智通财经网·2025-06-10 02:22Group 1 - The core viewpoint of the report is that Citigroup maintains a "Buy" rating for Longyuan Power (00916) with a target price of HKD 7.1 [1] - In May, Longyuan Power's total electricity generation increased by 1.5% year-on-year to 6.68 billion kWh, driven by a significant rise in wind and solar power generation, which grew by 8.7% and 74.8% respectively [1] - The company has zero coal-fired power generation in May, down from 830 million kWh in the same period last year, due to plans to sell all coal-fired power plants in the second half of 2024 [1] Group 2 - For the first five months of the year, total electricity generation decreased by 1.5% year-on-year to 33.87 billion kWh, with wind and solar power generation increasing by 6.4% and 64.4% respectively, but not enough to offset the decline in coal-fired generation [1] - The average utilization hours of wind farms in May decreased by 0.8% year-on-year to 182 hours, and for the first five months, it fell by 2.9% to 958 hours, primarily due to reduced wind speeds and grid restrictions [1] - The regions with the highest growth in wind power output in May were Shanxi (up 64%), Henan (up 50%), and Jiangxi (up 47%), while Fujian and Xinjiang saw declines of 34% and 33% respectively [1] Group 3 - The decline in the monthly bidding market electricity price in Jiangsu province is expected to have a limited impact on Longyuan Power [2] - In June, the bidding market electricity price in Jiangsu fell by 23.7% year-on-year to RMB 312.8 per MWh, with total bidding generation of 4.88 billion kWh, of which wind power accounted for only 0.06 billion kWh or 1.2% [2] - Longyuan Power's wind power output in Jiangsu for 2024 and the first quarter of 2025 is projected to be 8.21 billion kWh and 3.39 billion kWh respectively, representing 9.7% and 11.6% of its total wind power output [2]