Core Viewpoint - The report from Xingzheng International initiates coverage on Longyuan Power (00916) with an "Overweight" rating, highlighting short-term performance pressure due to fluctuations in green electricity prices and volumes, while maintaining optimism about the company's long-term growth potential as a leading wind power enterprise benefiting from policy catalysts and market competition advantages [1][2]. Group 1: Financial Performance and Projections - The company is expected to achieve net profits attributable to shareholders of 6.431 billion yuan, 7.220 billion yuan, and 7.934 billion yuan for the years 2025-2027, reflecting year-on-year growth rates of +0.1%, +12.3%, and +9.9% respectively [1]. - The price-to-earnings (PE) ratios corresponding to the closing price on September 9, 2025, are projected to be 9.4x, 8.4x, and 7.6x for the years 2025, 2026, and 2027 [1]. Group 2: Market Position and Resource Management - Longyuan Power, as a leading operator backed by the State Energy Group, has a total installed capacity of 43.2 GW as of the end of H1 2025, comprising 31.4 GW of wind power and 11.8 GW of solar power, having completed the divestment of thermal power assets [2]. - The company has a significant advantage in resource allocation, with its wind power installations located in high-quality resource areas and load centers, achieving utilization hours that exceed the national average by approximately 60-160 hours [3]. Group 3: Pricing and Policy Environment - The company has maintained a relatively stable decline in electricity prices, with wind power revenue per kilowatt-hour decreasing from 0.49 yuan in 2017 to 0.47 yuan in 2024 [4]. - Following the issuance of Document No. 136, the company’s green electricity projects are expected to benefit from higher comprehensive pricing and excess returns due to improved output curves and better alignment with load demands [4].

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating an expectation that the overall industry performance will outperform the market in the next six months [65]. Core Insights - The public utility sector has shown a recovery in market performance, with the industry index rising by 1.2% during the week of September 1-7, outperforming the Shanghai Composite Index by 2.38 percentage points and the CSI 300 Index by 2.01 percentage points [2][11]. - The report highlights the introduction of the "136 Document" in Shaanxi and Zhejiang, which aims to enhance market mechanisms and pricing for renewable energy projects, potentially stabilizing industry profitability [3][35][37]. - The report suggests that the coal price stabilization and improved electricity pricing will enhance the profitability of thermal power companies in the short term, while long-term prospects remain positive due to market reforms [7]. Summary by Sections 1. Market Performance - The public utility industry index's PE (TTM) is currently at 18.06, up from 17.92 the previous week, and higher than 16.53 a year ago [2][23]. - The sector's PB is at 1.81, compared to 1.79 last week and 1.77 a year ago [2][26]. - The report ranks the public utility sector 6th among 31 sectors in terms of performance during the week [11]. 2. Individual Stock Performance - Top-performing stocks include Shanghai Electric (+35.66%), Jingyun Tong (+14.51%), and Luxiao Technology (+13.48%) [3][28]. - Conversely, stocks like Huayin Electric (-10.5%) and China General Nuclear Power (-4.43%) experienced declines [3][28]. 3. Industry Dynamics - The "136 Document" in Shaanxi sets a bidding range for incremental projects at 0.18 to 0.3545 yuan/kWh, while Zhejiang's document proposes a storage price of 0.4153 yuan/kWh [35][37]. - The report notes the release of the "Sichuan Electricity Market Settlement Rules," which will impact independent energy storage pricing [35][39]. 4. Key Data Tracking - As of September 5, 2025, the price of Shanxi mixed coal (5500) is 681 yuan/ton, reflecting a week-on-week decrease of 1.59% [6][45]. - The total transaction volume for green certificates in wind and solar power reached 12.4 and 16.4 million units, respectively, during the week [48]. 5. Investment Recommendations - The report recommends focusing on thermal power companies due to expected profit stability and potential dividend increases [7]. - For hydropower, it suggests monitoring stocks that have seen significant pullbacks, while for green energy, it anticipates a stabilization in expected returns following the "136 Document" implementation [7].

Group 1 - Matrix Co., Ltd. announced that its wholly-owned subsidiary, Anke Technology, introduced a strategic investor, Shenzhen Jifu New Industry Venture Capital Fund, which invested 5 million yuan for a 10% stake [1] - Heng Rui Medicine received approval from the National Medical Products Administration for its Eicosapentaenoic Acid Ethyl Ester Soft Capsule, aimed at reducing triglyceride levels in patients with severe hypertriglyceridemia [1] - Mo Gao Co., Ltd. announced the resignation of its Vice President Jin Baoshan due to job transfer [1] Group 2 - Yao Wang Technology decided to terminate two fundraising projects and will permanently supplement the remaining funds into working capital [2] - Minhe Livestock reported sales of 25.53 million chicklings in August, generating revenue of 86.41 million yuan, with year-on-year growth of 27.60% [2] - Sichuan Jinding announced the resignation of its Director and General Manager Xiong Jifeng due to personal reasons [3] Group 3 - Taiji Group received approval for clinical trials of its Semaglutide Injection, aimed at blood sugar control in type 2 diabetes patients [5] - Jieput announced plans to increase capital in its affiliate, Suidong Intelligent Technology, with an investment of 5 million yuan for a 5% stake [7] - GeLing Deep Vision's controlling shareholders committed not to reduce their shareholdings for six months starting from September 17, 2025 [8] Group 4 - Huafeng Superfiber reported the resignation of its Vice President Liu Cong due to personal reasons [9] - Xiaoming Co., Ltd. reported sales revenue of 79.90 million yuan from chicken products in August, with year-on-year growth of 11.73% [11] - Lion Head Co., Ltd. announced that its application for issuing shares and cash to acquire assets has been accepted by the Shanghai Stock Exchange [12] Group 5 - Jinlong Automobile reported a bus sales volume of 4,074 units in August, a year-on-year increase of 23.6% [43] - Metro Design signed a contract for the Ho Chi Minh City urban rail transit project in Vietnam, with a total amount of 1.754 trillion VND [45] - North New Road and Bridge announced winning a mining construction project worth 504 million yuan [28]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.60 per share, indicating a potential upside of 22% from the current price of HKD 7.87 [1][6][12]. Core Insights - The acceleration of national subsidies for renewable energy in August has exceeded expectations, signaling positive cash flow improvements for the company. The company is expected to benefit significantly from the recovery of outstanding subsidies, which amount to over RMB 30 billion [3][9]. - The company has committed to a dividend payout ratio of at least 30% of net profit attributable to shareholders for the years 2025-2027, with an initial interim dividend of HKD 0.1 per share planned for 2025, reflecting a strong focus on shareholder returns [4][10]. - The company achieved a total power generation of 5,273,319 MWh in August 2025, a year-on-year increase of 5.56%, with wind and solar power generation growing by 22.38% and 74.41%, respectively. The target for new installed capacity in 2025 remains at 5 GW, which is expected to support stable performance growth [5][11]. Financial Summary - For FY2025, the company is projected to generate revenue of RMB 32,526 million, a 3.7% increase from the previous year, with net profit attributable to shareholders expected to reach RMB 6,622 million, reflecting a growth of 3.8% [7][15]. - The earnings per share (EPS) for FY2025 is estimated at RMB 0.79, with a price-to-earnings (P/E) ratio of 9.1 based on the current share price [7][15]. - The company plans to maintain a dividend of RMB 0.238 per share for FY2025, resulting in a dividend yield of 3.31% at the current price [7][15].

资料显示，龙源电力集团股份有限公司位于北京市西城区阜成门北大街6号(c幢)20层2006室,香港铜锣湾 希慎道33号利园1期19楼1917室，成立日期1993年1月27日，上市日期2022年1月24日，公司主营业务涉 及电力系统及电气设备的技术改造、技术服务和生产维修;与电力相关的新技术、新设备、新材料、新 工艺的研制、开发、生产、成果转让;电站污染物治理;风力发电、节能技术及其他新能源的技术开发、 项目投资管理;进出口业务;电气设备的租赁;与主营业务相关的咨询服务;承办展览会、展销会;机电产 品、化工原料及制品(危险化学品除外)、建筑材料、五金交电、日用百货、汽车配件、电力系统专用车 辆的销售;出租写字间。主营业务收入构成为：电力产品99.22%，其他收入0.78%。 截至6月30日，龙源电力股东户数4.10万，较上期增加1.18%；人均流通股0股，较上期增加0.00%。2025 年1月-6月，龙源电力实现营业收入156.57亿元，同比减少17.09%；归母净利润33.75亿元，同比减少 11.82%。 分红方面，龙源电力A股上市后累计派现59.78亿元。近三年，累计派现47.46亿元。 机构持仓方面，截止 ...

资料显示，龙源电力集团股份有限公司位于北京市西城区阜成门北大街6号(c幢)20层2006室,香港铜锣湾 希慎道33号利园1期19楼1917室，成立日期1993年1月27日，上市日期2022年1月24日，公司主营业务涉 及电力系统及电气设备的技术改造、技术服务和生产维修;与电力相关的新技术、新设备、新材料、新 工艺的研制、开发、生产、成果转让;电站污染物治理;风力发电、节能技术及其他新能源的技术开发、 项目投资管理;进出口业务;电气设备的租赁;与主营业务相关的咨询服务;承办展览会、展销会;机电产 品、化工原料及制品(危险化学品除外)、建筑材料、五金交电、日用百货、汽车配件、电力系统专用车 辆的销售;出租写字间。主营业务收入构成为：电力产品99.22%，其他收入0.78%。 龙源电力所属申万行业为：公用事业-电力-风力发电。所属概念板块包括：绿色电力、碳中和、储能、 光伏玻璃、风能等。 来源：新浪证券-红岸工作室 9月9日，龙源电力盘中上涨2.01%，截至09:38，报18.28元/股，成交2792.12万元，换手率0.03%，总市 值1528.17亿元。 资金流向方面，主力资金净流入45.33万元，大单买入27 ...

Core Viewpoint - Longyuan Power announced a significant increase in power generation for the year 2025, indicating strong growth in renewable energy sectors, particularly wind and solar power [1] Group 1: Power Generation Performance - The company expects to achieve a total power generation of 5,273,319 MWh by August 2025, representing a year-on-year growth of 5.56% compared to the same period in 2024 [1] - Excluding the impact of hydropower, the year-on-year growth is even more pronounced at 32.97% [1] Group 2: Renewable Energy Growth - Wind power generation for the month showed a year-on-year increase of 22.38% [1] - Solar power generation experienced a remarkable year-on-year growth of 74.41% [1]

Core Viewpoint - Longyuan Power (001289) announced a projected power generation of 5,273,319 MWh by August 2025, representing a year-on-year growth of 5.56% compared to the same period in 2024, with a 32.97% increase when excluding the impact of thermal power [1] Group 1 - The company's wind power generation increased by 22.38% year-on-year this month [1] - The company's solar power generation saw a significant year-on-year increase of 74.41% this month [1]

Group 1 - Longyuan Power has seen a stock price increase of 7.56% over the last three days, currently trading at 17.92 CNY per share with a market capitalization of 149.808 billion CNY [1] - The company specializes in power system and electrical equipment technology transformation, technical services, and production maintenance, with 99.22% of its revenue coming from power products [1] - Longyuan Power was established on January 27, 1993, and was listed on January 24, 2022 [1] Group 2 - The fund "Jiaoyin National Enterprise Reform Flexible Allocation Mixed A" has increased its holdings in Longyuan Power by 1.12 million shares, now holding a total of 3.83 million shares, representing 0.05% of the circulating shares [2] - The fund has achieved a year-to-date return of 9.32% and a one-year return of 31.41%, ranking 5742 out of 8248 and 4528 out of 8051 respectively [2] - The fund manager, Shen Nan, has a tenure of over 10 years, with the best fund return during this period being 116.32% [3] Group 3 - Longyuan Power is the eighth largest holding in the "Jiaoyin National Enterprise Reform Flexible Allocation Mixed A" fund, accounting for 2.85% of the fund's net value [4] - The fund has realized a floating profit of approximately 482.58 thousand CNY during the recent three-day stock price increase [4]

Core Viewpoint - Longyuan Power (001289.SZ) reported a significant increase in power generation for August 2025, with a total of 5,273,319 MWh, representing a year-on-year growth of 5.56%, and a 32.97% increase when excluding the impact of thermal power [1] Group 1: Power Generation Performance - In August 2025, the company's wind power generation increased by 22.38% year-on-year [1] - Solar power generation saw a remarkable year-on-year growth of 74.41% in August 2025 [1] - Cumulatively, as of August 31, 2025, the company achieved a total power generation of 51,254,555 MWh, which is a slight decrease of 0.001% compared to the same period in 2024, but shows a 15.53% increase when excluding thermal power [1] Group 2: Year-on-Year Growth Breakdown - Wind power generation for the cumulative period increased by 7.42% year-on-year [1] - Solar power generation for the cumulative period experienced a substantial growth of 77.04% year-on-year [1]