Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 6.05 based on a 15.5x PE for 2025 [5][9]. Core Insights - The company's wind power assets in Fujian are of high quality, and the power supply-demand situation in Fujian is favorable, indicating potential for renewable energy absorption [11]. - The current valuation shows a strong safety margin with a PB of 1.4x and a PE of 13x for 2025E, alongside expectations for asset injections, making it a long-term investment opportunity [11]. - The company experienced a decline in power generation in Q2 2025, with a total of 0.51 billion kWh generated, down 18% year-over-year, primarily due to weak wind resources [10][11]. Financial Summary - The projected financials indicate total revenue of RMB 1,732 million for 2023, with a slight increase to RMB 1,741 million in 2024, and expected growth to RMB 2,144 million by 2027 [4]. - Net profit attributable to the parent company is forecasted to decrease from RMB 678 million in 2023 to RMB 651 million in 2024, before rising to RMB 851 million by 2027 [4]. - The estimated EPS for 2025 is RMB 0.39, increasing to RMB 0.45 by 2027 [5][9]. Project Developments - The company has several projects in the pipeline, including the Chang Le offshore project with a total investment of RMB 7.3 billion, expected to contribute approximately RMB 0.5 million to annual net profit [12]. - Another project, the Chang Le B area offshore wind project, has an estimated annual net profit contribution of RMB 0.2 million [12]. - A total of 480,000 kW fishery-PV projects have been filed, with an expected annual net profit contribution of RMB 0.4 million [12].

Group 1 - The Hong Kong Dividend ETF (513530) has seen continuous net inflows for 22 trading days since April 24, 2025, reaching new highs in both scale and shares, with a year-to-date increase of over 50% [1] - As of May 28, 2025, the ETF's latest dividend yield is 7.88%, surpassing major A-share dividend indices such as CSI Dividend (6.35%) and Shenzhen Dividend (3.89%), highlighting its investment value [1] - The ETF's latest price-to-book ratio is only 0.63, indicating a combination of high dividends and low valuations, which may provide sustained long-term value for the Hong Kong dividend strategy [1] Group 2 - The Hong Kong Dividend ETF (513530) is the first ETF to invest in Hong Kong stocks through the QDII model, offering a more favorable tax structure compared to traditional channels, potentially reducing dividend tax costs for long-term holders [2] - The fund management company, Huatai-PineBridge Fund, has over 18 years of experience in index investment and has been proactive in the dividend-themed ETF sector since 2006, creating a diverse range of strategies [2] - The two largest dividend-themed ETFs in the A-share market, with scales exceeding 15 billion, are the Dividend ETF (510880) and the Low Volatility Dividend ETF (512890), with respective scales of 20.073 billion and 16.705 billion [2]