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  • Research reports dig deep | GF Sec: Sichuan Chuantou Energy benefits from improved hydropower performance, maintains a "buy" rating.

研报掘金丨广发证券：川投能源来水改善业绩稳健，维持“买入”评级

Research reports dig deep | GF Sec: Sichuan Chuantou Energy benefits from improved hydropower performance, maintains a "buy" rating.

Gelonghui Finance ·  Oct 15, 2024 14:45

GF Securities research reports pointed out that Sichuan Chuantou Energy (600674.SH) achieved a net income attributable to the mother of 4.422 billion yuan in the first three quarters (+15.10% year-on-year), with Q3 net profit attributable to the mother of 2.12 billion yuan (+21.55% year-on-year). This is mainly due to the increase in Yalong River electricity volume driving investment income growth. The company achieved investment income of 4.505 billion yuan in the first three quarters (+11.01% year-on-year). At the same time, the company's hydropower main business improved due to increased electricity generation from better water supply, with a 6.48% year-on-year increase in revenue for the first three quarters. Additionally, due to debt-for-equity swaps and declining interest rates, the company's financial expenses decreased by 26.74% year-on-year. Self-operated business profits increased, and the asset-liability ratio decreased to 32%. Yalong River hydropower performance continued to grow steadily, and Dadu River will enter a peak production period. Referring to the valuation of peers, a 20 times PE valuation is given to the company for 2024, corresponding to a reasonable value of 20.78 yuan per share. The “buy” rating is maintained.

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