GDG(600098) 广发证券·2024-05-03 07:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.12 CNY per share based on a 15x PE valuation for 2024 [3][6]. Core Insights - The company's revenue for Q1 2024 reached 10.694 billion CNY, a year-on-year increase of 6.1%, while the net profit attributable to shareholders was 447 million CNY, up 10.7% year-on-year. The decline in electricity prices in Guangdong had a limited impact on profits, as increased sales of natural gas and growth in renewable energy installations contributed positively to profits [1][2]. - The company optimized its coal power generation strategy, with a year-on-year decrease of 2.9% in coal power generation. However, gas power generation saw a significant increase of 113% year-on-year, supported by new gas power plants coming online [1][2]. - The company has a comprehensive natural gas supply chain, with Q1 2024 gas sales volume increasing by 17.4% year-on-year, reaching 780 million cubic meters. This growth was driven by increased pipeline gas sales and LNG sales [1][2]. - Profit forecasts for the company indicate net profits of 2.13 billion CNY, 2.46 billion CNY, and 2.80 billion CNY for 2024, 2025, and 2026, respectively, reflecting a stable growth trajectory [1][2]. Financial Summary - The company's revenue for 2022 was 47.91 billion CNY, with a projected revenue of 50.30 billion CNY for 2024, representing a growth rate of 7.5% [2][8]. - The net profit attributable to shareholders for 2022 was 1.35 billion CNY, with projections of 2.13 billion CNY for 2024, indicating a growth rate of 30.2% [2][8]. - The company's earnings per share (EPS) is expected to grow from 0.39 CNY in 2022 to 0.61 CNY in 2024 [2][8].