BJP(600578) 华泰证券·2025-04-29 11:06Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.23 RMB [7][4]. Core Insights - The company reported a revenue of 35.428 billion RMB for 2024, a year-on-year increase of 6.54%, and a net profit attributable to shareholders of 1.723 billion RMB, up 95.52% from the previous year, exceeding expectations [1]. - In Q1 2025, the company achieved a revenue of 9.885 billion RMB, a year-on-year increase of 4.59%, and a net profit of 1.063 billion RMB, up 129.84%, driven by lower coal prices and increased revenue from renewable energy [1]. - The company plans to continue expanding its renewable energy capacity, with a projected increase in installed capacity and ongoing projects [3]. Summary by Sections Financial Performance - The company’s revenue for 2024 is projected at 35.428 billion RMB, with a growth rate of 7.76% for 2025 [6]. - The net profit attributable to shareholders is expected to reach 4.080 billion RMB in 2025, reflecting a significant growth of 136.75% compared to 2024 [6]. - The earnings per share (EPS) is projected to be 0.61 RMB for 2025, with a return on equity (ROE) of 13.61% [6]. Operational Highlights - The company’s thermal power generation volume increased by 5% in 2024, with a total installed capacity of 21.39 million kW, an increase of 1.61 million kW year-on-year [2]. - The average electricity price for thermal power remained stable at 360 RMB per MWh, with a decrease in fuel costs by 3.9% [2]. - Renewable energy generation saw a significant increase, with a year-on-year growth of 322% in 2024, driven by new projects coming online [3]. Valuation Metrics - The target price of 5.23 RMB corresponds to a price-to-book (PB) ratio of 1.11x for 2025, which is above the industry average of 1.07x [4]. - The company’s projected net profit compound annual growth rate (CAGR) from 2025 to 2027 is 43%, significantly higher than the industry average of 12% [4].