YEIC(002053) 太平洋·2025-05-11 14:23Investment Rating - The report maintains a "Buy" rating for Yunnan Energy Investment (002053) [1][7] Core Insights - The company achieved a record high revenue of 3,453 million yuan in 2024, representing an 18.90% year-on-year growth, with a net profit of 675 million yuan, up 39.97% year-on-year [4][5] - The main contributions to the company's performance in 2024 came from the new energy and salt sectors, with new energy generation capacity reaching 1,946,400 kW and a generation volume of 3,814 million kWh, an 81% increase year-on-year [5] - The company is focusing on optimizing its core business and resource allocation, planning to divest its natural gas business to enhance its core competitiveness in the new energy sector [6][7] Financial Performance - In Q1 2025, the company reported a revenue of 954 million yuan, a decrease of 2.12% year-on-year, and a net profit of 221 million yuan, down 38.03% year-on-year [4] - The projected net profits for 2025, 2026, and 2027 are 865 million yuan, 940 million yuan, and 1,045 million yuan, respectively, with corresponding PE ratios of 12, 11, and 10 [7][8] - The company’s revenue is expected to decline by 6.09% in 2025, followed by a recovery in subsequent years with growth rates of 6.23% and 5.57% in 2026 and 2027 [8] Business Segments - The company operates in three main sectors: new energy, salt, and natural gas, with significant achievements in the new energy and salt sectors in 2024 [5] - The salt segment achieved a record production and sales volume of 1.78 million tons in 2024, while the natural gas segment saw a 52% increase in sales volume to 386 million cubic meters [6]