HDPI(600027) 东莞证券·2025-04-25 12:29Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [6]. Core Insights - The company reported a revenue of 1129.94 billion yuan for 2024, a decrease of 3.57% year-on-year, while the net profit attributable to shareholders increased by 26.11% to 57.03 billion yuan [1]. - The decline in fuel costs and ongoing asset injections are key factors contributing to the company's performance [1]. - The company plans to acquire a significant stake in various subsidiaries from its controlling shareholder, which is expected to enhance its installed capacity and market competitiveness in the power sector [4]. Summary by Sections Financial Performance - The company experienced a slight decline in electricity generation, with a total of 2226.26 billion kWh in 2024, down approximately 0.52% year-on-year. The average on-grid electricity price was about 511.74 yuan/MWh, a decrease of 1.46% [4]. - Coal sales revenue fell by 25.43% to 7.905 billion yuan due to reduced coal trading activities [4]. - The average closing price of the stock was 5.81 yuan, with a total market capitalization of 565.93 billion yuan [2]. Cost and Profitability - The average closing price of Qinhuangdao port thermal coal was 855.50 yuan/ton, down 11.43% year-on-year, leading to a reduction in fuel costs to approximately 705.67 billion yuan, a decrease of 6.49% [4]. - The company's net profit growth of 26.11% was primarily driven by lower coal prices [4]. Future Outlook - The company forecasts earnings per share (EPS) of 0.63 yuan, 0.67 yuan, and 0.71 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 9, 9, and 8 [4]. - The ongoing asset injection is expected to significantly expand the company's installed capacity, enhancing its competitive position in the electricity market [4].