Gelonghui, May 14 | Huatai Securities Research Report indicates that Guiguan Electric Power (600236.SH) is a high-quality hydropower standard with high ROE, high dividends, and abundant FCFE, and the time for deployment has arrived. Considering that the company's ROE and dividend ratio is higher than most comparable companies, the company was given 23x2024E PE, corresponding to a target price of 8.51 yuan, which covered the “buy” rating for the first time. In 2023, the company's feed-in tariff for hydropower in Guangxi Province was 0.218 yuan/kilowatt-hour, which has rebounded to slightly higher than the 2017 level before the price reduction cycle. If there are no major changes in the policy, the company's feed-in tariff for hydropower is expected to stabilize. The company focuses on integrated water and landscape development. The CAGR of new energy installed capacity is 39% in 2019-2023, and the installed capacity of new energy is expected to be added by 1 GW every year in 2024-2035. The electricity supply and demand in Guangxi Province are tight and the integrated development of water and landscape is more guaranteed.
研报掘金丨华泰证券：桂冠电力配置时点已至，首予 “买入”评级
Research Report Nuggets丨Huatai Securities: The time to allocate Laurel Power has arrived, giving it a “buy” rating for the first time
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