功率预测优势稳固-电力体制改革打开成长空间

Key Points Industry and Company - Industry: Renewable energy information products and services - Company: Guangdong Xineng, a company specializing in renewable energy information products and services Core Views and Arguments - Core Competence: Guangdong Xineng's core competitiveness lies in renewable energy power prediction, which has enabled comprehensive coverage of the renewable energy power management field. - Performance: The company's performance in the first half of 2024 was positive, with its main business developing well. The power prediction business is the main source of income, and innovative businesses are expected to become the new engine for future development. - Market Growth: The rapid expansion of the Chinese new energy installation market under the dual carbon policy has increased the impact on the power grid, driving the demand for related products and services. The construction of a national unified electricity market system is expected to further open up growth space. Other Important Content - Traditional Business: Includes new energy power prediction, grid connection control systems, and grid new energy management systems. Power prediction services are the main value embodiment, and the company has served 3,590 new energy power stations. - Innovative Business: Includes electricity trading, energy storage, virtual power plants, and microgrids. Products have covered multiple provinces, and user-side product reserves are actively being made. - Financial Projections: Revenue is expected to reach 5.8 billion yuan, 7.55 billion yuan, and 9.91 billion yuan in 2024, 2025, and 2026, respectively, with a year-on-year growth rate of 27.1%, 30.2%, and 31.3%. Net profit attributable to shareholders is expected to reach 1.04 billion yuan, 1.35 billion yuan, and 1.75 billion yuan, respectively, with a year-on-year growth rate of 20%, 29%, and 30%. The corresponding PE ratio is 34.1 times, 28.7 times, and 22.1 times, respectively. A "recommend" rating is given for the first time. References - [1] - [2] - [3] - [4] - [5] - [6] - [7]