Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 79.37 [8][9]. Core Views - The company is positioned as a value stock that combines stability and growth potential, with a focus on both stable and growth-oriented business segments [1]. - The stable business segment is expected to see profit contributions gradually increase due to solid capital investments, despite a slight decline in electricity prices at the Yangjiang Nuclear Power Station [2]. - The growth segment is driven by the successful launch of multiple zero-carbon projects in mainland China and India, which are anticipated to inject growth potential into the company's performance [3]. Summary by Sections Stable Business - In Q1, electricity sales in Hong Kong decreased by 2.6% year-on-year to 7.091 billion kWh, influenced by weather conditions and the leap year in 2024. However, the company remains optimistic about profit contributions from regulated businesses due to a guaranteed profit margin of 8% on fixed assets [2]. - The nuclear power business showed stable performance with increased generation at the Daya Bay Nuclear Power Station, while the Yangjiang Nuclear Power Station maintained stable output despite a slight decrease in average electricity prices due to increased market trading [2]. Growth Business - The company's zero-carbon asset portfolio is expanding, with projects such as the 150MW wind farm in Guangxi and the 90MW solar project in Jiangsu successfully launched in Q1. The investment plan for zero-carbon projects aims to double renewable energy capacity in mainland China from approximately 3GW to 6GW by 2029 [3]. - In India, renewable energy and transmission capacity are expected to triple from approximately 2.3GW to 8GW, while Australia's storage projects are projected to grow from 0.1GW to 1.6GW [3]. Dividend and Financial Outlook - The company has consistently maintained its dividend since 1987, with a proposed interim dividend of HKD 0.63 per share for 2025, reflecting a stable dividend policy and a potential for future increases [4]. - The forecast for net profit attributable to shareholders is set at HKD 121 million for 2025, with an EPS of HKD 4.79. The target price reflects a price-to-book ratio of 1.85x for 2025, which is above the historical average [5].