24Q3 业绩高速增长，在手&新增订单充沛。2024 年第三季度，公司归母净利润同比+29.94%，Q3 公司期间费用率为6.92%，同比-1.07pct，其中销售/管理/研发/财务费率分别为0.92%/5.96%/3.26%/0.04%，同比变化分别为-0.21/-0.86/-1.61/-0.01pct。前三季度经营性现金流为-5.28 亿元，同比+14.75%；24Q3 经营性现金流达6.92 亿元。2024 年1-9 月公司新签销售合同95.32 亿元，同比增加61.61%；已中标暂未签订销售合同23.63 亿元，公司在手订单充沛。Incidents:
The company released its report for the third quarter of S2024. In the first three quarters of 2024, the company achieved operating income of 4.926 billion yuan, +25.10% year-on-year, net profit of 0.108 billion yuan, or +29.94% year-on-year, after deducting non-return net profit of 0.085 billion yuan, or +41.32% year-on-year. Among them, 24Q3 achieved operating income of 1.995 billion yuan, +27.56% year over year, net profit to mother 0.071 billion yuan, +202.27% year over year, after deducting non-return net profit of 0.059 billion yuan, +158.76% year over year. The company achieved rapid growth in the third quarter.
Comment:
The 24Q3 performance grew rapidly, and there were plenty of orders in hand & new orders. In the third quarter of 2024, the company's net profit to mother was +29.94% year-on-year, and the Q3 company's expense ratio was 6.92%, -1.07pct year over year. Among them, the sales/management/R&D/finance rates were 0.92%/5.96%/3.26%/0.04%, respectively. The year-on-year changes were -0.21/-0.86/-1.61/-0.01pct, respectively. Operating cash flow for the first three quarters was -0.528 billion yuan, +14.75% year over year; 24Q3 operating cash flow reached 0.692 billion yuan. From January to September 2024, the company signed a new sales contract of 9.532 billion yuan, an increase of 61.61% over the previous year; it has won the bid yet to sign a sales contract of 2.363 billion yuan, and the company has plenty of orders.
Revenue from the thermal power business continues to grow, and the progress of offshore wind power construction is accelerating. In August 2024, the white paper “China's Energy Transition” released by the Information Office of the State Council stated that it is necessary to actively promote the green transformation of the coal power industry and promote the sustainable development of the coal power industry. The company's thermal energy engineering and services are mainly aimed at the thermal power industry, covering the entire process of construction, operation and transformation of thermal power plants, taking into account stock and incremental markets. Thermal power-related businesses are still the main players in receiving orders. In terms of offshore wind power, according to each province's offshore wind farm plans and the “14th Five-Year Plan” development target statistics, the “14th Five-Year Plan” plans to start construction in coastal provinces across the country have a capacity of more than 80 GW, with an additional capacity of more than 40 GW. As of October 28, 2024, Huadian Group has initiated tenders for the procurement of wind turbines for 6 projects.
Actively lay out the hydrogen energy industry chain and develop hydrogen energy and alcohol ammonia businesses. The company actively promotes the layout of the hydrogen energy industry. On October 22, 2024, China Resources Group's Shouzheng electronic bidding and procurement platform issued the “Announcement of Bidding Candidates for the Cangzhou Guanghuo Hydrogen Storage Integrated Multi-Energy Complementary Demonstration Project for Hydrogen Production Part Installation (PC)”. The first successful candidate for the project was Huadian Science and Technology Co., Ltd., with a bid price of 15.0107 million yuan. During the reporting period, the company's three major hydrogen production projects were successfully put into commercial operation. In terms of alcohol ammonia business, the company has obtained 3 invention patents relating to green hydrogen coupling green ammonia equipment; independently developed thermal power ammonia combustion technologies such as “ammonia for oil combustion” stabilizing combustion technology; and actively followed up integrated wind and photovoltaic hydrogen alcohol production projects in Liaoning, Jilin, Vietnam, and Indonesia.
Profit forecast: The company's net profit for 2024-2026 is expected to be 0.265/0.33/0.4 billion yuan, respectively, and the corresponding PE is 25/20/17 times, respectively, maintaining a “buy” rating.
Risk warning: hydrogen energy business development falls short of expectations, profit forecasts and valuation judgments fall short of expectations
