CTGR(600905) 中国银河·2024-11-01 07:02Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 21.76 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.81%. The net profit attributable to shareholders was 5.09 billion yuan, a decrease of 6.31% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 6.70 billion yuan, up 19.97% year-on-year, with a net profit of 1.06 billion yuan, reflecting a year-on-year increase of 14.69% [1]. - The company plans to invest in a large-scale renewable energy project in Xinjiang, which includes 8.5 million kilowatts of solar power and 4 million kilowatts of wind power, with a total investment of 71.8 billion yuan [3]. Financial Performance Summary - For Q3 2024, the total power generation reached 16.49 billion kWh, a year-on-year increase of 38.05%. Wind power generation was 9.18 billion kWh, up 24.08%, and solar power generation was 6.78 billion kWh, up 62.74% [2]. - The average on-grid electricity price in Q3 2024 was 0.406 yuan per kWh, down 13.1% year-on-year, while the cost per kWh was 0.209 yuan, down 16.2%, leading to a gross margin increase of 1.89 percentage points to 48.50% [2]. - The company forecasts net profits of 7.20 billion yuan, 8.63 billion yuan, and 9.67 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 18.29x, 15.26x, and 13.62x [3][4].