Investment Rating - The report assigns a "Strong Buy" rating for Xintian Green Energy (00956.HK) with a target price of HKD 6.2, representing a potential upside of approximately 48% from the current price of HKD 4.2 [2][11]. Core Views - The report emphasizes the company's first-mover advantage in the offshore wind sector in Hebei and its potential for growth amid the rising marine economy. It highlights the company's high dividend yield and the attractiveness of its stock in the Hong Kong market [5][6][10]. Financial Performance Summary - **2024A Financials**: Total revenue is projected at HKD 21,372 million, with a year-on-year growth of 5.38%. Net profit attributable to shareholders is expected to be HKD 1,661 million, reflecting a decline of 22.90% [1]. - **2025E Financials**: Revenue is forecasted to increase to HKD 25,564 million, a growth of 19.61%, with net profit rising to HKD 2,425 million, a growth of 46.01% [1]. - **2026E Financials**: Expected revenue of HKD 30,621 million, with a growth of 19.78%, and net profit of HKD 3,073 million, a growth of 26.76% [1]. - **2027E Financials**: Revenue projected at HKD 39,931 million, with a significant growth of 30.40%, and net profit of HKD 3,481 million, a growth of 13.26% [1]. Short-term Outlook - The company faced performance pressure in 2024 due to unfavorable weather conditions and asset impairments. However, the stock option incentive plan is expected to drive optimism for 2025, with a net profit target of approximately HKD 2.8 billion [7][47]. Long-term Growth Potential - The company holds a significant first-mover advantage in offshore wind projects in Hebei, having secured 1 million kW of the 1.8 million kW planned for the province. The marine economy's growth is anticipated to benefit the company significantly [8][59]. - The company has a robust project reserve, including approximately 3 GW of gas-fired power and 1 GW of offshore wind projects under construction, which supports long-term growth [9][10]. Dividend Yield - The report projects a dividend payout ratio of approximately 52.81% for 2024, with a potential dividend yield reaching nearly 9% under optimistic scenarios, making it attractive for investors [10][30].

Core Viewpoint - The company focuses on clean energy, particularly natural gas sales and wind power generation, with significant installed capacity and a diverse project portfolio across multiple regions in China [1][2]. Group 1: Wind Power - As of the end of 2024, the company has a controlling installed capacity of 6.5874 million kW and an equity capacity of 6.1792 million kW, indicating substantial scale [1]. - The company benefits from favorable market conditions in Hebei, with a projected wind power generation volume share of 71.43% in 2024, and a stable average on-grid electricity price of 0.43 yuan/kWh in Q1 2025 [1][2]. - The company is expanding its offshore wind power projects, with 964,400 kW under construction and 4,309,900 kW of approved but unstarted projects, including significant projects in Qinhuangdao [2]. Group 2: Natural Gas - The natural gas segment faces short-term pressure, with total gas transmission/sales expected to reach 5.888 billion cubic meters in 2024, a year-on-year increase of 15.13%, but with a notable decline in Q4 [2][3]. - The LNG terminal project is progressing well, with the first phase completed and the second phase expected to enhance capacity significantly, aiming for a total unloading capacity of 10 million tons/year [3]. - The natural gas segment's revenue is projected at 15.004 billion yuan in 2024, with a gross profit of 528 million yuan, reflecting a significant decline in profitability [2][3]. Group 3: Financial Projections - The company forecasts revenues of 22.407 billion yuan, 24.034 billion yuan, and 26.960 billion yuan for 2025-2027, with year-on-year growth rates of 4.84%, 7.26%, and 12.17% respectively [3]. - Expected net profits for the same period are 2.549 billion yuan, 2.516 billion yuan, and 2.990 billion yuan, with significant growth in 2025 followed by a slight decline in 2026 [3]. - The company’s target market values for the natural gas and wind power segments are estimated at 7.030 billion HKD and 15.946 billion HKD, respectively, leading to a combined target price of 5.46 HKD per share [3].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 5.46 HKD per share, based on a comprehensive valuation of its business segments [5][74]. Core Views - The company operates as a clean energy platform in Hebei, focusing on natural gas sales and wind power generation, with significant installed capacity and a diverse project portfolio across multiple provinces [12][21]. - The company's performance is expected to recover in 2025, with a projected net profit of 25.49 billion HKD, reflecting a substantial increase of 52.40% compared to the previous year [73]. Summary by Sections 1. Company Overview - The company is a leading clean energy developer in North China, established in 2010, focusing on integrating natural gas and renewable energy assets [12][18]. 2. Wind Power - The company has a significant installed wind power capacity of 6.5874 million kW, with a focus on projects in Hebei and surrounding regions [21][48]. - The average on-grid electricity price for Q1 2025 is 0.43 CNY per kWh, maintaining stability compared to the previous year [50]. - The company is actively developing offshore wind projects, with a total of 2 million kW capacity under approval [55]. 3. Natural Gas - The total gas transmission and sales volume for 2024 is projected to be 5.888 billion cubic meters, showing a year-on-year increase of 15.13% [59]. - The LNG terminal project is expected to enhance revenue, with the first phase already operational and the second phase progressing well [63][64]. - The company completed LNG sales of approximately 1.123 billion cubic meters in 2024, indicating significant growth potential [64]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 22.407 billion, 24.034 billion, and 26.960 billion HKD from 2025 to 2027, with corresponding net profits of 2.549 billion, 2.516 billion, and 2.990 billion HKD [73]. - The target market values for the natural gas and wind power segments are estimated at 7.030 billion HKD and 15.946 billion HKD, respectively, leading to a combined market value of 22.976 billion HKD [74].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 5.46 HKD per share, based on a comprehensive valuation of its natural gas and wind power segments [5][74]. Core Insights - The company operates as a clean energy platform in Hebei, focusing on natural gas sales and wind power generation, with significant installed capacity and a diverse project portfolio across multiple provinces [12][21]. - The company's wind power segment is expected to benefit from favorable market conditions and a strong project pipeline, particularly in offshore wind projects [2][52]. - The natural gas segment faces short-term challenges but has potential for growth with the upcoming commissioning of the second phase of the LNG terminal [3][63]. Summary by Sections 1. Company Overview - The company is a leading clean energy developer in North China, established in 2010, focusing on integrating natural gas and renewable energy assets [12][18]. 2. Wind Power - The company has a substantial wind power capacity of 6.5874 million kW, with a focus on projects in Hebei and a strong market position due to favorable trading policies [2][21]. - The average on-grid electricity price for Q1 2025 is 0.43 CNY/kWh, maintaining stability compared to the previous year, with a market transaction volume ratio of 44.71% [50][48]. - The company has a robust project pipeline, including 430.99 million kW of approved but unconstructed projects, with a significant focus on offshore wind development [52][55]. 3. Natural Gas - The total gas transmission and sales volume for 2024 is projected at 5.888 billion cubic meters, reflecting a 15.13% year-on-year increase, although Q4 2024 shows a decline of 24.43% [3][59]. - The LNG terminal project is progressing, with the first phase operational and the second phase expected to enhance capacity significantly, targeting a total unloading capacity of 10 million tons per year [63][64]. - The natural gas segment's revenue for 2024 is estimated at 15.004 billion CNY, with a gross profit margin of 3.52%, indicating pressure on profitability [3][59]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 22.407 billion CNY, 24.034 billion CNY, and 26.960 billion CNY for 2025-2027, with corresponding net profits of 2.549 billion CNY, 2.516 billion CNY, and 2.990 billion CNY [73][74]. - The target market values for the natural gas and wind power segments are estimated at 7.030 billion HKD and 15.946 billion HKD, respectively, leading to a combined market value of 22.976 billion HKD [74][76].

Major Events - Jin'an Industrial (02292) received a privatization offer from its controlling shareholder at a premium of approximately 30%, with resumption of trading on May 12 [1] - Jingtai Holdings (02228) plans to acquire 90% of Shanghai Siwei Medical for 250 million yuan, aiming to create an AI-enabled remote electrocardiogram diagnosis platform [1] - China Investment and Financing (01226) is in contact with MCHKI to explore several potential corporate activities following unusual stock price movements [1] - Qiu Tai Technology (01478) reported camera module sales of 33.229 million units in April, an increase of 8.4% month-on-month but a decrease of 20.1% year-on-year [1] - Stone Pharmaceutical Group (01093) received approval for clinical trials of SYH2046 in the United States [1] - Fosun Pharma (02196) subsidiary Junji Health obtained FDA approval for drug clinical trials [1] - Rongchang Bio (09995) received approval for the marketing of Aidiqi® for treating HER2-positive advanced breast cancer with liver metastasis in China [1] - Livzon Pharmaceutical (01513) received approval for the marketing of injectable aripiprazole microspheres [1] - GAC Group (02238) reported April automobile production of 108,600 units, a year-on-year decline of 25.74% [2] - China Overseas Development (00688) reported contract property sales of approximately 20.164 billion yuan in April, a year-on-year decrease of 7.5% [2] Share Buybacks/Reductions - China Hongqiao (01378) repurchased 19.667 million shares for 273 million HKD on May 9 [1] - AIA Group (01299) repurchased 1.5 million shares for 92.1915 million HKD on May 9 [1] - Cathay Securities (02611) repurchased 1.6906 million A-shares for 29.3356 million yuan on May 9 [1] - Times Electric (03898) repurchased 610,300 shares for 19.7008 million HKD on May 9 [1] - East Asia Bank (00023) acquired 52.8 million shares from Sumitomo Mitsui Banking Corporation [1] - Shandong Molong (00568) saw shareholder Zhimo Holdings reduce its holdings by 28.81 million H-shares [1] Operating Performance - Longyuan Power (00916) achieved a power generation volume of 6.9064 million MWh in April, a year-on-year increase of 4.85% [2] - New天绿色能源 (00956) reported a power generation volume of 1.4778 million MWh in April, a year-on-year increase of 16.91% [2] - Jianye Real Estate (00832) achieved a total property contract sales amount of 2.71 billion yuan in the first four months, a year-on-year increase of 4.8% [2] - China Overseas Hongyang Group (00081) reported a cumulative contract sales amount of 9.556 billion yuan in the first four months, a year-on-year decrease of 14.1% [2] - Times China Holdings (01233) reported a cumulative contract sales amount of approximately 1.81 billion yuan in the first four months, a year-on-year decrease of 29.87% [2] - Agile Property Holdings (01813) reported a pre-sale amount of 509 million yuan in April, a year-on-year decrease of 47.5% [2] - Greenland Hong Kong (00337) reported contract sales of approximately 880 million yuan in the first four months, a year-on-year decrease of 69.3% [2]

新天绿能（600956）公告，2025年4月公司及子公司按合并报表口径完成发电量147.78万兆瓦时，同比 增加16.91%。截至2025年4月30日，累计完成发电量602.2万兆瓦时，同比增加11.91%。风电业务2025年 4月发电量144.81万兆瓦时，同比增加16.01%；太阳能业务2025年4月发电量29734.22兆瓦时，同比增加 89.04%。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新天綠色能源股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年5月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00956 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,839,004,396 | RMB | | 1 RMB | | 1,839,004,396 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,839,004,396 | RMB | | 1 RMB | | 1,839,004,39 ...

根据2025年5月2日披露数据，中国电信（00728）、新天绿色能源（00956）、凯盛新能（01108）位居 港股通持股比例前3位，分别为73.85%、67.51%、67.45%。此外，美团-W（03690）、康方生物 （09926）、中银香港（02388）在最近有统计数据的5个交易日内，持股额增幅最大，分别为+26.00亿 元、+5.73亿元、+4.88亿元;腾讯控股（00700）、阿里巴巴－W（09988）、盈富基金（02800）在最近 有统计数据的5个交易日内，持股额减幅最大，分别为-31.32亿元、-23.84亿元、-17.21亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 102.49亿股 | 73.85% | | 新天绿色能源(00956) | 12.42亿股 | 67.51% | | 凯盛新能(01108) | 1.69亿股 | 67.45% | | 白云山(00874) | 1.46亿股 | 66.27% | | 绿色动力环保 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights strong electricity prices and volumes, with expectations for continued recovery in wind resources [5] - The company's Q1 2025 revenue was 6.911 billion RMB, a year-on-year decline of 12.60%, while net profit attributable to shareholders was 0.954 billion RMB, an increase of 14.71% year-on-year [7] - The report anticipates that the company's performance in 2025 will be driven primarily by wind resource improvements, with a focus on maintaining stable value from existing wind assets [7] Financial Summary - The company's projected revenue for 2025 is 24.426 billion RMB, with a year-on-year growth rate of 14.3% [6] - The net profit attributable to shareholders for 2025 is expected to be 2.720 billion RMB, reflecting a significant year-on-year growth of 62.6% [6] - The earnings per share (EPS) for 2025 is projected at 0.65 RMB, with a price-to-earnings (P/E) ratio of 5.8 [6][8] - The company’s total market capitalization is approximately 17.454 billion HKD, with a circulating market capitalization of about 7.632 billion HKD [3]

Core Viewpoint - The company, Xintian Green Energy, has released its first quarter report for 2025, highlighting significant changes in operational metrics and financial data, while ensuring the accuracy and completeness of the information provided [1][12][16]. Financial Data Summary - The first quarter financial report is not audited [2]. - The company reported a total power generation of 4,544,188.70 MWh, an increase of 10.37% year-on-year [8]. - The total on-grid electricity reached 4,442,621.49 MWh, reflecting a year-on-year increase of 10.45% [8]. - The average on-grid electricity price (excluding tax) was 0.43 RMB/kWh, unchanged from the previous year [8]. - Market-based electricity trading volume was 1,986,200.29 MWh, with a trading volume ratio of 44.71%, up by 9.04 percentage points year-on-year [8]. Gas Transmission and Sales Summary - The total gas transmission/sales volume was 184,698.01 million cubic meters, a decrease of 17.18% year-on-year [9]. - The sales volume was 168,417.04 million cubic meters, down by 15.23% year-on-year [9]. - The gas transmission volume was 16,280.97 million cubic meters, showing a significant decrease of 33.13% year-on-year [9]. Shareholder Information - As of March 31, 2025, the total number of shareholders was 43,628, with 42,490 A-share shareholders and 1,138 H-share shareholders [3]. Board and Supervisory Meetings - The board of directors held a meeting on April 29, 2025, where the first quarter report was approved unanimously [11][12]. - The supervisory board also convened on the same day and approved the first quarter report, confirming its compliance with legal and regulatory requirements [14][16].