山高新能源（01250）：深耕光伏风力发电业务，在建项目为公司发展奠定基础

Investment Rating - The report initiates coverage with a "Buy" rating for Shandong Hi-Speed New Energy Group, assigning a target price of HKD 2.06 based on a 0.3x PB for 2025, which corresponds to a PE of 13.4 for 2026 [3]. Core Insights - The company is actively engaged in the photovoltaic and wind power generation sectors, with ongoing projects laying a solid foundation for future growth. Notable projects include a 175,000 kW distributed wind power project in Heze, which is expected to generate approximately 440 million kWh annually, saving about 132,000 tons of standard coal and reducing CO2 emissions by 315,000 tons [2][4]. - The company has a robust pipeline of projects, including a 381.25 MW wind power project in Heze that is expected to generate over 1 billion kWh annually, saving around 300,000 tons of standard coal and reducing CO2 emissions by 800,000 tons upon completion [2][4]. - The financial forecast indicates a projected net profit attributable to shareholders of RMB 225 million, RMB 301 million, and RMB 370 million for the years 2025, 2026, and 2027, respectively, with a slight decline in revenue expected in 2025 before a gradual recovery [3][5]. Summary by Relevant Sections Latest Developments - The company has commenced construction on multiple wind power projects, including a significant 175,000 kW project in Heze, which is a part of its strategy to enhance regional green energy development [2]. - The Heze 381.25 MW wind power project has successfully installed its first 6.25 MW turbine and is expected to contribute significantly to the local energy supply once operational [2]. Financial Data and Forecast - The company anticipates revenues of RMB 4.42 billion in 2025, with a slight decrease of 2% year-on-year, followed by a modest growth of 1% in 2026 and 4% in 2027 [5]. - The projected earnings per share (EPS) for 2025 is RMB 0.10, with an expected increase to RMB 0.16 by 2027 [5]. Business Overview - Shandong Hi-Speed New Energy Group focuses on the development, construction, and operation of photovoltaic and wind power projects, leveraging its strong shareholder resources and management expertise to expand its clean energy portfolio across China [8]. - The company has established a significant presence in over 20 provinces and is actively exploring international markets, aiming to become a leading player in the clean energy sector [8].