国能日新（301162）：全年业绩稳定兑现，分布式与电力交易进入机遇期

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved stable annual performance with a revenue of 550 million yuan in 2024, representing a year-on-year growth of 20.5%, and a net profit attributable to shareholders of 94 million yuan, up 11.09% year-on-year [1] - The report highlights the high certainty of the new energy sector's prosperity in 2024, with significant growth in photovoltaic and wind power installations [1] - The company is expected to benefit from the rapid and orderly advancement of electricity trading across various regions, with a national unified electricity market planned for completion by 2029 [1] Financial Performance Summary - Total revenue for 2023 was 456 million yuan, with a projected increase to 550 million yuan in 2024, and further growth to 708 million yuan in 2025, reflecting a compound annual growth rate of 26.9% from 2023 to 2025 [2] - The net profit attributable to shareholders is forecasted to grow from 84 million yuan in 2023 to 94 million yuan in 2024, and to 118 million yuan in 2025, indicating a year-on-year growth rate of 25.6% in 2023 and 11.1% in 2024 [2] - The company's gross margin is expected to remain relatively stable, with a slight decrease from 67.6% in 2023 to 65.5% in 2025 [2] Earnings Forecast - The expected earnings per share (EPS) for 2025 is projected at 1.18 yuan, with corresponding price-to-earnings (P/E) ratios of 53.03, 41.79, and 33.14 for the years 2025, 2026, and 2027 respectively [1][2]