Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 4.93 HKD per share [5][14]. Core Insights - The company's overall performance has been pressured by a decline in gas sales volume, despite strong performance in the wind power sector. For H1 2025, the company reported a revenue of 10.904 billion HKD, a decrease of 10.16% year-on-year, and a net profit of 1.412 billion HKD, down 1.23% year-on-year [1]. - Wind power projects are progressing well, with a cumulative installed capacity of 6.8748 million kW as of H1 2025, and a wind power generation of 8.065 billion kWh, reflecting a year-on-year growth of 8.34% [2]. - The gas sales volume decreased significantly, with total sales of 2.814 billion cubic meters in H1 2025, down 17.07% year-on-year, primarily due to reduced heating demand and weak industrial demand [3]. - The company is focusing on its core business and has begun divesting from non-core solar power projects, which is expected to improve its fundamentals [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a total revenue of 10.904 billion HKD, a decrease of 10.16% year-on-year, and a net profit of 1.412 billion HKD, down 1.23% year-on-year. The Q2 2025 results showed a revenue of 3.993 billion HKD, a decline of 5.61%, and a net profit of 458 million HKD, down 23.43% [1]. Wind Power Development - As of H1 2025, the company has a cumulative controlling installed capacity of 6.8748 million kW and a cumulative commercial operating capacity of 6.4736 million kW. The wind power generation for H1 2025 was 8.065 billion kWh, with a year-on-year increase of 8.34% [2]. Gas Sales and LNG Projects - The total gas sales volume for H1 2025 was 2.814 billion cubic meters, a decrease of 17.07% year-on-year. The LNG sales volume was 498 million cubic meters, down 27.94% year-on-year. The company is progressing with its LNG project in Tangshan, which is expected to enhance gas sales volume upon completion [3]. Business Strategy and Future Outlook - The company is adjusting its business strategy to focus on core operations, divesting from solar projects. As of H1 2025, the company has approved a cumulative capacity of 2.88 million kW for gas turbine projects, which is expected to boost downstream demand [4]. The profit forecast for 2025-2027 has been adjusted to 2.202 billion HKD, 2.519 billion HKD, and 2.743 billion HKD, reflecting a year-on-year growth of 31.68%, 14.37%, and 8.89% respectively [4].
新天绿色能源（00956）：风电板块表现较优，售气量下滑致整体业绩承压