NMHD(600863) 华源证券·2025-02-17 09:29Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is planning to acquire wind power assets from its major shareholder, which is expected to enhance both profitability stability and wind power growth [5][7] - The acquisition involves purchasing 60% and 75.51% stakes in two wind power companies, with a total installed capacity of 1.6 GW, which is projected to yield high returns due to favorable electricity pricing [7] - The company has a strong pipeline of renewable energy projects, with a total of 2 GW of approved capacity, primarily in wind energy, which is expected to provide stable returns under the new national pricing mechanism [7] Financial Summary - The company's revenue for 2022 was 23,066 million RMB, with a projected decline to 22,525 million RMB in 2023, followed by a slight recovery in subsequent years [6] - The net profit attributable to shareholders is forecasted to grow from 2,005 million RMB in 2023 to 3,008 million RMB by 2026, reflecting a compound annual growth rate of approximately 6.99% [6] - The earnings per share (EPS) is expected to increase from 0.31 RMB in 2023 to 0.46 RMB in 2026, indicating a positive growth trajectory [6] Market Performance - The company's closing price is reported at 4.13 RMB, with a market capitalization of approximately 26,956.05 million RMB [3] - The company's debt-to-asset ratio stands at 37.85%, indicating a moderate level of financial leverage [3] Profitability Metrics - The return on equity (ROE) is projected to improve from 10.94% in 2023 to 13.91% in 2026, showcasing enhanced profitability [6] - The price-to-earnings (P/E) ratio is expected to decrease from 13.45 in 2023 to 8.96 by 2026, suggesting that the stock may become more attractive over time [6]