CTGR(600905) 民生证券·2024-11-01 06:00Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a significant increase in power generation in Q3 2024, with total revenue reaching 21.76 billion yuan, a year-on-year increase of 12.81%. However, the net profit attributable to shareholders decreased by 6.31% to 5.093 billion yuan [1]. - The company plans to invest 71.848 billion yuan in a new energy base project in Xinjiang, which will include 12.5 GW of solar and wind power capacity [1]. - Despite the increase in power generation, profitability is under pressure due to declining electricity prices and poor investment returns, with a net profit margin of 28.7%, down 3.42 percentage points year-on-year [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total power generation of 52.605 billion kWh, a year-on-year increase of 31.40%. In Q3 alone, power generation was 16.487 billion kWh, up 38.05% year-on-year [1]. - The company's gross profit margin for the first three quarters of 2024 was 53.47%, down 1.82 percentage points year-on-year, while the net profit margin was 28.7%, down 3.42 percentage points [1]. - The projected net profit for 2024, 2025, and 2026 is estimated to be 6.990 billion yuan, 7.496 billion yuan, and 7.958 billion yuan, respectively, with corresponding EPS of 0.24 yuan, 0.26 yuan, and 0.28 yuan [2][4].