2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for Longyuan Power [3][5]. Core Views - Longyuan Power's 2023 annual report shows a revenue of 37.642 billion RMB, a decrease of 5.57% year-on-year, while net profit attributable to shareholders increased by 22.27% to 6.249 billion RMB, slightly below expectations [2]. - The company plans to distribute a dividend of 0.2225 RMB per share, resulting in a dividend yield of 4.40% based on the closing price on March 29 [2]. - The growth in installed capacity supports a significant increase in wind power generation, despite challenges in electricity pricing and operational efficiency [2]. - The company has a robust project reserve, with a total installed capacity of 35.69 GW by the end of 2023, including 27.75 GW from wind power [2]. Financial Performance and Forecast - Financial expenses decreased to 3.403 billion RMB in 2023 from 3.806 billion RMB in the previous year, reflecting lower loan interest rates [3]. - The forecast for net profit attributable to shareholders is adjusted to 7.635 billion RMB for 2024 and 8.266 billion RMB for 2025, with a new estimate of 9.338 billion RMB for 2026 [3][4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 5.5 for 2024, 5.0 for 2025, and 4.5 for 2026 [3][4].