Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 2.75, indicating a potential upside of 16.0% from the current price of HKD 2.37 [2][15]. Core Insights - The company is actively addressing the issue of electricity abandonment rates while gradually increasing its dividend payout ratio, which still offers an attractive yield [2]. - The company aims to maintain a target of 3 GW of new installed capacity by 2025 and is taking measures to reduce abandonment rates [6]. - The report anticipates a slight increase in the dividend payout ratio to 30% by 2025, which is expected to enhance long-term valuation [6]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 12,802 million - 2024: RMB 12,576 million - 2025E: RMB 13,239 million - 2026E: RMB 14,708 million - 2027E: RMB 15,991 million - The expected net profit for 2025 is RMB 2,425 million, with a projected earnings per share (EPS) of RMB 0.27 [5][16]. - The company’s dividend yield is projected to be 4.5% for 2025, increasing to 5.2% in 2026 [6][16]. Operational Data - The company’s installed capacity is projected to grow as follows: - Wind Power: - 2023: 12,981 MW - 2024: 14,482 MW - 2025E: 15,982 MW - Solar Power: - 2023: 2,438 MW - 2024: 4,365 MW - 2025E: 5,565 MW - Total installed capacity is expected to reach 21,546 MW by 2025 [8][16]. Market Performance - The company’s stock has shown a year-to-date increase of 13.94% and has a 52-week high of HKD 2.50 and a low of HKD 1.75 [4][6].
大唐新能源（01798）：大唐新能源（1798HK）