Gelonghui, May 10 | According to GF Securities Research Report, the 2023 performance of Three Gorges Energy (600905.SH) increased slightly year on year, and remained flat year on year in 2024Q1. In 2023, 13.5 GW of new installed capacity was added, generating 55.2 billion kilowatt-hours. In '23, the company added 2.9, 0.6, and 9.5 GW of solar power, respectively, and the total installed capacity has reached 40 GW. The company has abundant reserve projects, and a rolling development pattern has been established. According to the share increase announcement, the controlling shareholder plans to increase their holdings by 300 to 500 million yuan, which shows confidence in development. Referring to the peer valuation level, the company was given a PE valuation of 18 times in 2024, corresponding to a reasonable value of 5.25 yuan/share, maintaining a “buy” rating.
研报掘金丨广发证券：维持三峡能源“买入”评级，目标价5.25元
Research Report: GF Securities: Maintaining the “Buy” rating of Three Gorges Energy, with a target price of 5.25 yuan
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