TGWC(600116)2024-10-28 09:41Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5]. Core Views - The company's third-quarter performance was impacted by reduced self-generated electricity due to alternating water levels, resulting in a year-on-year decrease of 38.94% in self-generated electricity to 648 million kWh. However, the total electricity sales volume increased by 10.68% year-on-year to 4.066 billion kWh, contributing to a revenue increase of 6.85% year-on-year to 2.887 billion yuan [3][4]. - The average selling price of electricity in the third quarter was 0.4789 yuan per kWh (excluding tax), a decrease of 3.27% year-on-year. The company's gross profit margin fell to 9.91%, down 7.82 percentage points year-on-year, leading to a net profit attributable to shareholders of 154 million yuan, a decline of 49.63% year-on-year [3][4]. Summary by Sections Financial Performance - In the third quarter of 2024, the company achieved operating revenue of 2.887 billion yuan, a year-on-year increase of 6.85%. The net profit attributable to shareholders was 154 million yuan, a decrease of 49.63% year-on-year [2][3]. - The self-generated electricity decreased to 648 million kWh, a drop of 38.94% year-on-year, while the total electricity sales volume increased to 4.066 billion kWh, reflecting a growth of 10.68% year-on-year [3]. Shareholder Returns - The company announced a profit distribution plan for the first three quarters of 2024, proposing a cash dividend of 0.05 yuan per share (including tax), totaling 94.66 million yuan. Additionally, the company has repurchased shares worth 20.46 million yuan, with the total amount reaching 115 million yuan, accounting for approximately 30.04% of the net profit attributable to shareholders during the same period [4]. Future Growth Potential - Despite short-term operational pressures, the company has a robust pipeline of projects. Key projects include the completion of a 490,000 kW cogeneration project in Yongchuan District and the commencement of construction for another 490,000 kW project in Fuling. The company is also advancing its comprehensive energy business and rapidly developing renewable energy projects, which are expected to contribute to long-term growth [4][5].