Investment Rating - The report assigns a rating of "Buy" to the company with a target price of HKD 5.00 [1][10]. Core Views - The company possesses excellent wind power asset resources, and the profitability of its existing and newly commissioned wind power units is expected to exceed expectations due to favorable policies in the main installation areas [3][10]. - The market perceives that the company's wind power assets lack unique competitive advantages, but the report argues that the company's wind power projects have significant advantages in utilization hours and stable on-grid electricity prices [11][10]. Summary by Sections Financial Summary - The company’s revenue is projected to grow from RMB 219 billion in 2024 to RMB 304 billion in 2026, with a compound annual growth rate (CAGR) of 7.8% to 13.5% [13]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 0.48, RMB 0.66, and RMB 0.72 respectively [13][49]. Wind Power Asset Quality - The company’s wind power assets are primarily located in Hebei Province, with a total operational capacity of 636,000 kW, accounting for 98.1% of its total operational capacity [51]. - The average utilization hours for the company’s wind power projects from 2019 to 2023 were 2,459 hours, significantly higher than the provincial and national averages [59][11]. Cash Flow and Dividend Policy - The company has maintained a strong cash flow, with a projected dividend per share (DPS) of RMB 0.26 for 2025, corresponding to a dividend yield of 7.9% based on the current stock price [49][42]. - The company has consistently increased its dividend payout ratio, reaching 40.8% in 2023 [42][48]. Natural Gas Business - The company’s natural gas sales are expected to grow significantly, with projected sales volumes of 51.6 billion cubic meters in 2024, increasing to 74.5 billion cubic meters by 2026 [13]. - The natural gas segment has shown robust growth, contributing to the overall revenue increase [27]. Market Position and Strategy - The company is positioned as a key player in the clean energy sector in Hebei, focusing on wind and natural gas operations while planning to divest its solar assets [25][21]. - The company benefits from the support of the Hebei provincial government and has a strong market presence in the region [23][21].
新天绿色能源（00956）：现金充沛股息为盾，优质风电成长做矛