China Merchants Securities stated that JNCEC (00579) is the largest renewable energy enterprise in Peking, with shareholders including JN Energy Group, one of the top ten local energy groups. As of the end of 2023, the company's operating installed capacity is 14.482 million kilowatts, of which renewable energy installed capacity is 9.78 million kilowatts, accounting for 67.5%.
The company is a leading local clean energy provider of gas, electricity, and heating services and a major participant in "Green Electricity Enters Peking". It steadily expands through self-building and acquisition. Continuous growth in dividend per share and high stock dividends highlight investment value.
The bank predicts that the company's net income attributable to shareholders of the parent company will be 3.153, 3.706, and 4.461 billion yuan from 2024 to 2026, with a year-on-year growth of 3.1%, 17.5%, and 20.4%, respectively. The current stock price corresponds to a PE of 4.8x, 4.1x, 3.4x. It is the first coverage, providing a "shareholding" rating.