The total electricity generation from renewable sources increased by 0.84% year-on-year, with significant growth in wind and solar energy generation [2] Future Projections - Revenue projections for 2024, 2025, and 2026 are 57.415 billion yuan, 63.205 billion yuan, and 69.183 billion yuan, respectively, with expected growth rates of -3.8%, 10.1%, and 9.5% [2][6] - Net profit projections for the same years are 1.357 billion yuan, 1.890 billion yuan, and 2.240 billion yuan, with corresponding EPS of 0.26 yuan, 0.36 yuan, and 0.43 yuan [2][6]