QYDL(002039) 华福证券·2025-04-18 11:05Investment Rating - The investment rating for the company is "Hold" [2] Core Views - The company is experiencing continuous expansion in photovoltaic installations and maintains stable dividends, with an active and comprehensive plan for 2025 [3] - The company's 2024 annual report shows a revenue of 1.933 billion yuan, a decrease of 2.89% year-on-year, and a net profit attributable to shareholders of 218 million yuan, down 17.59% year-on-year [4] - The company's total installed capacity reached 4.1056 million kilowatts by the end of 2024, with hydropower accounting for 3.2335 million kilowatts and photovoltaic power accounting for 872,100 kilowatts [5] - The average on-grid electricity price for hydropower in 2024 was 0.3052 yuan per kilowatt-hour, a decline of 3.6% year-on-year [5] - The company plans to distribute a cash dividend of 0.06 yuan per share for 2024, maintaining a stable dividend level [6] - The company is actively planning for green electricity trading in 2025, with expected related transactions amounting to 50 million yuan [6] Financial Summary - The company's revenue for 2024 is projected at 1.933 billion yuan, with a growth rate of -2.9% [9] - The net profit for 2024 is expected to be 218 million yuan, with a growth rate of -17.6% [9] - Earnings per share (EPS) for 2024 is estimated at 0.51 yuan [9] - The price-to-earnings (P/E) ratio for 2024 is projected at 30.2 [9] - The company anticipates net profits of 405 million yuan, 423 million yuan, and 446 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.2, 15.6, and 14.8 [7]