GDPD(600795) 国信证券·2025-04-21 06:13Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Views - The company's operating revenue slightly decreased by 1.00% to 179.18 billion yuan in 2024, while the net profit attributable to shareholders increased significantly by 75.28% to 9.83 billion yuan. The decline in revenue is attributed to a decrease in electricity prices and the transfer of equity in Guodian Construction Investment, which is no longer included in the consolidated scope [7][20]. - The company is actively advancing conventional energy projects, with a total of 1.83 million kilowatts of new thermal power capacity added in 2024. The company has ongoing thermal power projects totaling 8.35 million kilowatts and plans to add 2 million kilowatts of thermal power capacity in 2025 [2][18]. - The company is steadily developing renewable energy, with an increase of 4.29 million kilowatts in new installed capacity in 2024, including 546,500 kilowatts from wind power and 3.74 million kilowatts from solar power. The company has secured renewable energy resources totaling 16.79 million kilowatts [3][19]. Financial Performance - In 2024, the company's gross profit margin was 14.24%, a decrease of 0.38 percentage points year-on-year. The net profit margin increased to 9.29%, up 2.67 percentage points from the previous year due to increased investment income [14][16]. - The return on equity (ROE) improved to 18.60%, an increase of 6.76 percentage points compared to 2023. The operating cash flow for 2024 was 55.64 billion yuan, a year-on-year increase of 30.66% [16][20]. - The company plans to distribute a cash dividend of 0.20 yuan per share in 2024, with a total cash distribution amounting to 3.57 billion yuan, representing a year-on-year increase of 66.68% [20]. Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 7.50 billion yuan, 8.32 billion yuan, and 9.07 billion yuan, respectively, reflecting a year-on-year growth of -23.7%, 11.0%, and 9.0% [20][22]. - The earnings per share (EPS) are projected to be 0.42 yuan, 0.47 yuan, and 0.51 yuan for 2025, 2026, and 2027, respectively [20][22].