Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported a mid-year revenue of USD 1.002 billion (RMB 7.144 billion), a year-on-year decline of 18.7%, and a net profit of USD 183 million (RMB 1.307 billion), down 7.3% year-on-year, slightly better than market expectations [3]. - Wind power curtailment has negatively impacted performance, although reduced fuel costs have mitigated some of the effects. The company's power generation decreased by 5.6% year-on-year to 5,289 GWh, primarily due to curtailment [3]. - The company has a total installed capacity of 9,666 MW as of June 30, 2024, with clean energy accounting for 8,107 MW, an increase of 688 MW year-on-year, mainly from solar power [3][4]. - The company benefits from its affiliation with China General Nuclear Power Group, which provides advantages in project development and management [4]. - The long-term demand for renewable energy remains promising due to the dual carbon strategy and supportive government policies [4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 is projected to be RMB 13.720 billion, with a year-on-year decline of 11.84%. The net profit is expected to be RMB 1.947 billion, reflecting a slight increase of 2.67% [5]. - The earnings per share (EPS) for 2024 is estimated at RMB 0.45, with a projected price-to-earnings (PE) ratio of 4.8 [5]. Installed Capacity and Pricing - As of June 30, 2024, the company’s clean energy capacity includes 4,436 MW of wind power and 1,759 MW of solar power, with an average domestic wind and solar electricity price of RMB 0.57 and RMB 0.58 per kWh, respectively [3][4]. Market Outlook - The report anticipates that the operating return rates in the renewable energy sector will stabilize, aligning more closely with utility-like returns due to various supportive policies [4].
中广核新能源：限电拖累业绩 期待新能源机制理顺