Workflow
协合新能源(00182):高质量项目拓展,融资成本持续下行

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 0.61 per share, indicating a potential upside of 47% from the current price of HKD 0.415 [6][12]. Core Insights - The company reported a revenue of HKD 1.4 billion for the first half of 2025, a decrease of 6.6% year-on-year, and a profit of HKD 282 million, down 43.8% year-on-year, primarily due to declining resource availability, lower comprehensive electricity prices, and power restrictions [3][9]. - The company has expanded its project portfolio, adding 191 MW of new capacity in the first half of 2025, with a total installed capacity of 4,778 MW, representing an 18% increase year-on-year [4][10]. - Financing costs have decreased, with an average financing cost of 3.15% and a comprehensive financing rate of 3.63%, both at historical lows, enhancing the company's long-term investment appeal [5][11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a profit of HKD 282 million, with basic earnings per share of 3.58 cents. The average utilization hours for wind farms decreased by 6.4% to 1,142 hours, and the average comprehensive electricity price fell by 1.85 cents to HKD 0.3653 per kWh [3][9]. Project Development - The company has successfully secured new projects, including 600 MW of wind power in China and additional solar and energy storage projects outside China, maintaining a focus on high-quality project development with an internal rate of return (IRR) above 8% [4][10]. Valuation Metrics - As of June 30, 2025, the company's net assets stood at HKD 8.9 billion, with a book value per share of HKD 1.11. The current price-to-book (PB) ratio is 0.34, and the projected dividend yield for 2025 is approximately 9.64% [5][11].