GDPD(600795) 长江证券·2025-04-20 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's net profit attributable to shareholders for 2024 is expected to increase by 75.28% year-on-year, reaching 9.831 billion yuan, despite a 1.00% decrease in operating revenue to 179.182 billion yuan [6][2] - The report emphasizes the importance of focusing on long-term growth rather than short-term fluctuations, as the company remains a valuable asset in the industry with stable growth in both hydropower and thermal power sectors [2][12] Summary by Sections Financial Performance - The company's thermal power business net profit increased by 34.05% year-on-year, driven by a decrease in costs and improved investment returns, despite a 1.18% decline in power generation [2][12] - Hydropower generation increased by 7.93% year-on-year, but net profit decreased by 33.01% due to impairment provisions related to the Daxingchuan power station [2][12] - The renewable energy segment's net profit is expected to decrease by 21.10% year-on-year due to weak wind conditions, price fluctuations, and asset impairments [2][12] Future Outlook - The company is set to begin production for 3.52 million kilowatts of hydropower units in the second half of 2025, indicating a positive long-term performance outlook [2][12] - Earnings per share (EPS) for 2025-2027 are projected to be 0.41 yuan, 0.45 yuan, and 0.48 yuan, with corresponding price-to-earnings (PE) ratios of 11.15, 10.25, and 9.61 [2][12]