Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.75, representing a potential upside of 44% from the current price of HKD 0.52 [2][12]. Core Insights - The company has shown a strong growth trend in wind power generation, with a total equity generation of 682.04 GWh in October 2024, marking a year-on-year increase of 16.27%. Wind power generation specifically increased by 18.98% [5][9]. - The company is actively adjusting its business strategy to reduce costs and improve efficiency in response to a competitive market environment. Management expenses decreased by 4.1% year-on-year, and the average financing cost dropped by 45 basis points to 4.15% [6][10]. - Recent share buybacks have enhanced earnings per share (EPS), with a total of 29.93 million shares repurchased at prices between HKD 0.53 and HKD 0.54, totaling HKD 15.96 million. The current valuation metrics indicate a dynamic PE of approximately 3.5 times and a PB of about 0.46 times, highlighting a low valuation level and a dividend yield of around 7.69% [7][11]. Financial Summary - The company reported a revenue of RMB 2.679 billion in 2022, with a projected revenue of RMB 3.235 billion for 2024, reflecting a year-on-year growth of 25% [8][17]. - Net profit is expected to grow from RMB 964 million in 2023 to RMB 1.121 billion in 2024, indicating a growth rate of 16.3% [8][17]. - The company’s total assets are projected to be RMB 30.455 billion in 2024, with total liabilities of RMB 21.825 billion, resulting in a shareholder equity of RMB 8.371 billion [17][18].
协合新能源：调整业务策略，降本提效稳增长