Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported a slight decrease in revenue for 2023, with a total of 23.46 billion yuan, down 0.5% year-on-year, while net profit increased by 5.6% to 7.64 billion yuan [3] - In Q1 2024, the company achieved a revenue of 4.42 billion yuan, reflecting a year-on-year growth of 3.6%, and net profit rose by 17.3% to 1.07 billion yuan [3] - The increase in electricity prices has helped stabilize revenue despite a decrease in power generation due to lower water levels [3][4] - The company expects revenue growth of 7.0%, 14.0%, and 5.6% for the years 2024, 2025, and 2026, respectively, with net profit growth of 9.0%, 16.1%, and 3.8% for the same years [4] Financial Summary - The company’s total assets are valued at 196.68 billion yuan, with a market capitalization of 174.06 billion yuan [5] - The earnings per share (EPS) for 2023 is 0.40 yuan, projected to increase to 0.46 yuan in 2024 and 0.54 yuan in 2025 [6] - The gross profit margin for 2023 is reported at 56.4%, with expectations to rise to 57.6% in 2024 [6] - The net profit margin for 2023 stands at 35.1%, projected to increase to 35.8% in 2024 [6] Market Performance - The company’s stock has shown an absolute increase of 10.89% over the last three months, outperforming the market [2]
2023财务费用同比减少4.5亿元,24Q1上网电价超预期