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研报掘金丨海通证券:首予国投电力“优于大市”评级,价值区间17.10元-19.38元

Research reports | Haitong Sec: First given sdic power holdings an "outperform market" rating, value range of 17.10 yuan - 19.38 yuan.

Gelonghui Finance ·  Nov 15 17:44

According to the haitong sec research reports, as of Q3 2024, sdic power holdings (600886.SH) had an operational installed capacity of 42.54 million kilowatts, including hydropower/thermal power/wind and solar power of 21.3/13.2/8.03 million kilowatts respectively. The company achieved a net profit attributable to the parent company of 6.7/6.6 billion yuan in 2023/Q1-3, with a year-on-year increase of 64%/9%. The firm believes that as market-oriented trading progresses, the price increases due to supply and demand tensions during drought years are expected to alleviate the revenue decline from hydropower, thereby enhancing performance stability. According to the company’s 14th Five-Year Plan, by 2025 the installed capacity for new energy is expected to reach 17 million kilowatts, with nearly 10 million kilowatts of installed capacity targets yet to be achieved. Referring to comparable companies' 25-year PE valuation of 18 times, and considering future equity dilution, the company is given a 2025 PE of 15-17 times, corresponding to a reasonable value range of 17.10-19.38 yuan, with an initial coverage rating of outperform the market.

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