GDPD(600795) 国信证券·2025-04-21 08:25Investment 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 decrease in revenue is attributed to a decline in electricity prices and the transfer of equity in a subsidiary, while the increase in net profit is due to higher investment income from the transferred subsidiary and joint ventures [1][7]. - 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, adding 4.29 million kilowatts of new 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, ensuring a solid foundation for future project construction [3][19]. Financial Performance - In 2024, the company's operating revenue is projected to be 179.18 billion yuan, with a net profit of 9.83 billion yuan. The earnings per share (EPS) is expected to be 0.55 yuan [4][22]. - The company's return on equity (ROE) is expected to increase to 17.5% in 2024, reflecting improved profitability [16][22]. - The company plans to distribute a cash dividend of 0.20 yuan per share in 2024, with a total cash payout of 3.57 billion yuan, representing a 66.68% increase year-on-year [20].