Datang Power(601991) 华源证券·2025-03-28 03:57Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company's performance meets expectations, with a focus on the elasticity of coal prices [5] - The significant increase in net profit for 2024 is attributed to the decline in coal prices, with an estimated elasticity of approximately 20% for coal price changes [7] - The company plans to distribute a dividend of 0.0621 yuan per share, which accounts for 56% of the undistributed profits [7] Financial Performance Summary - For 2023, the company reported a revenue of 122.404 billion yuan, with a year-on-year growth of 4.77% [6] - The net profit attributable to shareholders for 2024 is projected at 45.06 billion yuan, representing a year-on-year increase of 230.09% [6] - The earnings per share (EPS) for 2024 is estimated at 0.24 yuan, with a projected price-to-earnings (P/E) ratio of 11.87 [6] - The company’s total assets are expected to reach 333.818 billion yuan by 2025, with a debt-to-asset ratio of 71.02% [3][8] Profitability and Growth - The company anticipates a net profit of 49.16 billion yuan in 2025, with a projected growth rate of 8.72% for the following years [7] - The gross profit margin is expected to improve to 17.08% by 2025 [8] - The company is focusing on expanding its clean energy capacity, with a target of 10GW of new installations during the current five-year plan [7] Market Position and Strategy - The company benefits from its coal-fired power generation, primarily located in northern coal-producing regions, which positions it well to capitalize on falling coal prices [7] - The company has a significant investment in nuclear power and coal mining, contributing stable cash flows and potential dividends for future projects [7] - The company is cautious in its project development, emphasizing quality over quantity in its expansion strategy [7]