Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.99, indicating a potential upside of 60% from the current price of HKD 0.62 [5][14]. Core Insights - The company achieved a year-on-year increase of 14.14% in total equity power generation for the first half of the year, with wind power generation growing by 13.96% [6][11]. - The average cost of capital is expected to decline further in 2024-2025, with current project bank loan rates around 3% and financing lease rates between 3.8% and 3.9% [7][12]. - The company aims to maintain its target of adding 1GW of new capacity in 2024, although the grid connection may be slightly delayed by 1-2 months [8][13]. Summary by Sections Investment Rating - The report sets a target price of HKD 0.99, representing a 60% upside from the current price of HKD 0.62, and maintains a "Buy" rating [5][14]. Financial Performance - For the first half of the year, total equity power generation reached 4,737.96 GWh, a 14.14% increase year-on-year, with wind power contributing 4,265.53 GWh, up 13.96% [6][11]. - The company’s net profit for 2024 is projected to be HKD 1,122 million, reflecting a 16.4% year-on-year growth [9][17]. Cost of Capital - The average cost of capital at the end of 2023 is approximately 4.6%, with expectations for further reductions in 2024 due to favorable market conditions [7][12]. Capacity Expansion - The company plans to keep its 2024 new capacity addition target at 1GW, with potential asset transfers in regions with traditional power restrictions [8][13].
协合新能源：上半年发电量稳定增长，全年新增1GW装机目标不变