TGWC(600116)2024-05-06 01:02Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Insights - In 2023, the company achieved a net profit attributable to shareholders of 516 million yuan, representing a year-on-year growth of 8.28% [25]. - The company's gross profit margin for electricity sales was 11.17%, a slight decrease of 0.04 percentage points year-on-year, with operating profit from electricity business declining by 7.53% to 337 million yuan [25][26]. - The first quarter of 2024 saw a significant recovery in self-generated electricity, increasing by 189.52% year-on-year, leading to a net profit of 11.88 million yuan, marking a turnaround from losses [25][26]. Financial Summary - The company reported total revenue of 111.77 billion yuan in 2023, a year-on-year increase of 0.76% [25]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.37 yuan, 0.46 yuan, and 0.57 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18.88, 15.47, and 12.33 [11]. - The company's total operating income is expected to grow to 124.86 billion yuan in 2024, 143.04 billion yuan in 2025, and 164.32 billion yuan in 2026 [8].