Investment Rating - The report maintains a "Buy" rating for Longyuan Power, expecting a stock price increase of 5% to 15% relative to the industry index over the next six months [5]. Core Views - The company's revenue decline is primarily due to the divestment of its thermal power business, while revenue from new energy generation continues to grow [2][4]. - The successful commissioning of the "Ningdian into Hunan" green electricity transmission channel and the ongoing development of large-scale projects are expected to contribute positively to the company's performance [3][4]. - The company is projected to achieve revenues of 35.036 billion, 37.624 billion, and 40.117 billion yuan from 2025 to 2027, with net profits of 6.401 billion, 7.051 billion, and 7.608 billion yuan respectively [4]. Financial Summary - For 2025, the company is expected to report a revenue of 35.036 billion yuan, a decrease of 5.5% year-on-year, and a net profit of 6.401 billion yuan, reflecting a growth of 0.9% year-on-year [4]. - The company's return on equity (ROE) is projected to be 8.5% in 2025, with earnings per share (EPS) expected to reach 0.77 yuan [4]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 22.1 in 2023 to 21.8 in 2025, indicating a more attractive valuation over time [4].

Group 1 - The establishment of Yichun Yuanzhou Longyuan New Energy Co., Ltd. has been reported, with a registered capital of 10 million yuan [1] - The company is involved in various energy-related activities, including power generation, transmission, and distribution, as well as wind and solar power technology services [1] - The ownership structure reveals that the company is jointly held by Longyuan Power (001289) and its wholly-owned subsidiary Jiangxi Longyuan New Energy Co., Ltd., along with Xiongyuan (Virgin) Limited [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a significant focus on its renewable energy capacity growth and operational performance [1][2][3] Financial Performance - The company achieved operating revenue of 15.657 billion yuan, a year-on-year decrease of 18.6%, and a net profit attributable to shareholders of 3.519 billion yuan, down 14.4% [1] - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling approximately 836 million yuan before tax [1] Operational Highlights - In the first half of 2025, the company added 2.1 GW of new renewable energy capacity, bringing its total controlled capacity to 43.2 GW, which includes 31.4 GW of wind power and 11.8 GW of solar power [1] - The company signed new development agreements totaling 1.24 GW, with 1.04 GW in wind power and 0.2 GW in energy storage [1] Generation and Revenue Insights - The company completed a total electricity generation of 39.652 billion kWh, with wind power generation at 33.503 billion kWh (up 6.07% year-on-year) and solar power generation at 6.147 billion kWh (up 71.37% year-on-year) [2] - The average on-grid electricity price for wind power was 422 yuan/MWh, a decrease of 16 yuan/MWh year-on-year, while the average price for solar power was 273 yuan/MWh, down 5 yuan/MWh [2] Cost and Profit Analysis - Operating expenses for the first half of the year were 9.567 billion yuan, an increase of 10.8% year-on-year, primarily due to depreciation and amortization from new projects and increased employee costs [3] - The operating profit from continuing operations was 6.730 billion yuan, a decline of 6.2% year-on-year, with wind power segment profit at 6.213 billion yuan (down 10.5%) and solar power segment profit at 0.550 billion yuan (up 51.1%) [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 6.9 billion, 7.2 billion, and 7.6 billion yuan respectively, corresponding to P/E ratios of 7.6, 7.2, and 6.9 [3]

来源：新浪证券-红岸工作室 8月26日，龙源电力涨0.06%，成交额9307.46万元，换手率0.11%，总市值1414.48亿元。 异动分析 新疆振兴+抽水蓄能+绿色电力+风电 1、公司在新疆的在运风电装机容量为159.08万千瓦。 2、龙源电力与黑龙江省铁力市人民政府签订353万千瓦新能源发电项目合作开发框架协议。根据合作协 议，由龙源电力与新农创投资发展有限公司联合成立龙源盛达合资公司，并与铁力市政府展开合作，共 同开发300万千瓦抽水蓄能项目。 3、龙源电力集团股份有限公司的主营业务是风力、光伏发电。公司的主要产品是电力、热力。 风力、 光伏发电。 4、公司主要从事风电场的设计、开发、建设、管理和运营。 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额2737.90万，占总成交额的5.32%。 技术面：筹码平均交易成本为16.51元 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 公司简介 该股筹码平均交易成本为16.51元，近期该股获筹码青睐，且集中度渐增；目前股价靠近支撑位16.89， 注意支撑位处反弹，若跌破支撑位则可能会开启一波下跌行情。 资金分析 今日主 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a revenue of 15.657 billion yuan for the first half of 2025, a year-on-year decrease of 18.6%, and a net profit attributable to shareholders of 3.519 billion yuan, down 14.4% year-on-year [1]. - The company plans to distribute a cash dividend of 0.1 yuan per share (pre-tax), totaling approximately 0.836 billion yuan (pre-tax) [1]. - The company achieved a net increase of 2.1 GW in new energy installed capacity in the first half of the year, bringing the total controlled installed capacity to 43.2 GW [2]. - The company completed a total electricity generation of 39.652 billion kWh in the first half of the year, with wind power generation at 33.503 billion kWh, a year-on-year increase of 6.07%, and solar power generation at 6.147 billion kWh, a year-on-year increase of 71.37% [3]. - The average on-grid electricity price for wind power was 422 yuan/MWh, a decrease of 16 yuan/MWh year-on-year, while for solar power, it was 273 yuan/MWh, down 5 yuan/MWh year-on-year [3]. - Operating expenses for the first half of the year were 9.567 billion yuan, an increase of 10.8% year-on-year, primarily due to increased depreciation and amortization from new projects [4]. - The company’s operating profit from continuing operations was 6.730 billion yuan, a year-on-year decrease of 6.2% [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 6.9 billion, 7.2 billion, and 7.6 billion yuan, respectively, with corresponding P/E ratios of 7.6, 7.2, and 6.9 [5]. Summary by Sections Financial Performance - Revenue for H1 2025 was 15.657 billion yuan, down 18.6% year-on-year [1]. - Net profit attributable to shareholders was 3.519 billion yuan, down 14.4% year-on-year [1]. - Operating profit from continuing operations was 6.730 billion yuan, down 6.2% year-on-year [4]. Installed Capacity and Generation - The company added 2.1 GW of new energy installed capacity in H1 2025, totaling 43.2 GW [2]. - Wind power generation was 33.503 billion kWh, up 6.07% year-on-year, while solar power generation was 6.147 billion kWh, up 71.37% year-on-year [3]. Cost and Profitability - Operating expenses were 9.567 billion yuan, up 10.8% year-on-year [4]. - Wind power segment profit was 6.213 billion yuan, down 10.5% year-on-year, while solar power segment profit was 0.550 billion yuan, up 51.1% year-on-year [4]. Future Outlook - The company has adjusted its profit forecast for 2025-2027 to 6.9 billion, 7.2 billion, and 7.6 billion yuan, maintaining a "Buy" rating [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in the first half of 2025 met expectations, with a focus on operational turning points under comprehensive market entry [5] - The company reported a revenue of 15.657 billion RMB in the first half of 2025, a year-on-year decrease of 17.36%, and a net profit attributable to shareholders of 3.519 billion RMB, down 12.46% [7] - The company plans to distribute a mid-term cash dividend of 0.1 RMB per share, accounting for 24.77% of the net profit attributable to shareholders [7] - The decline in revenue is attributed to the divestment of thermal power, while the average on-grid electricity price for wind power decreased by 1.6 cents to 0.422 RMB/kWh [7] - The company has a significant focus on shareholder returns, committing to a cash dividend ratio of no less than 30% of the net profit attributable to shareholders for the years 2025-2027 [7] Financial Summary - The company’s projected revenue for 2025 is 32.408 billion RMB, with a year-on-year decrease of 12.6% [6] - The net profit attributable to shareholders is expected to be 5.982 billion RMB in 2025, with a projected P/E ratio of 8.8 [6] - The company’s total market capitalization is approximately 57.1 billion HKD, with a circulating market capitalization of about 22.7 billion HKD [3]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Group 1 - The core viewpoint of the news highlights the trading performance and financing activities of Longyuan Power on August 22, with a slight increase in stock price and notable financing activities [1] - On August 22, Longyuan Power's financing buy-in amounted to 11.89 million, with a net financing buy of 7.83 million, indicating active investor interest [1] - The total financing and securities balance for Longyuan Power reached 76.27 million, with the financing balance being low compared to the past year [1] Group 2 - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and is primarily engaged in power system and electrical equipment services, as well as renewable energy technology development [2] - For the first half of 2025, Longyuan Power reported a revenue of 15.66 billion, a year-on-year decrease of 17.09%, and a net profit of 3.38 billion, down 11.82% year-on-year [2] - The company has distributed a total of 5.98 billion in dividends since its A-share listing, with 4.75 billion distributed in the last three years [3] Group 3 - As of June 30, 2025, Longyuan Power had 41,000 shareholders, an increase of 1.18% from the previous period, indicating growing investor interest [2] - The top ten circulating shareholders include significant institutional investors, with notable increases in holdings from several ETFs [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][25][29] Core Views - The company's operating revenue and net profit attributable to shareholders have decreased year-on-year due to factors such as the disposal of a subsidiary and a decline in average electricity prices [1][8] - The company is actively developing new energy projects, with a focus on expanding wind and solar power capacity, and has achieved significant growth in installed capacity [2][24] - The profit forecast has been adjusted downward due to the impact of declining electricity prices, with expected net profits for 2025-2027 being 67.7 billion, 70.9 billion, and 74.5 billion yuan respectively [3][25] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 15.657 billion yuan, a decrease of 18.61% year-on-year, and a net profit of 3.374 billion yuan, down 13.79% [1][8] - The decline in revenue was attributed to the disposal of a subsidiary, increased solar power revenue, and a decrease in average electricity prices for wind power [1][8] New Energy Development - The company has added 2.0535 million kilowatts of new energy capacity in the first half of 2025, with wind and solar power contributing 987,000 and 1,096,600 kilowatts respectively [2][24] - As of June 2025, the total installed capacity reached 43.1967 million kilowatts, with wind power at 31.3957 million kilowatts and solar power at 11.7949 million kilowatts [2][24] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised to 67.7 billion, 70.9 billion, and 74.5 billion yuan, reflecting a growth rate of 6.7%, 4.7%, and 5.1% respectively [3][25] - The expected earnings per share (EPS) for the same period are 0.81, 0.85, and 0.89 yuan, with corresponding price-to-earnings (PE) ratios of 20.5, 19.6, and 18.6 [3][25]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a significant impact from wind resource conditions and electricity prices [1][2]. Financial Performance - In 1H25, the company achieved revenue of 15.657 billion RMB, a decrease of 18.6% year-on-year, and a net profit attributable to equity holders of 3.519 billion RMB, down 14.4% year-on-year, which was below expectations [1]. - The company proposed an interim dividend of 0.1 RMB per share, totaling 836 million RMB, with a payout ratio of 24.77% [1]. Operational Highlights - The company’s installed capacity reached 43.20 GW in 1H25, with an increase of 2,053.54 MW, including 986.95 MW from wind power and 1,096.59 MW from solar power [1]. - Solar power generation increased by 71.37% year-on-year due to the growth in installed capacity, while wind power generation grew by 6.07% year-on-year, despite a decrease in average utilization hours [1]. - The average utilization hours for wind power were 1,102 hours, which is 15 hours higher than the industry average, despite a decrease of 68 hours compared to the same period in 2024 [1]. Market Conditions - The average on-grid electricity price for wind power was 422 RMB/MWh, down 16 RMB/MWh year-on-year, leading to a decrease in wind power sales revenue by 239 million RMB [2]. - The average on-grid electricity price for solar power was 273 RMB/MWh, down 5 RMB/MWh year-on-year, with solar power sales revenue increasing by 642 million RMB [2]. Future Outlook - The company continues to pursue its annual installed capacity development goals, with plans to start new renewable energy projects totaling 5.5 million kW and to put into operation 5 million kW in 2025 [2]. - The company signed new development agreements totaling 1.24 GW in the first half of 2025, with a focus on regions with better resources [2]. - The commissioning of three ultra-high voltage transmission projects is expected to enhance the efficient consumption and cross-regional allocation of renewable energy projects [2]. Investment Rating - The company maintains a "Buy" rating, with revised net profit forecasts for 2025-2027 of 6.441 billion, 7.056 billion, and 7.985 billion RMB, respectively [3]. - The current price-to-earnings ratios are projected at 8.1, 7.4, and 6.6 times for the respective years [3].