Summary of Longyuan Power's Q1 2024 Earnings Call Company Overview - **Company**: Longyuan Power - **Date of Call**: April 26, 2024 - **Key Focus**: Q1 2024 performance in the renewable energy sector Key Points Industry and Company Performance - **Installed Capacity**: Longyuan Power's renewable energy installed capacity reached 562.16 MW, comprising 26.25 MW from wind and 535.91 MW from solar power [2][3] - **Total Installed Capacity**: As of March 31, total controlled installed capacity was 36.16 GW, a year-on-year increase of 6.07% [2][3] - **Power Generation**: Total power generation was 21.225 billion kWh, up 8.27% year-on-year [2][3] - **Revenue**: Q1 revenue was 9.877 billion yuan, a slight increase of 0.1% year-on-year [2][3] - **Net Profit**: Net profit attributable to equity holders was 2.482 billion yuan, reflecting a year-on-year growth of 2.59% [2][3] Financial Metrics - **Operating Expenses**: Operating expenses remained stable at 60.61 billion yuan [8] - **Financial Costs**: Financial expenses increased to 874 million yuan, a rise of 9.55% year-on-year [8] - **Investment Income**: Investment income turned from a loss of 70 million yuan to a profit of 68 million yuan due to improved profits from joint venture thermal power companies [9] Market Dynamics - **Electricity Pricing**: The average market transaction price for electricity was 0.39 yuan per kWh, showing a decline year-on-year [9][11] - **Market Transaction Volume**: The proportion of market-based transactions increased from 40.8% to 42% [9] - **Limitations on Power Generation**: The average limit on wind power generation was 4.2%, up from the previous year, primarily due to increased installed capacity and low load in some regions [9] Strategic Initiatives - **New Projects**: The company signed agreements for 4.3 GW of wind and solar development and obtained 0.96 GW of new energy development indicators [3][8] - **Market Strategy**: Emphasis on flexible trading strategies to manage electricity price fluctuations and enhance profitability [5][10] - **Green Energy Initiatives**: Plans to develop comprehensive energy bases in the western regions, integrating wind and solar resources to produce methanol [5][6] Challenges and Outlook - **Subsidy Policy**: The company noted that new wind projects have no subsidies since 2021, and existing projects are gradually exiting subsidy periods [13][14] - **Future Capacity**: The company anticipates a peak in project commissioning in Q4 2024, with a focus on maintaining profitability despite subsidy reductions [6][12] - **Digital Transformation**: Efforts to improve operational efficiency through digital transformation and enhanced management practices [15] Shareholder Engagement - **Dividend Policy**: The company increased its dividend payout ratio to 30%, reflecting a commitment to shareholder returns [6][15] - **Stock Buyback**: Discussions on potential stock buybacks pending shareholder approval [6][15] Conclusion Longyuan Power demonstrated steady growth in its renewable energy segment in Q1 2024, despite facing challenges such as increased limit rates and subsidy reductions. The company is strategically positioned to enhance its market presence and profitability through innovative projects and improved operational efficiencies.

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported Q1 2024 results with revenue of 9.877 billion RMB, a year-on-year increase of 0.10%, and a net profit attributable to shareholders of 2.482 billion RMB, up 2.59%, but below expectations [5] - Wind conditions were unfavorable, leading to a decline in wind power revenue, with national wind power utilization hours down by 19 hours year-on-year to 596 hours [5] - The company’s wind power generation increased by only 1.37% year-on-year, with a total generation of 17.030 billion kWh [5] - The company’s thermal power generation increased by 11.30% year-on-year to 2.581 billion kWh, partially offsetting the decline in wind power performance [5] - The company’s investment income improved significantly, turning positive in Q1 2024 with 69 million RMB compared to a loss of 69 million RMB in Q1 2023 [5] - The company’s installed capacity reached 36,155.83 MW as of Q1 2024, with significant growth in renewable energy installations [5] Financial Data and Profit Forecast - The company’s revenue is projected to grow from 39.813 billion RMB in 2024 to 46.264 billion RMB in 2026, with a compound annual growth rate of approximately 9.96% [6] - The net profit attributable to shareholders is expected to increase from 7.635 billion RMB in 2024 to 9.338 billion RMB in 2026, reflecting a growth rate of 22.18% in 2024 [6] - The price-to-earnings ratio is projected to decrease from 6.0 in 2024 to 4.9 in 2026, indicating an attractive valuation [6]

Investment Rating - The investment rating for Longyuan Power (001289.SZ) is "Accumulate" [4][19]. Core Views - The company's revenue remained stable with a slight increase in net profit, driven by a year-on-year growth in power generation [1][5]. - The continuous growth in new energy installed capacity is expected to steadily enhance future performance [1][18]. - The company is actively upgrading its wind farms to improve efficiency and reduce operational issues [19]. Summary by Relevant Sections Financial Performance - In Q1 2024, Longyuan Power achieved a revenue of 9.877 billion yuan (+0.10%) and a net profit of 2.393 billion yuan (+2.47%) [1][5]. - The total power generation for Q1 2024 was 21.225 billion kWh (+8.27%), with wind power generation at 17.031 billion kWh (+1.37%) and thermal power at 2.581 billion kWh (+11.30%) [5][12]. - The average utilization hours for wind power decreased by 14 hours year-on-year to 640 hours, while thermal power increased by 140 hours to 1,377 hours [5][11]. Installed Capacity and Future Growth - As of March 2024, the company had a total installed capacity of 36.16 GW, including 27.78 GW from wind power and 1.88 GW from thermal power [1][18]. - In 2023, the company added 54 GW of new energy resources, with significant contributions from wind and solar projects [1][18]. - For 2024, Longyuan Power plans to start new energy projects totaling 10 GW and expects to put 7.5 GW into operation [1][18]. Profitability and Valuation - The company maintains a stable gross margin of 39.89% and a net margin of 26.93%, with slight year-on-year improvements in net profit margin due to increased investment income [11][12]. - The projected net profits for 2024-2026 are 8.505 billion yuan, 9.550 billion yuan, and 10.609 billion yuan, representing growth rates of 36.1%, 12.3%, and 11.1% respectively [19][21]. - The current price-to-earnings (PE) ratio is projected at 17.8 for 2024, with a target valuation range of 161.6 billion to 170.1 billion yuan, indicating a potential upside of 7%-12% from the current stock price [19][21].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company, with a target price of 20.95 CNY per share based on a 20.0 times PE valuation for 2024 [3][5]. Core Views - The company's Q1 performance shows a balance between short-term pressure in the wind power sector and recovery in thermal power performance, with a slight increase in investment income contributing positively to overall results [3]. - The company’s wind power revenue faced challenges due to decreased wind speeds and a higher marketization ratio, leading to a decline in average utilization hours and revenue [2]. - The thermal power segment benefited from increased electricity demand in Jiangsu, resulting in a significant year-on-year increase in generation and revenue, aided by lower coal prices [2]. - The photovoltaic segment continued to show strong growth, with substantial increases in installed capacity and revenue, indicating a positive trend in renewable energy [2]. Summary by Sections Financial Performance - For Q1 2024, the company reported operating revenue of 9.877 billion CNY, a year-on-year increase of 0.10%, and a net profit attributable to shareholders of 2.393 billion CNY, up 2.47% [2]. - The company’s wind power installed capacity reached 27.7806 million kW, a 6.1% increase year-on-year, but revenue from this segment decreased by 4.7% to 7.376 billion CNY due to lower average utilization hours [2]. - The thermal power segment saw a revenue increase of 3.3% to 1.976 billion CNY, driven by a year-on-year increase in generation of 11.3% [2]. - The photovoltaic segment's installed capacity reached 6.5002 million kW, a remarkable 113.8% increase year-on-year, with revenue soaring by 146.5% to 0.524 billion CNY [2]. Earnings Forecast - The report forecasts EPS for 2024, 2025, and 2026 to be 0.95 CNY, 0.99 CNY, and 1.02 CNY respectively, with corresponding PE ratios of 18.9, 18.2, and 17.7 [4][3]. - The projected operating revenue for 2024 is estimated at 39.413 billion CNY, reflecting a growth rate of 4.7% [4].

Financial Performance - The company's operating revenue for Q1 2024 was ¥9,876,891,170.20, representing a 0.10% increase compared to ¥9,859,568,371.54 in the same period last year[4] - Net profit attributable to shareholders for Q1 2024 was ¥2,393,230,796.52, up 2.47% from ¥2,334,753,937.38 in the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥2,396,806,756.01, reflecting a 4.43% increase from ¥2,294,321,034.94 year-on-year[4] - The company's operating profit for Q1 2024 was CNY 3,160,178,058.62, slightly higher than CNY 3,142,645,795.41 in the previous year[28] - The total comprehensive income for the period was CNY 2,836,971,743.00, compared to CNY 2,664,772,592.53 in Q1 2023, marking an increase of approximately 6.45%[29] - Basic and diluted earnings per share were both CNY 0.2839, up from CNY 0.2728 in the previous year[29] Cash Flow - The net cash flow from operating activities decreased by 11.85% to ¥3,417,928,592.40, down from ¥3,837,371,896.71 in the same period last year[4] - The net cash flow from operating activities for Q1 2024 was CNY 3,417,928,592.40, a decrease of 11.85% compared to CNY 3,877,285,956.41 in Q1 2023[31] - Total cash inflow from investment activities was CNY 338,644,268.86, significantly up from CNY 63,390,681.24 in the previous year[31] - The net cash flow from investment activities was -CNY 6,851,743,152.21, an improvement from -CNY 8,140,507,654.47 in Q1 2023[31] - Cash inflow from financing activities totaled CNY 38,369,797,571.76, an increase from CNY 35,883,713,251.99 in the same quarter last year[31] - The net cash flow from financing activities was CNY 2,168,001,689.93, down from CNY 2,763,984,812.08 in Q1 2023[31] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥237,081,041,356.12, a 3.08% increase from ¥229,256,090,578.37 at the end of the previous year[4] - Total liabilities increased to CNY 151,796,300,302.56 from CNY 147,485,384,579.50, indicating a rise of approximately 3.0%[26] - The company's equity attributable to shareholders rose to CNY 73,507,160,915.42 from CNY 71,113,787,060.03, reflecting an increase of about 3.4%[26] Investments and Acquisitions - The company reported a 60% increase in contract liabilities, primarily due to advance payments for coal that had not yet been delivered[9] - The company’s other payables increased by 35% due to the acquisition of 7 project companies by its subsidiary[9] - Investment income increased by 200% year-on-year, primarily due to higher investment income from associates and joint ventures[11] - The company is actively expanding its market presence through acquisitions and new project developments[18] Power Generation and Capacity - The company added a total of 562.16 MW of installed capacity in Q1 2024, including 26.25 MW of new wind power and 57.51 MW of solar power, with an acquisition of 478.40 MW of solar projects[18] - As of March 31, 2024, the total installed capacity reached 36,155.83 MW, representing a year-on-year increase of 16.23%[20] - Wind power installed capacity increased to 27,780.64 MW, up 6.07% from the previous year[19] - Total power generation for Q1 2024 was 21,225,249 MWh, reflecting an 8.27% increase compared to the same period last year[21] - Wind power generation was 17,030,932 MWh, a year-on-year growth of 1.37%[22] - Thermal power generation increased by 11.30% to 2,581,257 MWh[23] - Other renewable energy generation surged by 233.33% to 1,613,059 MWh[23] - The company reported a significant increase in installed capacity for other renewable energy sources, rising to 6,500.19 MW, a 113.75% increase year-on-year[20] Expenses and Costs - Total operating costs for Q1 2024 were CNY 7,002,758,904.36, compared to CNY 6,967,187,753.46 in the same period last year, indicating an increase of about 0.5%[27] - Research and development expenses increased to CNY 22,923,686.60, up from CNY 21,435,599.17, indicating a focus on innovation[28] - The company's financial expenses totaled CNY 852,640,235.64, slightly increasing from CNY 838,878,851.15 in the previous year[28] - The cash paid for purchasing goods and services was CNY 3,321,360,459.82, an increase from CNY 2,966,561,514.68 in Q1 2023[31] - The cash paid to employees was CNY 769,148,456.58, up from CNY 659,804,292.29 in the same quarter last year[31] - The cash paid for taxes was CNY 1,099,432,744.17, slightly up from CNY 1,097,919,423.92 in Q1 2023[31]

证券代码：001289 证券简称：龙源电力 公告编号：2024-030 2．原聘任的会计师事务所名称：安永会计师事务所（以下简称"安永"）。 3．变更会计师事务所的原因：根据中华人民共和国财政部、国务院国资委、 中国证券监督管理委员会联合印发的《国有企业、上市公司选聘会计师事务所管 理办法》（财会〔2023〕4 号）（以下简称"管理办法"）相关规定，国有企业 （包含国有控股上市公司）连续聘任同一会计师事务所原则上不超过 8 年。考虑 到龙源电力集团股份有限公司（以下简称"公司"或"本公司"）的境外审计师 安永已经接近管理办法所规定的服务年限，为了继续保持良好的公司治理水平， 公司已经完成 2024 年度境外审计师的公开招标。根据公开招标结果，并综合考 虑公司业务发展情况，公司拟聘请毕马威为 2024 年度境外审计会计师事务所， 负责提供公司 H 股财务报表审计、季报审核、半年报审阅、编制 ESG 有限鉴证 一、拟聘任境外审计会计师事务所的基本情况 报告以及其他相关审计服务，并经第五届董事会 2024 年第 3 次会议审议通过， 还将提交股东大会审议，现将有关情况公告如下： 龙源电力集团股份有限公司 关于聘任境 ...

证券代码：001289 证券简称：龙源电力 公告编号：2024-028 龙源电力集团股份有限公司 第五届董事会 2024 年第 3 次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、董事会会议召开情况 龙源电力集团股份有限公司（以下简称"公司"）第五届董事会 2024 年 第 3 次会议（以下简称"本次会议"）已于 2024 年 4 月 10 日以电子邮件等方 式通知全体董事。本次会议于 2024 年 4 月 25 日以现场方式召开，应出席董事 7 人，实际出席 7 人。本次会议由公司执行董事、董事长唐坚先生主持，公司 监事、高管人员列席会议，本次会议的召开符合《中华人民共和国公司法》《龙 源电力集团股份有限公司章程》《龙源电力集团股份有限公司董事会议事规则》 的规定。 二、董事会会议审议情况 本次会议经审议，形成决议如下： 1.审议通过《关于龙源电力集团股份有限公司 2024 年第一季度报告及业 绩公告的议案》 董事会同意公司编制的 2024 年第一季度 A 股报告及 H 股业绩公告。 表决结果：7 票同意、0 票反对、0 票弃权。 具体 ...

[Performance Overview](index=1&type=section&id=Performance%20Overview) The group reported stable financial growth in Q1 2024, with a slight revenue increase and higher net profit, supported by significant expansion in operational capacity and power generation from renewable and thermal segments [Financial Performance](index=1&type=section&id=Financial%20Performance) In Q1 2024, the group's total revenue slightly increased by 0.10% to RMB 9.877 billion, driven by strong growth in thermal power and other renewables offsetting a decline in wind power, leading to a 2.59% increase in net profit attributable to equity holders to RMB 2.482 billion [Consolidated Performance Summary](index=1&type=section&id=Consolidated%20Performance%20Summary) The group's Q1 2024 consolidated financial results show a slight increase in revenue and profit for the period, with net profit attributable to equity holders growing by 2.59% Q1 2024 Consolidated Performance Summary | Indicator | For the Three Months Ended March 31, 2024 (RMB Thousand) | For the Three Months Ended March 31, 2023 (RMB Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 9,876,891 | 9,866,566 | +0.10% | | Operating Profit | 4,088,981 | 4,113,681 | -0.60% | | Profit Before Tax | 3,282,794 | 3,245,837 | +1.14% | | Profit for the Period | 2,760,530 | 2,723,954 | +1.34% | | Net Profit Attributable to Equity Holders of the Company | 2,481,723 | 2,418,982 | +2.59% | [Revenue Composition](index=1&type=section&id=Revenue%20Composition) Q1 2024 revenue composition highlights a slight overall increase, with strong growth in thermal power and other renewable segments offsetting a decline in wind power revenue Q1 2024 Revenue Composition | Business Segment | Q1 2024 Revenue (RMB Billion) | YoY Change | | :--- | :--- | :--- | | Wind Power | 7.376 | -4.70% | | Thermal Power | 1.976 | +3.28% | | Other | 0.525 | +146.45% | | **Total** | **9.877** | **+0.10%** | [Operational Performance](index=2&type=section&id=Operational%20Performance) In Q1 2024, the group demonstrated strong operational performance with total controlled installed capacity growing by 16.23% to 36,155.83 MW, primarily driven by a 113.75% surge in other renewable energy capacity, while total power generation increased by 8.27% due to significant growth in other renewables and thermal power [Installed Capacity](index=2&type=section&id=Installed%20Capacity) The group's total controlled installed capacity significantly increased by 16.23% as of March 31, 2024, primarily driven by substantial growth in other renewable energy capacity - In Q1, new controlled installed capacity of **562.16 MW** was added, comprising newly commissioned wind and photovoltaic projects, alongside **478.40 MW** from acquired photovoltaic projects[2](index=2&type=chunk) Controlled Installed Capacity as of March 31, 2024 | Business Segment | March 31, 2024 (MW) | March 31, 2023 (MW) | YoY Change Rate | | :--- | :--- | :--- | :--- | | Wind Power Capacity | 27,780.64 | 26,191.84 | +6.07% | | Thermal Power Capacity | 1,875.00 | 1,875.00 | 0.00% | | Other Renewable Energy Capacity | 6,500.19 | 3,041.00 | +113.75% | | **Total** | **36,155.83** | **31,107.84** | **+16.23%** | [Power Generation and Utilization Hours](index=2&type=section&id=Power%20Generation%20and%20Utilization%20Hours) Total power generation increased by 8.27% in Q1 2024, with significant contributions from other renewable energy and thermal power, despite a slight decrease in wind power utilization hours - Wind power average utilization hours were **640 hours**, a **14-hour decrease** year-on-year due to lower wind speeds, while thermal power units averaged **1,377 hours**, an increase of **140 hours** year-on-year, primarily driven by increased electricity demand in Jiangsu province[2](index=2&type=chunk) Power Generation for the Three Months Ended March 31, 2024 | Business Segment | Power Generation (MWh) | YoY Change Rate | | :--- | :--- | :--- | | Wind Power Business | 17,030,932 | +1.37% | | Thermal Power Business | 2,581,257 | +11.30% | | Other Renewable Energy Business | 1,613,059 | +233.33% | | **Total** | **21,225,249** | **+8.27%** |

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant upside potential in the next 6-12 months [4][12]. Core Insights - In 2023, the company reported a revenue of 37.64 billion RMB, a decrease of 5.6% year-on-year, while the net profit attributable to shareholders was 6.36 billion RMB, an increase of 23.6% year-on-year [2][3]. - The company plans to distribute a cash dividend of 0.2225 RMB per share, a 90% increase from the previous year's dividend [2]. - The company has a total installed wind power capacity of 27.754 million kW by the end of 2023, reflecting a year-on-year increase of 6.0% [3]. - The average on-grid electricity price for wind power was 0.457 RMB/kWh, down 5.0% year-on-year, while the wind power segment generated revenue of 27.5 billion RMB, a slight increase of 1.1% [3]. - The company has accelerated the acquisition of new energy development indicators, with a total of 54 GW of new resource reserves added in 2023, including 24.65 GW of wind power and 23.95 GW of solar power [4]. - The company aims to start new energy projects totaling 10 GW in 2024, with a target of 7.5 GW to be put into operation [4]. Summary by Sections Performance Review - In 2023, the company achieved a revenue of 37.64 billion RMB, down 5.6% year-on-year, and a net profit of 6.36 billion RMB, up 23.6% year-on-year [2]. - The planned cash dividend for 2023 is 0.2225 RMB per share, compared to 0.1171 RMB per share in the previous year [2]. Operational Analysis - The company has a wind power installed capacity of 27.754 million kW, an increase of 156.2 thousand kW year-on-year [3]. - The wind power segment's revenue was 27.5 billion RMB, with a slight increase of 1.1% year-on-year [3]. - The "large replaces small" strategy has led to asset impairment losses of approximately 1.51 billion RMB in 2023, impacting short-term performance [3]. Future Growth Prospects - The company has added 54 GW of new resource reserves in 2023, with a focus on solar power as a key growth area [4]. - The company plans to initiate 10 GW of new energy projects in 2024, aiming for 7.5 GW to be operational [4]. - Profit forecasts for 2024-2026 are 7.43 billion RMB, 8.48 billion RMB, and 8.92 billion RMB, respectively, with corresponding EPS of 0.89 RMB, 1.01 RMB, and 1.07 RMB [4].

Financial Performance - The company reported a net profit attributable to shareholders of RMB 6.355 billion, an increase of 23.87% year-on-year, with earnings per share of RMB 0.7398[13]. - Total revenue for 2023 was RMB 37,638 million, a decrease of 3.1% compared to RMB 39,862 million in 2022[49]. - Profit before tax for 2023 was RMB 8,398 million, reflecting an increase of 9.3% from RMB 7,684 million in 2022[49]. - Net profit attributable to equity holders for 2023 was RMB 6,355 million, up 23.9% from RMB 5,131 million in 2022[49]. - Basic earnings per share for 2023 increased to 73.98 RMB cents, a rise of 26.0% from 58.62 RMB cents in 2022[49]. - The company achieved a net profit of RMB 6.868 billion, a 12.1% increase from RMB 6.128 billion in 2022[199]. - The company's operating revenue for 2023 was RMB 37.638 billion, a decrease of RMB 2.224 billion or 5.6% from RMB 39.862 billion in 2022[200]. Installed Capacity and Generation - The total installed capacity reached 35.59 GW by the end of 2023, with wind power accounting for 27.75 GW, maintaining industry leadership[10]. - The company achieved a development target of 22.75 GW and put into operation 4.51 GW, marking a historical high[10]. - Total electricity generation in 2023 reached 61,353 GWh, an increase from 58,308 GWh in 2022[39]. - The company added a total installed capacity of 4,509.83 MW, including 1,562.55 MW from wind power[146]. - As of December 31, 2023, the company's total installed capacity was 35,593.67 MW, with wind power accounting for 27,754.39 MW[167]. - The company’s wind power generation in 2023 was 61,352,968 MWh, compared to 58,308,065 MWh in 2022, reflecting a growth of 5.22%[153]. Renewable Energy Initiatives - The company established a digital platform for renewable energy production, integrating over 42 GW of capacity and processing an average of 58 billion data points daily[15]. - The company is focusing on green development and innovation, with significant projects like the floating wind-fish integration project and the green hydrogen-ammonia synthesis project[6]. - The company is actively pursuing new technologies in renewable energy, aiming to enhance efficiency and reduce costs[58]. - The company is exploring strategic acquisitions to bolster its renewable energy capabilities and expand its market footprint[60]. - The company is committed to sustainability and aims to increase its renewable energy generation capacity by 20% over the next five years[76]. Market Expansion and International Presence - The company is actively expanding into overseas markets, including South Africa and Southeast Asia, while also developing new projects in China[10]. - The company has developed a three-year overseas development plan (2023-2025) focusing on five countries in South Africa and Southeast Asia, aiming for high-quality overseas development[184]. - The company aims to enhance its market share in international markets, including Canada and South Africa[76]. Technological Advancements - The company launched a digital platform for renewable energy production, enhancing operational capabilities and data quality, and initiated the first smart algorithm competition focusing on fault warning and power prediction[172]. - The company is focused on digital transformation and innovation to drive growth and improve operational efficiency[146]. - The company developed key technologies for the recycling of waste blades and completed the acceptance of six technology projects, applying for 32 new invention patents[174]. Sustainability and ESG Commitment - The company has received multiple national-level ESG awards, reflecting its commitment to environmental, social, and governance practices[15]. - The company ranked second in the "Central Enterprise ESG Pioneer 100 Index" with a rating of four and a half stars, indicating its leadership in ESG practices[95]. - The company was recognized in the "2023 ESG Best Practice 100" list with an AA rating, reflecting its commitment to sustainable practices[104]. Operational Efficiency - The wind power generation reached 61.353 billion kWh, representing a year-on-year growth of 5.22%, with utilization hours of 2,346, exceeding the industry average by 121 hours[13]. - The renewable energy segment shows a high operational efficiency with several projects achieving over 90% capacity utilization, such as Jiangsu Longyuan Wind Power Co., Ltd. at 100%[62]. - The average utilization hours for wind power in 2023 were 2,346 hours, an increase of 50 hours compared to 2022, attributed to improved predictive models and increased average wind speed[151]. Future Growth and Development Plans - The company plans to leverage the strategic opportunities in the rapidly growing renewable energy sector in 2024, aiming for high-quality development[18]. - Future expansion plans include increasing investments in renewable energy projects, particularly in offshore wind power, which is expected to drive growth[59]. - The company plans to expand offshore wind power projects in Jiangsu, Hainan, Shanghai, and Guangdong, aiming for new breakthroughs in project development[161].