GDPD(600795) 山西证券·2024-10-31 11:07Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][2]. Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 133.86 billion yuan, a year-on-year decrease of 2.79%, and a net profit attributable to shareholders of 9.19 billion yuan, an increase of 63.41% year-on-year [1]. - The company is expected to see improvements in thermal power profitability, recovery in hydropower generation, and rapid growth in renewable energy supply [2]. - The projected EPS for 2024-2026 is 0.52, 0.53, and 0.56 yuan, corresponding to PE ratios of 9.6, 9.2, and 8.7 respectively [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 9.19 billion yuan, with a basic EPS of 0.515 yuan, reflecting a year-on-year increase of 63.5% [1]. - The company's total installed capacity reached 108.06 million kilowatts by the end of Q3 2024, with significant growth in photovoltaic capacity [1]. - The average on-grid electricity price in Q3 2024 was 410.48 yuan per megawatt-hour, showing a slight year-on-year decrease of 0.09% [1]. Financial Data and Valuation - Revenue for 2024 is estimated at 187.73 billion yuan, with a projected net profit of 9.19 billion yuan, reflecting a year-on-year growth of 63.8% [3]. - The company's gross margin is expected to improve to 18.0% in 2024, with a net margin of 4.9% [3]. - The projected P/E ratio for 2024 is 9.6, indicating a favorable valuation compared to historical performance [3].