Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment opportunities [8]. Core Viewpoints - The past two years have seen lackluster performance for the company, but the current fundamentals suggest a potential turnaround, particularly in wind energy projects and natural gas sales [2][5]. - The company is focusing on its core wind energy business, having announced the divestment of its solar assets to concentrate on wind power, which is expected to drive growth [6][54]. - The natural gas segment is anticipated to recover despite short-term challenges, supported by the strategic importance of the Tangshan LNG project [7]. Summary by Sections Company Overview - The company is a leading clean energy enterprise in North China, primarily engaged in wind and natural gas power generation, with natural gas accounting for over 60% of its revenue [5][14]. - The company has a total installed capacity of 6.96 million kilowatts, with wind power making up 95% of this capacity [6][54]. Wind Power - The company has a strategic focus on wind power, with a significant portion of its projects located in North China. The company plans to enhance its wind power capacity, particularly through high-quality offshore wind projects [6][54]. - The implementation of the 136 document policy is expected to stabilize revenue expectations for existing projects, providing a clearer outlook for profitability in the wind sector [40][53]. Natural Gas Business - The natural gas segment includes the operation of natural gas transmission and distribution facilities, with a projected sales volume of 5.89 billion cubic meters in 2024, reflecting a 15.13% year-on-year increase [7]. - Despite short-term pressures from warm winter conditions affecting sales, the long-term growth trend for natural gas remains strong, supported by the strategic importance of the Tangshan LNG project [7][18]. Investment Recommendations - The report highlights the company's stable investment value, with projected earnings per share (EPS) of 0.52, 0.58, and 0.62 yuan for 2025-2027, corresponding to price-to-earnings (PE) ratios of 7.74, 6.87, and 6.44 respectively [8]. - The company is expected to maintain a dividend payout ratio above 50%, enhancing shareholder returns [25][31].
新天绿色能源（00956）：伏风蓄势，不换新天