Report Industry Investment Rating - Not provided Core Viewpoints - The current supply - demand situation in the industrial silicon market remains weak, and the silicon price is under pressure. For polysilicon, the downstream restocking willingness is limited, and there is pressure for the spot price to continue rising, which restricts the upside space of the futures market [1] Summary by Related Content Industrial Silicon - **Price Information**: The average price of non - oxygenated 553 (East China) industrial silicon remained flat at 9,350 yuan/ton, and the average price of 421 (East China) remained flat at 9,750 yuan/ton. The closing price of the futures main contract rose 4.57% to 9,390 yuan/ton [1] - **Supply Situation**: The southwest production area has entered the high - cost dry season. Some silicon enterprises stopped production at the end of October, and the overall production in November is expected to drop below 400,000 tons. The north has a slight increase in furnace operation [1] - **Demand Situation**: Polysilicon and organic silicon enterprises are reducing production, and the demand for industrial silicon may decline. Silicon - aluminum alloy enterprises purchase as needed, and the downstream's willingness to stock up at low prices is limited [1] - **Investment Strategy**: The current supply - demand situation remains weak, and there is pressure on the silicon price. The trading strategy is to operate within a range, and pay attention to the registration of new warehouse receipts [1] Polysilicon - **Price Information**: N - type dense material remained flat at 51 yuan/kg, N - type re - feeding material rose 0.29% to 52.30 yuan/kg. The closing price of the futures main contract rose 4.63% to 54,625 yuan/ton [1] - **Supply Situation**: Silicon material enterprises are reducing production, but with new capacity coming on stream, the output in October may increase slightly, and it is expected to drop to about 120,000 tons in November [1] - **Demand Situation**: The polysilicon market is trading lightly, with few new transactions. The downstream is resistant to high - priced resources, waiting for industry policy guidance [1] - **Investment Strategy**: The downstream restocking willingness is limited, and there is pressure for the spot price to continue rising. The trading strategy is to go long on dips before the supply - side reform policy is implemented, and pay attention to protecting profits for existing long positions [1] Industry News - Yunnan Energy Investment won the bid for the Dazhushan Wind Farm Project in Huize County, Yunnan, with an expected installed capacity of 25,000 kilowatts [1] - Germany's new photovoltaic installed capacity in October was 1,145 megawatts. The installed capacity of ground - mounted photovoltaic systems exceeded that of rooftop systems in October, while the opposite was true in September. The demand for rooftop systems continued to decline [1]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company's performance is constrained by power restrictions and increased income tax expenses, while actively advancing the new offshore wind project [1][2] - The company is expected to benefit from the scarcity of quality wind resources and the long-term certainty of project development and asset injection [3] Financial Summary - Revenue projections for 2023A to 2027E are as follows: 1,732 million, 1,741 million, 1,769 million, 1,808 million, and 1,985 million respectively, with growth rates of -3.3%, 0.5%, 1.6%, 2.2%, and 9.8% [1] - Net profit attributable to the parent company is projected to be 678 million, 651 million, 694 million, 723 million, and 804 million from 2023A to 2027E, with year-on-year growth rates of -6.9%, -4.0%, 6.6%, 4.1%, and 11.2% [1] - The company's latest diluted EPS is expected to be 0.36, 0.34, 0.36, 0.38, and 0.42 from 2023A to 2027E [1] - The P/E ratio is projected to decrease from 14.8 in 2023A to 12.5 in 2027E [1] Operational Insights - In the first half of 2025, the company achieved a revenue of 794 million, a decrease of 2.95% year-on-year, and a net profit of 314 million, down 8.07% year-on-year [2] - The company's total power generation in the first half of 2025 was 1.405 billion kWh, a slight decrease of 0.89% year-on-year, with a notable decline in certain regions due to power restrictions [2] - The company plans to invest 1.177 billion to construct the Chang Le B District offshore wind farm project, with an expected annual grid-connected power generation of approximately 456.542 GWh [3]

Core Viewpoint - The company, Huitian Thermal Power (000692), has been designated as the owner of a 700,000 kW wind power project as part of the competitive allocation results for the second batch of 1.4 million kW wind power projects in Shenyang for 2025 [1] Group 1 - The Shenyang Development and Reform Commission has completed the competitive allocation review and public announcement for the second batch of wind power projects [1] - The company will proceed with subsequent work according to the requirements outlined in the official letter and will fulfill relevant decision-making procedures and information disclosure obligations in a timely manner [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported good performance in Fujian's wind power sector and is focusing on new project acquisitions and group asset injections [2][7] - In 2024, the company achieved total revenue of 1.741 billion yuan, a year-on-year increase of 0.54%, and a net profit attributable to shareholders of 651.15 million yuan, a decrease of 4.03% [7] - The company is actively expanding its project portfolio in Fujian, acquiring several new wind and solar projects, and is set to accelerate asset injections from its major shareholder [7] Financial Summary - **Revenue and Profit Forecasts**: - Total revenue is projected to grow from 1.741 billion yuan in 2024 to 2.964 billion yuan in 2027, with a compound annual growth rate (CAGR) of 4.33% [1][8] - Net profit attributable to shareholders is expected to increase from 651.15 million yuan in 2024 to 1.04061 billion yuan in 2027, reflecting a CAGR of 4.20% [1][8] - **Earnings Per Share (EPS)**: - The latest diluted EPS is forecasted to rise from 0.34 yuan in 2024 to 0.55 yuan in 2027 [1][8] - **Price-to-Earnings (P/E) Ratio**: - The P/E ratio is projected to decrease from 16.19 in 2024 to 10.13 in 2027, indicating an attractive valuation [1][8] - **Operational Performance**: - In Q1 2025, the company reported a revenue of 514 million yuan, a year-on-year increase of 10.43%, and a net profit of 251 million yuan, up 18.1% [7] - The total on-grid electricity generation in 2024 was 29.2 billion kWh, a year-on-year increase of 2.8%, with Fujian wind power contributing 26.4 billion kWh, up 7.3% [7]