TGWC(600116)2024-10-27 08:12Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][12] Core Views - The company's performance in the third quarter declined due to a reduction in self-generated hydropower, although overall profit showed steady growth in the first three quarters of 2024 [1][5] - The company plans to distribute a cash dividend of 0.05 CNY per share, enhancing investor returns [1][12] - The profit forecast has been adjusted downward, with expected net profits for 2024-2026 revised to 5.81 billion, 8.18 billion, and 9.39 billion CNY, reflecting a growth rate of 13%, 41%, and 15% respectively [1][12] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 8.102 billion CNY, a year-on-year decrease of 3.45%, while net profit attributable to shareholders increased by 13.57% to 383 million CNY [1][5] - In the third quarter, the company reported operating revenue of 2.887 billion CNY, a quarter-on-quarter increase of 5.07% and a year-on-year increase of 6.85% [1][5] - The third quarter net profit attributable to shareholders was 154 million CNY, a quarter-on-quarter decrease of 29% and a year-on-year decrease of 49.63% [1][5] Sales and Pricing - The total installed hydropower capacity is 746,200 kW, with cumulative power generation of 1.919 billion kWh in the first three quarters, a year-on-year increase of 0.13% [1][11] - The average selling price of electricity decreased slightly to 0.4864 CNY per kWh, down 0.84% from the previous year [1][11] Dividend and Share Buyback - The company plans to distribute a cash dividend of 0.05 CNY per share, totaling 95 million CNY, which represents approximately 30.04% of the net profit attributable to shareholders [1][12] - A share buyback of 20 million CNY has also been implemented [1][12] Profit Forecast - The profit forecast for 2024-2026 has been revised to reflect lower expected net profits, with the new estimates being 5.81 billion CNY for 2024, 8.18 billion CNY for 2025, and 9.39 billion CNY for 2026 [1][12]