Shenergy(600642) 申万宏源·2024-11-05 03:41Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company reported a revenue of 22.37 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.21%, and a net profit attributable to shareholders of 3.28 billion yuan, up 31.05% year-on-year, exceeding expectations [5]. - High temperatures increased demand, leading to significant growth in thermal power generation, with a total generation of 44.54 billion kWh in the first nine months of 2024, a 7.2% increase year-on-year [6]. - The company’s investment income contributed positively to its performance, with investment income reaching 1.44 billion yuan, a 15.7% increase year-on-year [8]. - The company is expanding its renewable energy footprint, with wind and solar power generation increasing by 23.66% and 49.26% year-on-year, respectively [7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 22.37 billion yuan and a net profit of 3.28 billion yuan, reflecting a year-on-year growth of 2.21% and 31.05% respectively [5]. - The average on-grid electricity price for the first nine months of 2024 was 0.511 yuan per kWh, remaining stable compared to the first half of the year [6]. Operational Highlights - The company completed a thermal power generation of 31.35 billion kWh and gas power generation of 6.70 billion kWh in the first nine months of 2024, with respective year-on-year growth rates of 3.6% and 18.5% [6]. - The company’s renewable energy capacity reached 5.28 million kW by the end of September 2024, accounting for 30.86% of its total installed capacity [7]. Investment Outlook - The report forecasts net profits for 2024, 2025, and 2026 to be 3.96 billion yuan, 4.48 billion yuan, and 4.84 billion yuan respectively, with corresponding PE ratios of 11, 10, and 9 [8]. - The current stock price corresponds to a dividend yield of 5.1% based on an assumed dividend payout ratio of 55% for 2024 [8].