新天绿能：风电装机增速有望提高，唐山LNG项目进展顺利

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price not specified [5]. Core Views - The company reported a revenue of 15.789 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 20.31%, while the net profit attributable to the parent company was 1.495 billion yuan, a slight decrease of 0.74% year-on-year [1]. - The wind power generation capacity has seen a decline in output, with a total generation of 9.836 billion kWh in the first three quarters of 2024, down 3.31% year-on-year, indicating short-term pressure on the power generation segment [2]. - The company has a rich reserve of projects, with an expected increase in wind power installation growth due to ongoing construction and newly approved projects, aiming for a total renewable energy capacity of 10 million kW by the end of the 14th Five-Year Plan [3]. - The natural gas segment has shown significant growth, with gas sales reaching 4.509 billion cubic meters in the first three quarters of 2024, a year-on-year increase of 37.09%, driven by the successful operation of the Tangshan LNG terminal [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 15.789 billion yuan, a 20.31% increase year-on-year, while the net profit attributable to the parent company was 1.495 billion yuan, down 0.74% year-on-year [1]. - The average on-grid electricity price remained stable at 0.44 yuan/kWh, unchanged from the previous year [2]. Wind Power Segment - The company has a total installed wind power capacity of 6.3583 million kW, with an additional 64,500 kW added in the first half of 2024. However, the generation volume decreased by 3.31% year-on-year [2]. - The company has 610,000 kW of wind power projects under construction and has received approval for an additional 1.65 million kW of projects, with a total of 4.5078 million kW of approved but unstarted projects [3]. Natural Gas Segment - The Tangshan LNG terminal has significantly boosted gas sales, with total sales reaching 4.509 billion cubic meters, a 37.09% increase year-on-year. LNG sales alone surged by 893.26% to 947 million cubic meters [4]. - The second phase of the Tangshan LNG project is progressing well, with over 80% completion of the storage tank project [5].