Investment Rating - The report assigns a "Buy" rating for the company with a target price of 5.46 HKD per share, based on a comprehensive valuation of its business segments [5][74]. Core Views - The company operates as a clean energy platform in Hebei, focusing on natural gas sales and wind power generation, with significant installed capacity and a diverse project portfolio across multiple provinces [12][21]. - The company's performance is expected to recover in 2025, with a projected net profit of 25.49 billion HKD, reflecting a substantial increase of 52.40% compared to the previous year [73]. Summary by Sections 1. Company Overview - The company is a leading clean energy developer in North China, established in 2010, focusing on integrating natural gas and renewable energy assets [12][18]. 2. Wind Power - The company has a significant installed wind power capacity of 6.5874 million kW, with a focus on projects in Hebei and surrounding regions [21][48]. - The average on-grid electricity price for Q1 2025 is 0.43 CNY per kWh, maintaining stability compared to the previous year [50]. - The company is actively developing offshore wind projects, with a total of 2 million kW capacity under approval [55]. 3. Natural Gas - The total gas transmission and sales volume for 2024 is projected to be 5.888 billion cubic meters, showing a year-on-year increase of 15.13% [59]. - The LNG terminal project is expected to enhance revenue, with the first phase already operational and the second phase progressing well [63][64]. - The company completed LNG sales of approximately 1.123 billion cubic meters in 2024, indicating significant growth potential [64]. 4. Profit Forecast and Valuation - The company is expected to achieve revenues of 22.407 billion, 24.034 billion, and 26.960 billion HKD from 2025 to 2027, with corresponding net profits of 2.549 billion, 2.516 billion, and 2.990 billion HKD [73]. - The target market values for the natural gas and wind power segments are estimated at 7.030 billion HKD and 15.946 billion HKD, respectively, leading to a combined market value of 22.976 billion HKD [74].
新天绿色能源：“风电+天然气”双轮驱动，区位优势显著-20250525