智通财经网·2025-09-12 01:53Core 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].