Gelonghui, November 15 | Haitong Securities Research Report indicates that as of 24Q3, SDIC Power (600886.SH) was operating 42.54 million kilowatts of installed capacity, of which 21.3/13.2/8.03 million kilowatts of water/fire/scenery were respectively. The company achieved net profit of 6.7/6.6 billion yuan and YOY 64%/9% in 2023/24Q1-3. The bank believes that as market-based transactions advance, the rise in prices due to tight supply and demand is expected to slow the decline in hydropower revenue during the dry water year, thereby enhancing performance stability. According to the company's “14th Five-Year Plan”, the installed capacity of new energy will reach 17 million kilowatts in 2025, and there is still an installed target of nearly 10 million kilowatts to be achieved. Refer to the comparable company's 25-year 18-fold PE valuation, consider subsequent fixed increases and dilution, and give the company 15-17 times PE in 25 years, corresponding to a reasonable value range of 17.10-19.38 yuan. The first coverage is superior to the market rating.