Investment Rating - The report maintains a "Buy" rating for Longyuan Power (0916) with a target price of HKD 9.04, indicating an upside potential from the current price of HKD 6.54 [1]. Core Views - Longyuan Power's wind power profitability is steadily increasing, with a stable growth in annual performance. The company achieved a revenue of RMB 37.6 billion in 2023, a decrease of 5.6% year-on-year, primarily due to lower coal sales volume and prices [1]. - The company plans to enhance its project efficiency through capacity expansion and upgrades, focusing on replacing older wind turbines with newer, more efficient models [1]. - Despite short-term performance pressures from increased curtailment rates and market trading impacts, the company has a robust project reserve ensuring growth in installed capacity [1]. Financial Performance Summary - In 2023, Longyuan Power's net profit attributable to shareholders was RMB 6.2 billion, reflecting a year-on-year increase of 26.5% [1]. - The company plans to distribute a dividend of RMB 0.2225 per share, with a payout ratio of 30% [1]. - The first quarter of 2024 saw an increase in new energy installations, with a total of 562 MW added, bringing the total installed wind capacity to 27.78 GW, a 6% year-on-year increase [1]. Operational Insights - The company is expected to accelerate its new energy installations, with a target of 10 GW of new projects to be operational within the year [1]. - The report highlights that the "big replaces small" strategy will significantly enhance the profitability of older projects, with an estimated capacity for expansion of around 10 GW by the end of 2023 [1]. - Longyuan Power's overall power generation increased by 2.59% in the first four months of 2024, despite a 4.45% decrease in wind power generation hours [1].

证券代码：001289 证券简称：龙源电力 公告编号：2024-031 龙源电力集团股份有限公司 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 2024年4月发电量数据公告 龙源电力集团股份有限公司（以下简称"本公司"）2024 年 4 月按合并报 表口径完成发电量 6,587,037 兆瓦时，较 2023 年同期同比下降 12.26%。其中， 风电发电量下降 19.39%，火电发电量下降 7.28%，其他可再生能源发电量增长 196.10%。截至 2024 年 4 月 30 日，本公司 2024 年累计完成发电量 27,812,286 兆瓦时，较 2023 年同期同比增长 2.59%。其中，风电发电量下降 4.45%，火电 发电量增长 6.73%，其他可再生能源发电量增长 222.22%。 1 2024 年 5 月 10 日 2 注：本公告中提供的数字经过整数调整，因此若总计数字与所列各项之和出现尾数差异，皆 因整数调整所致。 以上发电量数据来自本公司内部统计。数据在月度之间可能存在较大差异， 其影响因素包括但不限于天气变化、设备检修、季节性因素和安全检查 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating for the company, projecting a target price of RMB 21.6 based on a 24x PE for 2024 [14]. Core Insights - The company is a global leader in clean energy operations, maintaining its position as the world's largest wind power operator since 2015. As of the end of 2023, it had a controlled installed capacity of 35.59 million kilowatts, with wind, thermal, and solar power capacities at 27.75 million, 1.88 million, and 5.96 million kilowatts respectively [11][12]. - In 2023, the company generated 76.2 billion kilowatt-hours, representing a year-on-year increase of 7.92%. However, its revenue decreased by 5.6% to RMB 37.64 billion, while net profit attributable to shareholders rose by 22.3% to RMB 6.25 billion [11][12]. - The company has a rich project reserve and is expected to accelerate self-built installations, with plans to start 10GW of new energy projects in 2024 [12][13]. Summary by Sections Financial Performance - The company reported a revenue of RMB 37.64 billion in 2023, down 5.6% year-on-year, while net profit was RMB 6.25 billion, up 22.3% [11][12]. - Impairment provisions for 2023 were approximately RMB 2.1 billion, including RMB 1.2 billion for fixed assets and RMB 640 million for intangible assets [11][12]. Project Development - From 2021 to 2023, the company acquired 59.5GW of new development indicators, ensuring ample project reserves [12]. - The company received RMB 6.42 billion in national subsidies in 2023, which is expected to support its new energy installation targets [12]. Business Integration - The company is undergoing asset restructuring to integrate wind power assets and thermal power businesses, with over 20GW of wind power assets planned for injection [13]. - The thermal power assets are estimated to contribute a net profit of approximately RMB 180 million in 2023, indicating stable operations [13]. Earnings Forecast - The projected EPS for 2024, 2025, and 2026 is RMB 0.90, RMB 1.03, and RMB 1.19 respectively, with an expected average PE of 14 times for comparable companies [14].

Investment Rating - The report maintains a "Buy" rating for Longyuan Power (00916 HK) with a target price of HK$7.75, based on a 7.5x P/E ratio for 2024 [2][3]. Core Insights - Short-term pressure on wind power generation is noted, but long-term growth potential remains promising due to a rich project reserve and gradual advancements in technology [2]. - The first quarter of 2024 showed revenue of RMB 9.88 billion, a slight increase of 0.1% year-on-year, with net profit reaching RMB 2.39 billion, up 2.5% [2]. - The increase in investment income significantly contributed to the earnings growth in Q1 2024, with a new installed capacity of 562 MW, including 26 MW from wind and 536 MW from solar [2]. - Wind power generation for Q1 2024 was 17 GWh, a modest increase of 1.4% year-on-year, impacted by a decrease in utilization hours [2]. Financial Summary - Revenue and net profit forecasts for 2024-2026 are projected at RMB 41.61 billion, RMB 7.97 billion; RMB 46.83 billion, RMB 9.46 billion; and RMB 50.64 billion, RMB 10.69 billion respectively [5][6]. - The earnings per share (EPS) is expected to grow from RMB 0.95 in 2024 to RMB 1.28 in 2026, reflecting a growth rate of 26.7% and 18.9% for the respective years [5][6]. - The company’s gross margin is projected to improve from 37.6% in 2024 to 39.0% in 2026, indicating operational efficiency [7]. Market Performance - The stock price performance shows a 2.9% increase over the past month and a 20.3% increase over the past three months, although it has decreased by 31.2% over the past year [4]. - The average share price over the last year was HK$6.5, with a current share price of HK$5.640 [3][4]. Operational Highlights - The company has a significant project reserve, with 54 GW of new resources added in 2023 and 23 GW of development indicators obtained [2]. - The report emphasizes the optimistic long-term growth outlook, particularly with the ongoing transition to larger, more efficient projects [2].

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company reported a slight increase in revenue for Q1 2024, achieving 9.877 billion yuan, a year-on-year growth of 0.1%, and a net profit attributable to the parent company of 2.393 billion yuan, up 2.47% year-on-year [5] - The company continues to see steady growth in wind and solar installations, with a total installed capacity of 36,155.83 MW, including 27,780.64 MW from wind power and 6,500.19 MW from other renewable sources [5] - The company has a robust resource reserve, having signed development agreements for 54 GW in 2023, with a focus on high-quality resource areas [5] Financial Performance and Forecast - The company expects revenues of 39.88 billion yuan, 43.76 billion yuan, and 47.32 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 5.9%, 9.7%, and 8.1% [6][8] - The net profit forecast for the same period is 7.791 billion yuan, 8.414 billion yuan, and 9.006 billion yuan, with growth rates of 24.7%, 8.0%, and 7.0% [6][8] - The average utilization hours for wind power decreased by 14 hours year-on-year to 640 hours, while the average utilization hours for thermal power increased by 140 hours to 1,377 hours due to increased electricity demand in Jiangsu [5]

Investment Rating - The report maintains a "Buy" investment rating for Longyuan Power (0916.HK) with a target price of HKD 11, indicating a potential upside of 96.08% from the closing price of HKD 5.58 as of May 2, 2024 [4]. Core Views - Longyuan Power's revenue for Q1 2024 was CNY 9.877 billion, a slight increase of 0.1% year-on-year, with a net profit attributable to shareholders of CNY 2.482 billion, up 2.59% year-on-year [2]. - The company's overall power generation increased by 8.27% year-on-year, reaching 21,225.2 GWh by the end of Q1 2024, driven by an increase in installed capacity [2]. - The report highlights a strategic shift towards larger, more efficient power generation units, which may lead to short-term financial pressures but is expected to enhance operational efficiency in the long run [2]. Financial Performance Summary - Revenue projections for 2024, 2025, and 2026 are CNY 41.01 billion, CNY 45.06 billion, and CNY 50.06 billion respectively, with expected growth rates of 8.96%, 9.88%, and 11.08% [3][8]. - Net profit attributable to shareholders is forecasted to be CNY 8.102 billion in 2024, CNY 9.187 billion in 2025, and CNY 10.254 billion in 2026, reflecting growth rates of 27.49%, 13.39%, and 11.61% respectively [3][8]. - Earnings per share (EPS) are projected to be CNY 0.97, CNY 1.10, and CNY 1.23 for the years 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 5.78, 5.11, and 4.58 [3][8]. Operational Insights - The company plans to initiate new renewable energy projects totaling 10 GW in 2024, with 7.5 GW expected to be operational [2]. - As of Q1 2024, Longyuan Power's total installed capacity reached 36.16 GW, a 16.23% increase year-on-year, with significant contributions from wind and solar energy [2]. - The report notes that the company is implementing a "large replaces small" strategy to improve operational efficiency by replacing older, smaller units with larger, modern units [2].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's revenue for Q1 2024 reached 9.877 billion yuan, a year-on-year increase of 0.1%, while the net profit attributable to the parent company was 2.393 billion yuan, up 2.47% year-on-year [5][6] - The company's installed capacity increased by 562,200 kW in Q1 2024, reaching a total of 36.1558 million kW, a year-on-year growth of 16.23% [6] - Despite the growth in installed capacity, the average utilization hours for wind power decreased by 14 hours year-on-year to 640 hours due to weak wind conditions, resulting in a modest increase in wind power generation of 1.37% [6] - The company’s gross profit margin was 39.89%, with a slight year-on-year decrease of 0.13%, indicating stable profitability despite challenges [6] Summary by Sections Revenue and Profitability - Q1 2024 revenue was 9.877 billion yuan, a 0.1% increase year-on-year, while net profit was 2.393 billion yuan, reflecting a 2.47% increase [5][6] - The company’s gross profit margin stood at 39.89%, with a minor decline of 0.13% year-on-year, indicating stable performance in cost management [6] Installed Capacity and Generation - The company added 562,200 kW of new installed capacity in Q1 2024, bringing the total to 36.1558 million kW, a 16.23% increase year-on-year [6] - Wind power generation was 17.031 billion kWh, with a year-on-year growth of only 1.37% due to reduced utilization hours [6] Cost Management - The company’s operating costs for Q1 2024 were 5.937 billion yuan, a year-on-year increase of only 0.33%, reflecting effective cost control measures [6] - Management expenses decreased by 3.25% year-on-year to 99 million yuan, while financial expenses increased by 1.64% to 853 million yuan [6] Future Outlook - The company is expected to maintain a positive profit outlook for the year, supported by a robust resource acquisition strategy and significant new energy development indicators [6][7]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 6.92, indicating a potential upside of 22.7% from the current price of HKD 5.64 [1][9]. Core Insights - The company's Q1 profit growth was constrained by lower wind and solar electricity prices, with a year-on-year profit increase of 2%, which is below the 8.2% growth in electricity generation. The decline in electricity prices was estimated at 6% for wind and 26% for solar [1]. - The company added 562 MW of new capacity during the quarter, primarily from acquisitions, with wind and solar contributions of 26 MW and 536 MW, respectively [1]. - The management acknowledged uncertainties regarding the acquisition of parent company assets, including concerns about asset quality and financing conditions. However, the company aims to add 7.5 GW of self-built projects this year, which is expected to drive profit growth beyond 2025 [1][2]. Financial Summary - Revenue for 2023 is projected at RMB 37,638 million, a decrease of 5.6% from 2022, with a recovery expected in 2024 with a 5.1% growth [3]. - Net profit is forecasted to increase from RMB 6,355 million in 2023 to RMB 6,492 million in 2024, reflecting a 2.2% growth [3]. - The company’s earnings per share (EPS) is expected to rise from RMB 0.74 in 2023 to RMB 0.76 in 2024, with a projected dividend payout ratio of 30% [3][10]. Operational Data - The total installed capacity is expected to grow from 35,594 MW in 2023 to 42,594 MW in 2024, with significant contributions from renewable energy sources [7]. - Electricity sales are projected to increase from 76,226 million kWh in 2023 to 86,569 million kWh in 2024, indicating a growth rate of 13.6% [7]. - The company’s financial metrics show a price-to-earnings (P/E) ratio of 7.1 for 2023, which is below the historical average, suggesting potential undervaluation [3][10].

Investment Rating - The report maintains a "Buy" rating for Longyuan Power, with a target price of 21.50 CNY, while the current price is 17.93 CNY [4][9]. Core Views - The company's 1Q24 performance is primarily driven by increased investment income, despite short-term pressure on wind power. The long-term growth potential remains significant due to a rich reserve of renewable energy projects [2][3]. Summary by Sections Financial Performance - In 1Q24, Longyuan Power reported revenue of 9.88 billion CNY, a year-on-year increase of 0.1%, and a net profit attributable to shareholders of 2.39 billion CNY, up 2.5% year-on-year, aligning with expectations [2]. - The company added 562,000 kW of new installed capacity in 1Q24, with wind power and photovoltaic contributions of 260,000 kW and 536,000 kW, respectively. The total power generation reached 21.2 billion kWh, reflecting an 8.3% increase year-on-year [2]. - The gross profit margin for 1Q24 was 39.9%, a slight decrease of 0.1 percentage points year-on-year, while net profit was 2.66 billion CNY, up 1.2% year-on-year [2]. Wind Power Outlook - Wind power generation in 1Q24 was 17 billion kWh, a year-on-year increase of 1.4%. The low growth in wind power generation is attributed to decreased wind speeds, with utilization hours dropping by 14 hours year-on-year to 640 hours [2]. - Wind power revenue for 1Q24 was 7.88 billion CNY, down 4.7% year-on-year, likely due to increased market transaction ratios and declining wind power prices [2]. - The company anticipates improvements in wind power capacity and utilization hours as the "large replaces small" initiative progresses, alongside a substantial project reserve of 54 GW added in 2023 and 23 GW of development indicators obtained [2]. Financial Projections - The report maintains EPS estimates for 2024, 2025, and 2026 at 0.95 CNY, 1.13 CNY, and 1.28 CNY, respectively [2][3]. - Revenue projections for 2024, 2025, and 2026 are 41.609 billion CNY, 46.826 billion CNY, and 50.644 billion CNY, reflecting growth rates of 11%, 13%, and 8%, respectively [3][10]. Valuation Metrics - The report indicates a PE ratio of 18.81 for 2024, decreasing to 14.03 by 2026, suggesting an improving valuation outlook [3][10]. - The company’s net asset return (ROE) is projected to rise from 10.4% in 2024 to 11.6% in 2026, indicating enhanced profitability [3].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with a target price of 18.81 CNY per share and 8.12 HKD per share respectively [3]. Core Insights - The company achieved a stable operation with a slight increase in profit, reporting a 2.5% year-on-year growth in net profit attributable to shareholders for Q1 2024, amounting to 2.393 billion CNY. Revenue for the same period was 9.877 billion CNY, reflecting a 0.1% increase year-on-year. The growth in demand and expansion of installed capacity contributed to increases in thermal and photovoltaic power generation, with revenues from these segments growing by 3.3% and 146.5% respectively. However, the wind power segment saw a revenue decline of 4.7% due to decreased utilization hours and falling electricity prices [1][2]. - The total power generation for Q1 2024 reached 21.225 billion kWh, marking an 8.3% increase year-on-year. This includes wind power generation of 17.031 billion kWh (up 1.4%) and thermal power generation of 2.581 billion kWh (up 11.3%). The significant increase in renewable energy generation was driven by the addition of 3.46 GW of new photovoltaic capacity [1][2]. - The company has accelerated its installed capacity and is considering asset integration within the group, indicating substantial growth potential. In 2023, the company secured development indicators totaling 22.75 GW, with plans to start 10 GW of new energy installations in 2024 and connect 7.5 GW to the grid [1]. - Profit forecasts suggest that net profit attributable to shareholders will reach 7.860 billion CNY in 2024, 8.866 billion CNY in 2025, and 9.919 billion CNY in 2026, with corresponding P/E ratios of 19.1, 16.9, and 15.1 times. The report emphasizes the accelerated growth in wind and solar installations, leading to a broad growth space for the company [1][2].