Investment Rating - The report initiates coverage with a "Buy" rating for Datang New Energy [4][30]. Core Views - Datang New Energy is a leading green energy operator in China, with a strong focus on wind and solar power, holding a total installed capacity of 15.42 million kilowatts as of the end of 2023 [4][15]. - The company is positioned to benefit from a national push for large-scale equipment upgrades, which may enhance operational efficiency by replacing older wind turbines with more efficient models [4][23]. - Despite current challenges in the green energy sector, the company's valuation is at a historical low, providing a significant margin of safety for investors [5][9]. Summary by Sections 1. Datang Group's Green Energy Platform - Datang New Energy is the flagship platform for renewable energy under Datang Group, which holds a 65.61% stake in the company [4][15]. - The company has a total installed capacity of 15.42 million kilowatts, with wind power accounting for 12.98 million kilowatts and solar power for 2.44 million kilowatts [4][15]. 2. Upgrading Old Wind Farms - The company operates in the "Three North" regions, which have high-quality wind resources, but faces challenges due to older turbine models that have lower efficiency [4][21]. - A government initiative encourages the replacement of older wind turbines, which could significantly improve the company's operational efficiency [4][23]. 3. Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are estimated at 2.938 billion, 3.182 billion, and 3.505 billion yuan respectively, with corresponding PE ratios of 5.8, 5.3, and 4.7 [5][28]. - The company’s current dividend yield is 4.0%, with a cash dividend of 0.07 yuan per share for 2023 [5][9].
大唐新能源：老牌绿电龙头 股价处于深度价值区间