港股公司报告 | 公司点评 风资源不佳拖累业绩，以大代小+集团注入加速装机扩张 事件： 点评 项目储备丰富，风资源下降致风电电量下滑 上半年公司新增投产控股装机容量 2286.73 兆瓦，其中风电 595.00 兆瓦， 光伏 1691.73 兆瓦。公司新签订开发协议 7.59 吉瓦，其中风电 3.955 吉瓦、 光伏 3.635 吉瓦，均位于资源较好地区；取得开发指标 6.09 吉瓦，同比增 加 51.87%，包括风电 2.81 吉瓦、光伏 3.28 吉瓦。从上半年运营情况来看， 公司风电发电量 315.85 亿千瓦时，同比下降 4.60%，主要系风资源水平下 降，平均风速同比下降 0.25 米/秒，带动风电平均利用小时数同比下降 101 小时；光伏等其他可再生发电量 35.89 亿千瓦时，同比上升 122.87%；火电 发电量 49.08 亿千瓦时，同比下降 2.39%。 分板块来看，风电方面，上半年公司实现营收 137.81 亿元，同比下降 9.4%。 叠加折旧摊销等经营开支增加，风电分部实现经营利润 67.59 亿元，同比 下降 18.9%。光伏方面，装机增长带动利润提升，光伏分部实现经营利润 3.39 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 18.88 billion, a decrease of 4.9% compared to the same period in 2023[2] - Profit before tax for the six months ended June 30, 2024, was RMB 5.68 billion, a decrease of 18.9% compared to the same period in 2023[2] - Net profit attributable to equity holders of the company for the six months ended June 30, 2024, was RMB 4.02 billion, a decrease of 21.6% compared to the same period in 2023[2] - Earnings per share for the six months ended June 30, 2024, were RMB 0.4767, a decrease of RMB 0.1234 compared to the same period in 2023[2] - Operating profit for the six months ended June 30, 2024, was RMB 7.14 billion, compared to RMB 8.62 billion in the same period in 2023[4] - Net profit for the first half of 2024 was RMB 4.692 billion, a decrease of 19.6% compared to RMB 5.837 billion in the same period of 2023[68] - Revenue for the first half of 2024 was RMB 18.883 billion, a decrease of 4.9% compared to RMB 19.860 billion in the same period of 2023[69] - Total operating revenue for 2024 was RMB 40.50 billion, a slight decrease from RMB 41.03 billion in 2023, with electricity sales contributing RMB 18.54 billion (45.8%) and coal sales contributing RMB 15.41 billion (38.0%)[94] Segment Performance - Wind power segment revenue for the first half of 2024 was RMB 13.78 billion, a decrease from RMB 15.21 billion in the same period of 2023[17][18] - Thermal power segment revenue for the first half of 2024 was RMB 4.05 billion, slightly down from RMB 4.10 billion in the same period of 2023[17][18] - Photovoltaic power segment revenue for the first half of 2024 was RMB 944.88 million, a significant increase from RMB 474.57 million in the same period of 2023[17][18] - Wind power segment operating profit for the first half of 2024 was RMB 6.76 billion, down from RMB 8.34 billion in the same period of 2023[17][18] - Thermal power segment operating profit for the first half of 2024 was RMB 178.94 million, down from RMB 208.42 million in the same period of 2023[17][18] - Photovoltaic power segment operating profit for the first half of 2024 was RMB 339.26 million, up from RMB 238.95 million in the same period of 2023[17][18] - Wind power segment revenue decreased by 9.4% to RMB 13.781 billion, primarily due to lower average utilization hours and lower average grid electricity prices[69] - Photovoltaic segment revenue increased by 98.9% to RMB 945 million, driven by increased installed capacity and power generation[69] - Thermal power segment revenue decreased by 1.3% to RMB 4.05 billion in H1 2024 due to lower electricity sales[93] - The photovoltaic division's operating revenue in 2024 surged to RMB 945 million, a 98.9% increase from RMB 475 million in 2023, driven by increased installed capacity and power generation[96] - The photovoltaic division's operating profit in 2024 was RMB 339 million, a 41.8% increase from RMB 239 million in 2023, due to higher electricity sales revenue[97] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 193.54 billion, compared to RMB 185.59 billion as of December 31, 2023[7] - Total liabilities as of June 30, 2024, were RMB 80.01 billion, compared to RMB 71.26 billion as of December 31, 2023[8] - Net assets as of June 30, 2024, were RMB 84.60 billion, compared to RMB 82.22 billion as of December 31, 2023[8] - Total equity attributable to equity holders of the company increased to RMB 72,657,607 thousand as of June 30, 2024, compared to RMB 70,776,313 thousand as of December 31, 2023[9] - Non-controlling interests increased to RMB 11,938,098 thousand as of June 30, 2024, from RMB 11,445,681 thousand as of December 31, 2023[9] - The company reported a net current liability of RMB 30,918,829 thousand as of June 30, 2024, compared to RMB 26,201,082 thousand as of December 31, 2023[10] - The company's reserves increased to RMB 62,240,309 thousand as of June 30, 2024, from RMB 60,428,121 thousand as of December 31, 2023[9] - The company's total equity increased to RMB 84,595,705 thousand as of June 30, 2024, compared to RMB 82,221,994 thousand as of December 31, 2023[9] - Total assets as of June 30, 2024, were RMB 2,426.29 billion, an increase of RMB 119.85 billion from December 31, 2023, primarily due to increases in receivables and property, plant, and equipment[101] - Total liabilities as of June 30, 2024, were RMB 1,580.33 billion, an increase of RMB 96.11 billion from December 31, 2023, mainly due to increases in short-term and long-term borrowings[101] - Equity attributable to the company's shareholders as of June 30, 2024, was RMB 726.58 billion, an increase of RMB 18.82 billion from December 31, 2023, due to normal profit accumulation[101] - Current assets as of June 30, 2024, were RMB 490.92 billion, an increase of RMB 40.36 billion from December 31, 2023, primarily due to increases in receivables and notes[106] - Total current assets increased to RMB 490.92 billion as of June 30, 2024, up from RMB 450.56 billion as of December 31, 2023, with accounts receivable and notes making up 83.5% of current assets[107] - Current liabilities rose to RMB 800.11 billion as of June 30, 2024, compared to RMB 712.57 billion as of December 31, 2023, primarily due to increases in short-term borrowings and dividends payable[107] - Net current liabilities increased to RMB 309.19 billion as of June 30, 2024, up from RMB 262.01 billion as of December 31, 2023, with the current ratio declining to 0.61 from 0.63[109] - Total borrowings and notes payable increased to RMB 1,335.34 billion as of June 30, 2024, up from RMB 1,289.83 billion as of December 31, 2023, with bank loans accounting for 60.4% of the total[110][111] Cash Flow and Financing - The company has sufficient liquidity to meet its working capital and capital expenditure needs for the next 12 months, based on projected cash flows and unused bank financing and credit facilities[10] - The company's cash and bank deposits decreased by RMB 1.535 billion to RMB 3.027 billion as of June 30, 2024, compared to RMB 4.562 billion at the end of 2023[124] - Net cash inflow from operating activities in H1 2024 was RMB 6.95 billion, a decrease of RMB 1.092 billion compared to the same period in 2023[124] - Net cash outflow from investing activities in H1 2024 was RMB 12.627 billion, primarily used for wind and photovoltaic power generation projects[124] - Net cash inflow from financing activities in H1 2024 was RMB 4.169 billion, mainly from bond issuance and bank loans[124] - Successfully issued 12 tranches of ultra-short-term financing bills and secured over RMB 8 billion in green loans, maintaining a competitive advantage in funding costs[58] - The company issued multiple ultra-short-term financing bills totaling RMB 4.6 billion with a term of 180 to 210 days and a coupon rate of 1.73% to 1.75%, and medium-term notes totaling RMB 8 billion with a term of 3 to 10 years and a coupon rate of 2.07% to 2.50%[137] Operational Highlights - The company added 47 new projects in the first half of 2024, with a total installed capacity of 2,286.73 MW, including 595.00 MW from wind power projects and 1,691.73 MW from photovoltaic projects[47] - Total electricity generation in the first half of 2024 reached 40,081,845 MWh, a year-on-year increase of 0.84%, with wind power generation declining by 4.60% to 31,584,604 MWh and photovoltaic generation increasing by 122.87% to 3,589,306 MWh[47] - The average utilization hours for wind power in the first half of 2024 were 1,170 hours, a decrease of 101 hours compared to the same period in 2023, primarily due to a 0.25 m/s decrease in average wind speed[48] - Wind power generation in Heilongjiang decreased by 10.21% to 1,545,562 MWh, while in Guizhou, it increased by 17.22% to 1,003,495 MWh in the first half of 2024[49] - The company implemented a standardized "ticket-card-package" system, creating 2.8 million standardized documents to control operational risks[48] - Video surveillance equipment maintained an average online rate of over 98%, with 74,000 video channels ensuring full coverage of safety monitoring at all construction and production sites[48] - The company signed new development agreements for 7.59 GW in 2024 H1, including 3.955 GW for wind and 3.635 GW for solar, with 6.09 GW of development indicators obtained, a 51.87% increase YoY[52] - In 2024 H1, the company added 47 new projects with a total installed capacity of 2,286.73 MW, including 595.00 MW for wind and 1,691.73 MW for solar[53] - As of June 30, 2024, the company's total installed capacity reached 37,880.40 MW, with wind power accounting for 28,349.39 MW and other renewables (mainly solar) at 7,656.01 MW[53] - Offshore wind projects in Jiangsu showed a 3.86% increase in average utilization hours to 1,371 hours in 2024 H1, with a capacity factor of 31%[50] - Guangdong and Guangxi regions saw significant increases in wind power utilization hours, with Guangdong up 9.95% to 1,448 hours and Guangxi up 9.89% to 1,578 hours[51] - The company is actively promoting large-scale wind and solar base projects, focusing on regions with guaranteed consumption capacity in the central, eastern, and southern parts of China[52] - The company is advancing distributed energy projects, including shared energy storage, hydrogen-ammonia-alcohol projects, and centralized/distributed storage projects[52] - The company implemented strict project management measures, including daily tracking, weekly corrections, and monthly reporting, to ensure high-quality and timely project delivery[53] - Total installed capacity of wind farms increased by 7.72% from 26,317.04 MW in 2023 to 28,349.39 MW in 2024, with significant growth in Gansu (40.22%), Yunnan (32.48%), and Guizhou (27.21%)[54] - The average on-grid electricity price for all power generation businesses decreased by RMB 34/MWh to RMB 423/MWh (excluding VAT) in H1 2024 compared to H1 2023, driven by expanded market transactions and increased parity projects[56] - Wind power average on-grid electricity price decreased by RMB 28/MWh to RMB 441/MWh (excluding VAT) in H1 2024, while photovoltaic average on-grid electricity price dropped by RMB 31/MWh to RMB 283/MWh (excluding VAT) due to new parity projects[56] - The company launched the world's first wind-fishery integrated floating platform, "Guoneng Shared," combining offshore wind power with marine aquaculture, creating a new model of "green energy + blue granary"[57] - The company achieved 4 projects at internationally leading levels, published 2 national standards and 11 energy industry standards, and initiated 1 national standard in H1 2024[57] - The company strengthened market analysis capabilities, focusing on policy changes and electricity price trends, and improved transaction efficiency through regional price benchmarking and cross-provincial high-value transactions[55] - The company expanded green electricity and green certificate trading, aiming to secure green electricity trading qualifications for projects by completing registration and certification on time[55] - The company implemented refined curtailment management, decomposing annual curtailment targets monthly and analyzing regional curtailment risks and trends[56] - The company developed grid-forming energy storage research to address grid connection issues in "sand-gobi-desert" new energy bases, aiming to transform these bases from green power suppliers to active grid supporters[57] - The company established a demonstration project for decommissioned wind turbine equipment recycling and successfully developed technology for regenerating waste wind turbine lubricants[57] - Expanded overseas renewable energy project reserves to over 4 GW, including key projects in South Africa, Southeast Asia, the Middle East, Central Asia, and Central and Eastern Europe[59] - Achieved cumulative power generation of 134,776 MWh at the Canadian Dufferin Wind Project, with a utilization rate of 1,360 hours and 3,499 days of safe operation[60] - Secured the first renewable energy project transaction on the first day of the national voluntary greenhouse gas emission reduction market and completed the first VCS emission reduction listing transaction in Hong Kong and the U.S. CBL market[61] - Fully commissioned the 700 MW "solar thermal +" project in Dunhuang, Gansu, including 120 MW of photovoltaic and 480 MW of wind power projects[62] - Implemented 93 heterogeneous algorithms for cloud-edge collaboration, providing 214 types of API data services and 62 types of personalized data services, with 27 types of business migrated to the cloud[63] - Focused on the integration of the green electricity market and carbon market, coordinating external green electricity with internal green certificates and project green rights with carbon reduction rights[64] Regulatory and Policy Environment - The National Energy Administration issued the 2024 Energy Regulatory Work Points in January 2024, emphasizing green development and strengthening clean energy regulation[44] - The National Development and Reform Commission implemented the Full Guaranteed Acquisition of Renewable Energy Electricity Regulation on April 1, 2024, focusing on market-oriented resource allocation[44] - The National Energy Administration issued the 2024 Energy Work Guidance in March 2024, proposing to accelerate the high-quality development of non-fossil energy[45] - The "Thousand Villages and Ten Thousand Towns Wind Action" initiative was launched in March 2024 to promote wind power development in rural areas and support rural revitalization[45] - The National Development and Reform Commission and the National Energy Administration issued a notice in February 2024 to optimize the price mechanism for new energy projects, ensuring that the cost of new energy consumption does not exceed its generation value[46] - In May 2024, the National Energy Administration emphasized the need to increase the proportion of new energy in inter-provincial and inter-regional transmission channels and accelerate the construction of the electricity spot market[46] Corporate Governance and Leadership - The Audit Committee consists of three members: Mr. Tang Chaoxiong (Non-Executive Director), Mr. Wei Mingde (Independent Non-Executive Director), and Ms. Zhao Feng (Independent Non-Executive Director), with Ms. Zhao Feng serving as the Chairperson[145] - The Audit Committee reviewed and confirmed the unaudited interim condensed consolidated financial information for the six months ended June 30, 2024, prepared in accordance with IAS 34 and the Listing Rules[145] - The interim results announcement and report are published on the Hong Kong Stock Exchange's "HKEXnews" website and the company's official website[146] - The company will issue the 2024 interim report containing all information required by the Listing Rules to shareholders as needed[146] - The company's executive directors are Mr. Gong Yufei and Mr. Wang Liqiang, while the non-executive directors include Mr. Tang Chaoxiong, Ms. Wang Xuelian, Ms. Chen Jie, and Mr. Zhang Tong[147] - The independent non-executive directors are Mr. Wei Mingde, Mr. Gao Debu, and Ms. Zhao Feng[147] Strategic Initiatives and Future Plans - The company aims to achieve a "scale doubling" in its new energy business, focusing on both quantitative growth and qualitative improvement[133] - The company plans to build five world-class platforms, including a new energy asset management platform and a new energy technology innovation platform[133] - The company will strengthen its ability to seize opportunities and expand into new markets, both domestically and internationally[134] - The company will enhance its resource integration capabilities to create a world-class new energy sharing and collaboration platform[134] - The company will focus on innovation and digital transformation to build a world-class new energy technology R&D platform[134] - The company will accelerate the development of large-scale base projects and secure offshore project indicators in 2024[135] - The company will explore new business models such as hydrogen-ammonia-alcohol storage and carbon neutrality projects[135] - The company will strengthen safety management, particularly for distributed projects and new energy operations[135] - The company will optimize the design of wind-solar hydrogen-ammonia and hydrogen-ammonia-alcohol storage projects to reduce costs and improve quality[135] - The company will focus on achieving full-year construction and production targets, addressing key challenges and bottlenecks[135] - The company is advancing digital transformation in operations, building a new energy cloud-edge computing center, and accelerating the development of

还点研究报告 会用李业 | : 力 公司点开 2024 牛 07 A 26 A 买入 (上调) 省委会长寿 2 $1350524060004 zhahaolhuayuanstock.com 对联宁 $1350523120003 l i ux i aon i ng thuayuans tock. com आ 似好 $1350524070004 zoupe i xuan01 inuayuanstock. com II X 不 $1350524070003 dengsiping@huayuanstock.com 坏充丈朴 RAY 7日本日: 40% ess CP X X X X 自然事免 龙源电力 (0916.HK) 获国有险资增持举牌 看好新能源运营商长期价值 校友友友： > 事件： 据香港联交所消息， 7 月 22 日，瑞众人寿保险有限责任公司（简称"瑞众保险"） 增 持龙源电力（00916）526 万股，每股作价 7.45 港元，总金额约 3919 万港元，增持后持股 约 1.66 亿股，持股比例 5%， v 新锐国有保险公司增持公司股份至 5%，公司价值获得深度认可，根据公开资料，瑞众保险成 立于 2023 ...

公司点评 证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 S1350524070004 zoupeixuan01@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 研究支持 联系人 市场表现： 相关研究 2024 年 07 月 26 日 龙源电力 (0916.HK) 买入（上调） ——获国有险资增持举牌 看好新能源运营商长期价值 投资要点： ➢ 事件：据香港联交所消息，7 月 22 日，瑞众人寿保险有限责任公司（简称"瑞众保险"）增 持龙源电力（00916）526 万股，每股作价 7.45 港元，总金额约 3919 万港元，增持后持股 约 1.66 亿股，持股比例 5%。 ➢ 新锐国有保险公司增持公司股份至 5%，公司价值获得深度认可。根据公开资料，瑞众保险成 立于 2023 年 6 月，是一家国有制全国性人寿保险公司，九州启航（北京）股权投资基金（有 ...

交银国际研究 公司更新 新能源 2024 年 7 月 2 日 收盘价 目标价 潜在涨幅 港元 7.49 港元 9.03 +20.6% 龙源电力 (916 HK) 1 年股价表现 7/23 11/23 3/24 -50% -40% -30% -20% -10% 0% 10%916 HK 恒生指数 资料来源: FactSet 开展收购母公司新能源资产,应支持估值提升 个股评级 买入 | 股份资料 | | |------------------------|-----------| | 52 周高位 (港元 ) | 8.24 | | 52 周低位 (港元 ) | 4.42 | | 市值 ( 百万港元 ) | 24,850.92 | | 日均成交量 (百万) | 76.77 | | 年初至今变化 (%) | 26.52 | | 200 天平均价 (港元 ) | 5.91 | | | | 财务数据一览 | 年结 12月31 日 | 2022 | 2023 | 2025E | 2026E | | |--------------------------------|----------|----------|------- ...

买入 母公司资产注入启动,利好公司盈利估值双提升 龙源电力(0916.HK) 2024-07-02 星期二 | 目标价: | 10.36 港元 | |-------------|----------------| | 现 价: | 7.02 港元 | | 预计升幅 : | 48% | 投资要点 ➢ 母公司分批注入新能源资产,利好公司盈利估值双提升: | 重要数据 | | |-----------------------------------------|------------| | 日期 | 2024-06-28 | | 收盘价(港元) | 7.02 | | 总股本(百万股) | 8,360 | | 总市值(亿港元) | 1,220 | | 净资产(百万元) | 82,026 | | 总资产(百万元) | 239,915 | | 52 周高低(港元) | 8.13/4.23 | | 每股净资产(港元) | 9.23 | | 数据来源: Wind 、国元证券经纪(香港)整理 | | 公司公告,近期接到控股股东国家能源集团通知,为落实《国家能源投 资集团有限责任公司关于避免与龙源电力集团股份有限公司同业竞争 ...

[Tabl 2024e_StockInfo 年 06 月 24 日] 证券研究报告•公司研究报告 买入 (首次) 当前价:7.07 港元 龙源电力(0916.HK)公用事业 目标价:8.52 港元 风电龙头装机高增,"以大代小"提升效率 推荐逻辑:1)国务院多举措助力绿电消纳,未来价格机制完善有望保证绿电企 业合理收益;2)资源储备充足,2024-2025 年或迎来投产高峰,分别投产 7.5GW 和 11.5GW,国能集团 21.4GW 新能源资产有望注入;3)发电量平稳增长,"以 大代小"有利于提升运营效率。 多举措助力绿电消纳,价格机制有望完善。国务院印发《2024-2025 年节能降 碳行动方案》,采取多项举措助力绿电消纳。近年来特高压建设提速,预计 2024 年线路长度超过 5万公里,储能装机容量高增,政策目标到 2027年抽蓄投运规 模达到 8000万千瓦以上,需求侧响应能力达到最大负荷的 5%以上,消纳能力 持续改善。新能源入市交易大势所趋,价格机制有望进一步完善,以保障绿电 企业合理收益。同时绿电环境价值逐步凸显,国家电网公司经营区成交绿电的 环境溢价呈现逐年提升。 装机量保持高增,资源分布优质 ...

Investment Rating - The report initiates coverage on Longyuan Power with an "Outperform" rating [1] Core Views - Longyuan Power is a pioneer in China's new energy development and is dual-listed on A+H markets [3] - The company has a total installed capacity of 35,590 MW as of December 2023, with wind power accounting for 27,750 MW, solar for 5,960 MW, and thermal power for 1,875 MW [3] - The company plans to add 30,000 MW of new energy capacity during the 14th Five-Year Plan period, excluding assets to be injected by the parent company [3] - The parent company, China Energy Group, has committed to injecting 21,406.7 MW of wind power assets into Longyuan Power, which will increase its installed capacity by approximately 60% [14] - The company's profitability has been stable, with net profit attributable to shareholders reaching 6.249 billion yuan in 2023, a 22.27% YoY increase [14] Profit Forecast and Valuation - The report forecasts net profit attributable to shareholders (excluding perpetual bond interest) for 2024-2026 to be 6.730 billion, 7.439 billion, and 8.089 billion yuan, respectively [6] - The current H-share price corresponds to a PE ratio of 8x, 7x, and 6x for 2024-2026 [6] - The company is expected to add 2,000 MW of wind power and 3,000 MW of solar power annually from 2024 to 2026 [7] Industry Analysis - The new energy sector faces challenges such as subsidy delays, grid absorption pressure, and spot market electricity price risks [7] - However, the long-term growth potential of the sector remains intact, driven by China's dual-carbon strategy [7] - The industry is expected to transition from scale expansion to high-quality development, with leading companies like Longyuan Power benefiting from this shift [20] Key Investment Highlights - Longyuan Power is a benchmark company in the green power sector, with its stock performance closely tied to the industry's development [7] - The company's early-stage projects have a higher proportion of "certified" projects, which are less likely to face subsidy recovery issues [17] - The company's receivable recovery situation is better than its peers, with significant improvement in 2022 [16] Valuation and Peer Comparison - The company's A-share valuation has remained stable, with a PB ratio consistently above 2x [15] - The H-share valuation is at a historical low, with a PB ratio of only 0.65x [15] - Compared to peers like China Three Gorges Renewables, Jiaze New Energy, and Datang New Energy, Longyuan Power is considered a leading company in the green power sector [25]

Investment Rating - The report assigns an "Accumulate" rating for Longyuan Power (0916.HK) as a first coverage, indicating a positive outlook for the company's stock performance in the renewable energy sector [3][6]. Core Insights - Longyuan Power is recognized as a pioneer in China's renewable energy development, being the first A+H dual-listed renewable energy platform in the country. The company has a total installed capacity of 35.59 million kilowatts as of December 2023, with wind power accounting for 27.75 million kilowatts, solar power for 5.96 million kilowatts, and thermal power for 1.875 million kilowatts [3][12]. - The company plans to add 30 million kilowatts of new renewable energy capacity during the 14th Five-Year Plan period, with a commitment from the State Energy Group to inject additional wind power assets totaling 21.41 million kilowatts into Longyuan Power [3][14]. - The report highlights that accounts receivable are a key constraint on the valuation expansion of green power companies, particularly in the Hong Kong market, with Longyuan Power's accounts receivable reaching 35.7 billion yuan by the end of 2023 [3][16]. Summary by Sections 1. Pioneer in Renewable Energy Development - Longyuan Power has played a significant role in the history of wind power development in China, having entered the wind power operation industry in 1999 and listing on the Hong Kong Stock Exchange in 2009. The company achieved A+H dual listing by merging with ST Ping Energy in 2022 [3][12]. 2. Long-term Growth Potential - The company aims to increase its renewable energy capacity by 30 million kilowatts during the 14th Five-Year Plan, with the State Energy Group's commitment to inject additional assets confirming Longyuan's strategic importance in the group's renewable energy strategy [3][14]. 3. Financial Forecast and Valuation - The report forecasts that Longyuan Power's net profit attributable to ordinary shareholders will be 6.73 billion, 7.44 billion, and 8.09 billion yuan for 2024, 2025, and 2026, respectively. The current stock price corresponds to a price-to-earnings (PE) ratio of 8, 7, and 6 for the respective years [3][24].

龙源电力（0916） 更新报告 买入 2024年5月14日 风电盈利平稳增长， “以大代小”蓄势待发 陈晓霞  2023 年业绩平稳增长：2023 年公司实现收入 376 亿人民币, 受煤炭销售 + 852-25321956 量与价格下行影响，同比减少 5.6%。实现归母利润 62 亿元，同比增长 xx.chen@firstshanghai.com.hk 26.5%。由于售电补贴款回款减少，2023 年经营活动的现金流入净额为 138.84 亿元，同比减少 53%。公司拟派息每股 0.2225 元人民币，分红比例 李羚玮 提升至30%。 + 852-25321539 David.li@firstshanghai.com.hk  弃电和市场化交易提升拖累短期业绩：公司 2024 年一季度新增新能源 装机562MW。截至3月底，公司控股风电装机达到27.78GW，同比增长6%， 主要数据 光伏和其他可再生能源装机 6.5GW，同比增长 114%。受市场化交易规模扩 行业 电力 大以及售电结构变化的影响，公司一季度风电售电收入同比减少 4.7%。受 新能源装机加速导致弃电率有所上升以及风速的影响，公司一季度风电 ...