SCTE(600674) 中国银河·2024-10-15 06:39Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company reported a revenue of 1.087 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.48%, and a net profit attributable to shareholders of 4.422 billion yuan, which is a 15.10% increase year-on-year [1] - Investment income grew rapidly due to improved water inflow in the company's major investee companies, with net investment income reaching 4.505 billion yuan in the first three quarters of 2024, up 11% year-on-year [1] - The company plans to increase capital in its investee companies, Yalong River and Dadu River, to support project funding needs, with a total capital increase of 12.38 billion yuan for Dadu River and 150 billion yuan for Yalong River [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 483 million yuan, a year-on-year increase of 2.14%, and a net profit of 2.120 billion yuan, which is a 21.55% increase year-on-year [1] - The company’s hydropower generation increased by 8.46% year-on-year, with a total of 4.053 billion kWh generated in the first three quarters of 2024 [1] - The average on-grid electricity price for hydropower was 0.201 yuan/kWh, up 2.55% year-on-year, while the on-grid price for photovoltaic power decreased by 19.42% [1] Investment and Growth Prospects - The company expects continued strong performance in Q4 2024 due to favorable water storage conditions in the Yalong River and Dadu River basins [2] - The company forecasts net profits of 5.08 billion yuan, 5.42 billion yuan, and 5.83 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 17.39x, 16.29x, and 15.16x [2][6]