南网能源(003035):Biomass Utilization Projects Dragged Earnings Performance

Equity Research Report

  CSG Energy (003035 CH)

  Biomass Utilization Projects

  Dragged Earnings Performance

  Huatai Research Annual Results Review Rating (Maintain): BUY

  12 April 2024 │ China (Mainland) Power Generation Target price (RMB): 5.70

  Analyst WANG Weijia

  Attrib. net profit (NP) -44% yoy in 2023; earnings forecasts/target price cut

  CSG Energy’s (CSGE) revenue/attributable NP for 2023 were RMB2,988/311mn

  SAC No. S0570517050002

  SFC No. BEB090

  wangweijia@htsc.com

  +(86) 21 2897 2079

  (+3.5/-44% yoy), with attributable NP below our estimate of RMB555mn, largely

  dragged by a major loss in biomass utilization projects. Given the progress of its

  Analyst HUANG Bo

  SAC No. S0570519090003 huangbo@htsc.com

  new development projects, we lower our estimates for new installed PV; we trim SFC No. BQR122 +(86) 755 8249 3570

  our earnings forecasts and project 2024/2025/2026 EPS at RMB0.11/0.14/0.18

  (previous: RMB0.21/0.27/-), with core EPS excluding the loss in biomass utilization