WENERGY CO.,LTD.(000543) 信达证券·2025-04-25 12:07Investment Rating - The report maintains a "Buy" rating for WanNeng Electric Power [1][6] Core Views - The company's performance in 2024 met expectations, with significant growth driven by new power generation units and stable electricity prices [1][3] - The overall revenue for 2024 reached 30.094 billion yuan, a year-on-year increase of 7.99%, while the net profit attributable to shareholders was 2.064 billion yuan, up 44.36% year-on-year [1][3] - The report highlights the continuous commissioning of new units, which supports future growth [1][3] Summary by Sections Performance Overview - In 2024, the company benefited from the commissioning of new power plants, leading to a 17.34% year-on-year increase in electricity generation, totaling 601.5 billion kWh [3][4] - The average on-grid electricity price was 449.10 yuan/MWh, showing a slight decrease of 1.43% year-on-year, while the cost of materials per kWh decreased by 9.13% to 257.22 yuan/MWh [3][4] Profit Contribution - The main profit growth driver was the full operation of the Xinjiang power plant, which contributed 552 million yuan in comprehensive income, a 406.42% increase year-on-year [3][4] - The report notes significant improvements in profits from domestic power plants, with several plants turning losses into profits [3][4] Growth Potential - The company is expected to see continued growth in installed capacity, with several projects set to be commissioned in 2025-2026 [4][6] - Despite a projected decrease in electricity prices, the company is anticipated to maintain high utilization hours due to a power supply shortage in Anhui [4][6] Financial Projections - The report adjusts the net profit forecasts for 2025-2027 to 2.079 billion, 2.282 billion, and 2.319 billion yuan, respectively, with corresponding P/E ratios of 8.46, 7.71, and 7.59 [6][5]