GDPD(600795) 国海证券·2024-04-18 14:30Investment Rating - The investment rating for Guodian Power (600795) is "Buy" (maintained) [1] Core Views - The company's performance in coal and hydropower has significantly improved, while impairments may affect wind power performance. The company reported a revenue of 181 billion yuan in 2023, a decrease of 7% year-on-year, but achieved a net profit attributable to shareholders of 5.61 billion yuan, an increase of 104% year-on-year (adjusted) [2][3] - The company plans to distribute a cash dividend of 0.07 yuan per share, totaling 1.25 billion yuan, which, combined with the mid-year dividend, results in an annual total of 2.14 billion yuan, accounting for 38.16% of the net profit attributable to shareholders [2] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 43.29 billion yuan, down 9.9% year-on-year, with a net profit of -0.02 billion yuan, compared to -2.25 billion yuan in the same period last year [2] - The company's coal power segment saw a significant profit increase, with net profit reaching 9.47 billion yuan, up 31% year-on-year, and a profit per kilowatt-hour of 0.026 yuan, an increase of 0.007 yuan year-on-year [3][4] Market Performance - As of April 18, 2024, the company's stock price is 5.01 yuan, with a 52-week price range of 3.30 to 5.39 yuan. The total market capitalization is approximately 89.36 billion yuan [3] Future Outlook - The company plans to add 8.6 GW of new wind and solar capacity in 2024. The net profit from wind and solar power in 2023 was 1.01 billion yuan and 740 million yuan, respectively, showing a year-on-year decrease of 50% and an increase of 166% [3][4] - The company is expected to continue improving its coal power performance and water supply, with projected net profits for 2024-2026 of 7.81 billion, 8.69 billion, and 9.56 billion yuan, respectively, corresponding to P/E ratios of 11, 10, and 9 [4][6]