CHINA LONGYUAN(001289) 长江证券·2024-10-12 08:41Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company's wind power generation has shown a significant recovery, with a third-quarter output of 12.277 billion kWh, representing a year-on-year increase of 6.16%. This marks a turnaround from negative growth, with a quarter-on-quarter increase of 16.92 percentage points [6][7]. - The overall performance of the company's renewable energy sector is improving, with other renewable energy sources generating 2.233 billion kWh in the third quarter, a year-on-year increase of 41.75% [6]. - The company is actively engaging in investor relations and has announced plans for H-share buybacks, reflecting its commitment to shareholder value [7]. Summary by Sections Event Description - As of September 30, 2024, the company has achieved a cumulative power generation of 56.85 million MWh, a year-on-year increase of 2.42%. Wind power generation has decreased by 1.82%, while thermal power generation has decreased by 6.32%. Other renewable energy sources have seen an impressive growth of 82.76% [5]. Event Commentary - The pressure on wind power generation has eased, with significant improvements noted in September due to favorable weather conditions. The company’s wind power output in September saw a year-on-year increase of 28.64% [6]. - The company’s proactive measures in response to market conditions and its leadership role in the renewable energy sector are highlighted, showcasing its commitment to sustainable growth [7]. Investment Recommendations and Valuation - The earnings per share (EPS) forecasts for 2024-2026 are adjusted to 0.86, 1.01, and 1.12 yuan, with corresponding price-to-earnings (PE) ratios of 18.62, 15.95, and 14.33 [7].