GDPD(600795) 华源证券·2024-11-03 06:09Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 133.9 billion yuan, a year-on-year decrease of 2.79%, and a net profit attributable to shareholders of 9.191 billion yuan, a year-on-year increase of 63.41% [3] - The decline in revenue is attributed to the impact of new energy pricing in the market, while the significant increase in net profit is mainly due to one-time investment income from the transfer of assets in the second quarter [3][4] - The company is positioned as a key player in the conventional energy integration platform of the State Power Investment Corporation, with plans to add 35 GW of new energy capacity during the 14th Five-Year Plan [5] Financial Summary - As of November 1, 2024, the company's closing price is 4.88 yuan, with a total market capitalization of 87,037.82 million yuan and a debt-to-asset ratio of 72.73% [2] - The company expects net profits for 2024-2026 to be 9.122 billion yuan, 6.661 billion yuan, and 6.930 billion yuan respectively, with corresponding year-on-year growth rates of 62.65%, -26.98%, and 4.03% [5][6] - The projected P/E ratios for 2024-2026 are 10, 13, and 13 times respectively [5] Operational Performance - As of September 2024, the company has a total installed capacity of 108.06 million kilowatts, with significant contributions from thermal, hydropower, wind, and solar energy [4] - In the third quarter, the company achieved an on-grid electricity volume of 126.7 billion kWh, a year-on-year increase of 1.2%, primarily driven by growth in solar capacity [4] - The average on-grid electricity price in the third quarter was 0.4105 yuan per kWh, showing a slight decline of approximately 0.3 cents per kWh compared to the previous year [4]