Gelonhui, May 23, 丨 Tianfeng Securities Development Research Report said that the Three Gorges Water Conservancy (600116.SH) uses a local power distribution platform as the fulcrum, and there is broad space for comprehensive energy transformation; integrates the four grids of Chongqing's local power grid to distribute scarce electricity assets to create core competitiveness; and comprehensive energy transformation creates a second growth curve. As a comprehensive energy business investment and listing platform under the Three Gorges Group and Changjiang Electric Power, the company has rich experience in urban and regional green and low-carbon energy planning, investment and operation. Optimistic about the steady growth of the company's electricity distribution business and the growth potential of the comprehensive energy business, Tianfeng Securities expects the company to achieve net profit of 9.19/1,167/1,527 million yuan in 2023-2025, corresponding to PE 19.3/15.2/11.6 times, giving the company 20 times PE in 2024, with a target price of 12.21 yuan, giving it a “buy” rating.