CHINA LONGYUAN(00916) Tianfeng Securities·2024-11-07 05:23Investment Rating - The investment rating for the company is "Buy" with a target price of 6.92 HKD, maintained from previous assessments [2]. Core Insights - The company reported a revenue of 26.35 billion HKD for the first three quarters of 2024, a decrease of 6.37% year-on-year, with a net profit attributable to shareholders of 5.668 billion HKD, down 11.38% year-on-year [2]. - The company has completed the transfer of equity in Jiangyin Sulong Thermal Power Co., resulting in a reduction of controlled installed capacity by 1.24 GW, while new units have been put into operation, leading to a total controlled installed capacity of 37.01 GW as of the end of September [2]. - The company plans to inject 4 GW of new energy assets, with an initial batch of approximately 2 GW, as part of a strategy to enhance its operational capacity and market position [2]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a revenue of 26.35 billion HKD, with the wind power segment generating 19.116 billion HKD (down 8.35%), thermal power at 5.439 billion HKD (down 12.48%), and solar power at 1.568 billion HKD (up 65.51%) [2]. - The net profit for Q3 alone was 1.647 billion HKD, reflecting a year-on-year increase of 29.89%, attributed to new unit contributions and equity disposal gains [2]. Operational Highlights - The company’s wind power utilization hours decreased by 108 hours year-on-year to 1,607 hours, with wind power generation at 43.9 billion kWh, a slight decline of 1.82% [2]. - Solar and other renewable energy generation saw a significant increase of 82.76%, reaching 5.8 billion kWh [2]. Future Outlook - The company forecasts net profits attributable to shareholders of 6.6 billion, 7.5 billion, and 8.2 billion HKD for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 9, 8, and 7 times [2].