FUNENG CO.,LTD(600483) 华源证券·2025-04-25 12:25Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's 2024 performance met expectations, with ongoing growth driven by the construction of combined heat and power projects and offshore wind energy [5][7] - The company plans to start construction on 656,000 kW of offshore wind power and the second phase of the Quanhui combined heat and power project in 2025, which will lay a foundation for future performance growth [7] Financial Performance Summary - In 2024, the company achieved operating revenue of 14,563 million yuan, a year-on-year decrease of 0.9%, and a net profit attributable to shareholders of 2,793 million yuan, a year-on-year increase of 6.47% [7][8] - The company forecasts net profits of 2,751 million yuan in 2025, with a corresponding P/E ratio of 9.90 [6][8] - The company plans to distribute a cash dividend of 0.31 yuan per share for 2024, with a payout ratio of 30.85% [7] Earnings Forecast and Valuation - The projected operating revenues for 2025-2027 are 14,647 million yuan, 14,765 million yuan, and 16,359 million yuan, respectively, with expected growth rates of 0.57%, 0.81%, and 10.80% [6][8] - The estimated net profit for 2025 is 2,751 million yuan, with a projected EPS of 0.99 yuan [6][8] - The company is expected to maintain a dividend payout ratio of around 30% in the coming years, resulting in dividend yields of 3.1%, 3.2%, and 3.4% for 2025-2027 [7]