FUNENG CO.,LTD(600483) 民生证券·2025-04-27 08:17Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 9 for 2025, 8 for 2026, and 7 for 2027 [6][12]. Core Views - The company's performance in 2024 met expectations, with revenue of 14.563 billion and a net profit of 2.793 billion, showing a year-on-year increase of 6.47% [1]. - The company benefits from high-quality assets, particularly in wind power and combined heat and power generation, which are expected to drive steady growth in profits [4]. - The company is projected to achieve net profits of 2.916 billion, 3.372 billion, and 3.725 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.05, 1.21, and 1.34 [5][10]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 30.97 billion, a slight increase of 0.31% year-on-year, and a net profit of 7.52 billion, up 42.83% due to improved wind conditions in Fujian province [1][2]. - The company's total revenue for 2024 was 145.63 billion, a decrease of 0.90% compared to the previous year, while Q4 2024 revenue was 40.8 billion, down 6.0% year-on-year [1][2]. Power Generation - In 2024, the company saw a 9.41% increase in wind power generation, while thermal power generation decreased by 3.05% [2]. - For Q1 2025, the total power generation was 53.40 billion kWh, a slight increase of 0.26% year-on-year, with wind power generation rising by 30.95% [2]. Asset Development - The company has invested in 1.809 million kW of wind power, with an average utilization of 3,323.98 hours in 2024, exceeding the national average [4]. - New projects, such as the offshore wind project in Changle, are expected to contribute to future capacity and profitability [4]. Profitability Forecast - The report forecasts revenue growth rates of 2.0%, 4.8%, and 5.5% for 2025, 2026, and 2027 respectively, with net profit growth rates of 4.4%, 15.6%, and 10.4% [5][10]. - The projected PE ratios for the next three years are 10, 9, and 8 respectively, indicating a favorable valuation trend [5][10].