ZZEPC(600023) 国盛证券·2024-10-30 12:20Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in the first three quarters of 2024 is in line with expectations, with a focus on the potential for profit elasticity in the fourth quarter [1] - The company is positioned as a leading thermal power operator in Zhejiang Province, benefiting from a decline in coal prices, which provides significant profit recovery potential and growth opportunities [1] - The report forecasts revenue growth for 2024-2026, with expected revenues of 1030.02 billion, 1075.35 billion, and 1081.26 billion respectively, representing year-on-year growth rates of 7.3%, 4.4%, and 0.5% [1][2] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 662.96 billion, a year-on-year decrease of 4.62%, and a net profit attributable to shareholders of 67 billion, an increase of 12.37% year-on-year [1] - The company completed an on-grid electricity volume of 1222.88 billion kWh in the first three quarters of 2024, a year-on-year increase of 7.03%, with a significant increase in electricity generation in Q3 [1] - Investment income decreased in Q3 2024, impacting profit contributions, with net investment income of 11.49 billion, down 2.43 billion year-on-year [1] Financial Metrics - The report provides projected financial metrics, including net profit for 2024 expected at 81.45 billion, with corresponding EPS of 0.61 and P/E ratios of 9.7 for 2024 [2][3] - The company’s financial health is indicated by a net asset return of 11.4% for 2024, with a projected P/B ratio of 1.1 [2]