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].

Financial Performance - The company's net profit attributable to shareholders reached RMB 6.355 billion, a year-on-year increase of 23.87%, with earnings per share of RMB 0.7398[12]. - Revenue for 2023 was RMB 37,638 million, a decrease of 5.5% compared to RMB 39,862 million in 2022[17]. - Net profit for 2023 was RMB 6,868 million, representing an increase of 12.1% from RMB 6,128 million in 2022[19]. - The total comprehensive income for 2023 was RMB 6,890 million, an increase from RMB 6,096 million in 2022, reflecting a growth of 12.9%[31]. - The company's operating revenue for 2023 was RMB 37.638 billion, a decrease of RMB 2.224 billion or 5.6% compared to RMB 39.862 billion in 2022[104]. - The net profit attributable to the company's equity holders for 2023 was RMB 6.355 billion, an increase of 23.9% from RMB 5.131 billion in 2022, primarily due to the profit increase in the wind, thermal, and photovoltaic segments[146]. - The wind power segment's revenue for 2023 was RMB 27.496 billion, a growth of 0.9% compared to RMB 27.248 billion in 2022, driven by increased installed capacity and sales volume[149]. - The thermal power segment's revenue for 2023 was RMB 8.418 billion, a decrease of 28.1% from RMB 11.716 billion in 2022, primarily due to reduced coal sales volume and average selling price[153]. - The photovoltaic segment's revenue surged by 114.3% to RMB 1.408 billion in 2023 from RMB 0.657 billion in 2022, mainly due to increased installed capacity and sales volume[160]. Operational Highlights - In 2023, the company achieved a development target of 22.75 GW and put into operation 4.51 GW, reaching a total installed capacity of 35.59 GW, maintaining its industry-leading position[11]. - The company generated a total electricity output of 61,353 GWh in 2023, compared to 58,308 GWh in 2022, representing an increase of 5.2%[26]. - The company’s installed capacity of wind power reached 27,754.39 MW as of December 31, 2023, representing a 5.97% increase from 26,191.84 MW in 2022[88]. - The total electricity generation for 2023 reached 76,225,816 MWh, a year-on-year increase of 7.92%[79]. - The company added a total installed capacity of 4,509.83 MW in 2023, including 1,562.55 MW from wind power[77]. - The company has expanded its operations to 31 provinces in China and several countries, contributing to global green energy development[33]. - The company reported a significant increase in renewable energy capacity, with a total of 59.53% of its operations focused on renewable energy sources[37]. Digital Transformation and Innovation - The company established a leading digital platform for renewable energy production, integrating over 42 GW of installed capacity and processing an average of 58 billion data points daily[13]. - The company is focusing on digital transformation and has built the largest digital platform for renewable energy production globally, managing over 58 billion data points daily[98]. - The company has implemented a digital construction management system, enhancing project management efficiency and safety measures[85]. - The company’s new energy generation simulation platform has completed modeling and simulation tasks for 10 large wind and solar power stations[89]. - The company is committed to digital transformation solutions, which have been awarded for their innovative contributions to the energy sector[51]. Sustainability and ESG Initiatives - The company has received multiple national-level ESG awards, reflecting its commitment to sustainable practices and corporate governance[13]. - The company is focusing on sustainable practices and aims to achieve carbon neutrality by 2030, aligning with global energy trends[36]. - Longyuan Power was selected for the "Central Enterprise ESG Pioneer 100 Index" with a four-and-a-half-star rating, ranking second in the power and heat production and supply industry[57]. - The company is actively participating in carbon market construction and completed the trading compliance work for the second compliance cycle of the national carbon market, achieving 100% compliance ahead of schedule for two consecutive cycles[93]. Market Expansion and Strategic Initiatives - The company is focusing on expanding its overseas markets, particularly in South Africa and Southeast Asia, while also advancing significant projects in Ningxia and Gansu[11]. - The company aims to enhance its management efficiency through shared resources and the integration of ESG principles into all project phases[8]. - The company plans to leverage the strategic opportunities presented by the rapid growth of the renewable energy sector in 2024, focusing on safety, scale development, digital empowerment, and technological innovation[14]. - The company aims to expand its market reach through strategic acquisitions and partnerships, particularly in the renewable energy sector[36]. - The company has developed a three-year overseas development plan focusing on five countries in Southeast Asia and South Africa, aiming for high-quality overseas development[94]. Financial Position and Investments - The total assets of the company at the end of the year amounted to RMB 229.915 billion, with net assets of RMB 82.026 billion and a net debt-to-equity ratio of 59.28%[12]. - The total liabilities for 2023 were RMB 147,889 million, an increase from RMB 143,816 million in 2022, indicating a rise of 2.4%[32]. - The net debt-to-equity ratio as of December 31, 2023, was 59.3%, up 3.1 percentage points from 56.2% on December 31, 2022, due to a higher increase in debt compared to equity[187]. - Capital expenditures for 2023 amounted to RMB 23.896 billion, a 33.1% increase from RMB 17.959 billion in 2022, with wind power project expenditures at RMB 10.469 billion and solar power project expenditures at RMB 12.014 billion[184]. Research and Development - The company has developed over ten new key technologies for the world's first floating wind-fish integration project and is exploring integrated pathways for green electricity, green ammonia, and green hydrogen[7]. - The company has increased its R&D investment intensity, with a focus on technology innovation to improve operational efficiency[98]. - The company successfully developed key formulas for the recycling and resource utilization of waste energy blades and completed the acceptance of six technology projects, including the research on digital key technologies for new energy engineering based on domestic BIM, resulting in 32 new invention patent applications[90]. Safety and Risk Management - The company has established a risk prevention mechanism and conducted 11 emergency drills in 2023 to enhance emergency response capabilities[78]. - The company has strengthened safety and environmental protection measures, implementing a three-year safety plan and enhancing risk management systems[78]. - Longyuan Power's achievements in safety culture were recognized with a best practice case award for its safety development practices[49].

| 超短期融资券全称 | 龙源电力集团股份有限公司 | | 2024 | 年度第八期超短期融资券 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 主承销商 | 广发银行股份有限公司 | | | | | | | | 联席主承销商 | 中国光大银行股份有限公司 | | | | | | | | 超短期融资券简称 | 24 龙源电力 | SCP008 | 期限 | 88 天 | | | | | 超短期融资券代码 | 012481369 | | 发行日 | 2024 | 年 04 | 月 | 19 日 | | 起息日 | 2024 年 04 月 | 22 日 | 兑付日 | 2024 | 年 07 | 月 | 19 日 | | 计划发行总额 | 25 亿元人民币 | | 实际发行总额 | 25 | 亿元人民币 | | | | 发行价格 | 100 元/张 | | 票面利率 | 1.76% | | | | 证券代码：001289 证券简称：龙源电力 公告编号：2024-027 龙源电力集团股份有限公司 关于公司 2024 年第八期超短期融资券发行的公 ...

Investment Rating - The report maintains a "Buy" rating for Longyuan Power (0916.HK) with a target price of HKD 8.16, indicating a potential upside of 48% from the current price of HKD 5.52 [2][11]. Core Insights - The company's 2023 performance was impacted by significant impairment provisions, leading to a revenue decline of 5.6% year-on-year to CNY 37.638 billion, while net profit attributable to equity holders increased by 23.9% to CNY 6.355 billion [3][8]. - The dividend per share for 2023 was CNY 0.2225, a 90% increase from CNY 0.1171 in 2022, with the payout ratio rising from 20% to 30% [3][8]. - Longyuan Power is focusing on upgrading its aging wind turbine units, with over 12 million kilowatts of units below 1.5S, and plans to upgrade an additional 10 million kilowatts, which is expected to enhance efficiency by 30-50% [5][9]. - The company has a robust project pipeline, with plans to start 10GW of new energy projects in 2024 and expects to commission 7.5GW, supported by a resource reserve of 54GW acquired in 2023 [6][10]. Summary by Sections Financial Performance - In 2023, Longyuan Power reported revenues of CNY 37.638 billion, a decrease of 5.6% year-on-year, while net profit reached CNY 6.355 billion, reflecting a 23.9% increase [3][8]. - The earnings per share for 2023 was CNY 0.7398, and the company declared a dividend of CNY 0.2225 per share [3][8]. Project Development - The company has secured a total of 54GW in new resource reserves, including 24.65GW of wind power and 23.95GW of solar power, with significant projects located in resource-rich provinces [6][10]. - Longyuan Power plans to accelerate its installation capacity, with a target of 10GW of new energy projects to commence in 2024 and 7.5GW expected to be operational [6][10]. Long-term Strategy - The ongoing upgrade of older wind turbine units is anticipated to significantly improve operational efficiency and profitability, with the cost of upgrades being lower than new installations [5][9]. - The company aims to enhance its overall profitability through these upgrades and the expansion of its renewable energy projects, which are expected to support future earnings growth [6][10].