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].
新天绿色能源(00956.HK)：“风电+天然气”双轮驱动 区位优势显著