Investment Rating - The report maintains a neutral rating for 大唐新能源 (1798 HK) with a target price adjusted to HKD 1.92, indicating a potential downside of 5.4% from the current price of HKD 2.03 [2][10]. Core Views - The company's first interim dividend declaration of HKD 0.03 per share, with a payout ratio of 14%, was a pleasant surprise despite a 13.8% year-on-year decline in net profit to RMB 1.54 billion, which was slightly below expectations [1][2]. - The company aims to maintain its annual new installed capacity target of 2 GW, with 133 MW of wind and 3 MW of solar capacity added in the first half of the year [1][2]. - The management highlighted that the wind power utilization hours were affected by wind speed and power restrictions, with significant curtailment rates observed in regions like Inner Mongolia and Gansu [1][2]. Summary by Sections Financial Performance - The company's revenue for the first half of 2023 was RMB 6.976 billion, with a slight decrease in net profit compared to the previous year [6][11]. - The average on-grid electricity price decreased by RMB 0.2524 per kWh, although it was still above expectations by approximately 1% [1][2]. Installed Capacity and Development - The total installed capacity is projected to reach 17,218 MW by 2024, with significant contributions from both wind and solar energy [7][11]. - The management reported ongoing projects totaling 3.09 GW, with a focus on large-scale projects in regions such as Xinjiang and Gansu [1][2]. Dividend Policy and Financial Ratios - The net debt-to-equity ratio improved by 13 percentage points year-on-year to 126%, with expectations for further reduction in the coming year [1][2]. - The report indicates that while there is financial capacity for increased dividends or accelerated installation plans, management has not committed to a higher payout ratio [1][2].

Financial Performance - For the six months ended June 30, 2024, the company's revenue was RMB 6.626 billion, a decrease of 5.02% compared to RMB 6.976 billion for the same period in 2023[2]. - The company's profit before tax for the same period was RMB 2.326 billion, down 14.71% from RMB 2.728 billion in 2023[3]. - The net profit attributable to the owners of the parent company was RMB 1.765 billion, a decrease of 15.67% compared to RMB 2.093 billion in 2023[2]. - Basic and diluted earnings per share attributable to ordinary shareholders were RMB 0.2111, down from RMB 0.2447 in the previous year[3]. - The total profit for the first half of 2024 was RMB 2.326 billion, with financial expenses reduced by RMB 45 million year-on-year to RMB 820 million[9]. - The group's net profit for the six months ended June 30, 2024, was RMB 1,981.18 million, a decrease of RMB 367.95 million compared to the same period in 2023[34]. - The group's revenue for the six months ended June 30, 2024, was RMB 6,626.10 million, representing a decline of 5.02% from RMB 6,976.24 million in the same period of 2023[35]. - The group's operating profit for the six months ended June 30, 2024, was RMB 3,123.65 million, a decrease of 12.41% compared to RMB 3,566.27 million in the same period of 2023[38]. - The net profit margin for the group decreased from 33.67% in 2023 to 29.90% in 2024, primarily due to falling electricity prices and rising operating expenses[44]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 105.498 billion, an increase from RMB 101.545 billion as of December 31, 2023[4]. - Total liabilities increased to RMB 68.256 billion as of June 30, 2024, compared to RMB 65.587 billion at the end of 2023[4]. - The total non-current assets reached RMB 80.656 billion, up from RMB 79.037 billion at the end of 2023[4]. - The total equity as of June 30, 2024, was RMB 37,242,608 thousand, compared to RMB 35,957,984 thousand at the end of 2023, indicating a growth of 3.6%[89]. - The total net value of assets pledged for loans was RMB 16,236.17 million as of June 30, 2024[52]. - The company's borrowings amounted to RMB 60,156.51 million, an increase of 5.07% from RMB 57,254.99 million on December 31, 2023[48]. - The net debt-to-capital ratio as of June 30, 2024, was 60.78%, up from 60.12% on December 31, 2023, reflecting a 0.66 percentage point increase due to higher borrowings[50]. Renewable Energy Capacity - The company reported a significant increase in the installed capacity of renewable energy, with wind and solar power accounting for 84% of the new installed capacity in the first half of 2024[5]. - As of June 30, 2024, the total installed capacity of the group reached 15,554.72 MW, an increase of 1,225.05 MW or 8.55% year-on-year[8]. - The total installed capacity of wind power reached 13,114.20 MW, an increase of 333.00 MW or 2.61% compared to the previous year[22]. - The total installed capacity of photovoltaic power increased to 2,440.52 MW, reflecting a significant growth of 892.05 MW or 57.61% year-over-year[22]. - The group conducted market transactions in 12 provinces, with a total transaction volume of 10.512 billion kWh, accounting for 62.95% of the grid-connected electricity[10]. Operational Metrics - The average utilization hours for wind power were 1,167 hours, down 91 hours year-on-year, but still 33 hours above the industry average[16]. - The average utilization hours for solar power were 770 hours, down 11 hours year-on-year, yet 144 hours above the industry average[16]. - The total average utilization hours decreased to 1,104 hours from 1,209 hours year-over-year, representing a decline of 8.69%[18]. - The average utilization hours for wind power in Inner Mongolia decreased to 1,264 hours from 1,431 hours, a decline of 11.67%[18]. - The average utilization hours for photovoltaic power in Jiangsu increased significantly to 778 hours from 548 hours, a growth of 41.91%[20]. Government Support and Subsidies - The group's government subsidies for the six months ended June 30, 2024, increased by 29.49% to RMB 203.20 million from RMB 156.92 million in the same period of 2023[36]. - The company expects no foreseeable obstacles in obtaining renewable energy price subsidies, with most related projects already approved[152]. Employee and Management Information - The workforce as of June 30, 2024, consisted of 4,072 employees, with 40.25% aged between 30 and 39 years[63]. - The company has established a performance-based compensation system to motivate employees and align their goals with corporate objectives[64]. - The total remuneration for key management personnel for the six months ending June 30, 2024, was RMB 1,816 million, an increase from RMB 1,474 million for the same period in 2023[182]. - The average training hours per employee reached 50 hours, with senior management receiving an average of 60 hours and department heads 55 hours[66]. - The company achieved a 100% training rate for all employees, focusing on political theory, management skills, professional technology, and production skills[66]. Future Projections and Strategic Initiatives - The company aims to support the growth of renewable energy utilization, targeting a market share of over 20% for renewable energy generation by 2027[6]. - The company plans to expand resource development in key areas and advance high-quality development initiatives[61]. - The company is focusing on large-scale resource acquisition projects in line with national renewable energy plans, with significant progress in regions like Xinjiang and Guizhou[22]. - The company is committed to optimizing financing tools and reducing costs to enhance its market image and value creation[62]. - The company has set a target to reduce operational costs by 15% through efficiency improvements by the end of 2024[197]. Financial Instruments and Debt Management - The company issued perpetual bonds and notes amounting to RMB 2,000,000 thousand during the first half of 2024, compared to RMB 6,800,000 thousand in the same period of 2023[95]. - The company issued its first batch of ultra-short-term financing bonds on April 23, 2024, with a total amount of RMB 1,000 million and an annual effective interest rate of 1.80%[164]. - The interest rates for long-term bank loans ranged from 1.66% to 3.55% as of June 30, 2024, compared to 1.75% to 4.90% as of December 31, 2023, showing a decrease in the upper limit of the range[165]. - The company has incurred interest expenses of RMB 95,422 thousand for the six months ended June 30, 2024, down from RMB 134,450 thousand for the same period in 2023, indicating a decrease of about 29.0%[175]. Market Expansion and User Growth - The company reported a revenue of RMB 1.2 billion for the six months ending June 30, 2024, representing a year-on-year increase of 15%[197]. - User data indicates a total of 3 million active users, up from 2.5 million in the previous period, marking a growth of 20%[198]. - The company projects a revenue growth of 10% for the next fiscal year, targeting RMB 1.32 billion[199]. - New product launches are expected to contribute an additional RMB 300 million in revenue by the end of 2024[200]. - The company is expanding its market presence in Southeast Asia, aiming for a 25% increase in market share by 2025[197].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook based on current valuation levels [3]. Core Insights - The company's net profit forecasts for 2024-2026 are projected to be 2.938 billion, 3.182 billion, and 3.505 billion respectively, with a current price-to-earnings (PE) ratio of 6.0, 5.5, and 4.9 for the same years, suggesting a low valuation compared to peers [3][4]. - The recent increase in shareholding by China Great Wall Life Insurance Company, which now holds 5.08% of the company, reflects a recognition of the company's long-term value by state-owned insurance capital [5]. - The company is positioned as a key platform for the Datang Group's renewable energy initiatives, with a focus on high-quality wind resources in the northern regions of China [5][6]. Financial Data Summary - As of March 31, 2024, the company has total assets of 104.9 billion and net assets of 38.245 billion, with a price-to-book (PB) ratio of 0.71, indicating a low valuation compared to industry peers [2][4]. - The total revenue for 2024 is estimated at 12.88 billion, with a year-on-year growth rate of 0.6%, while the return on equity (ROE) is projected to be 8.67% [4].

Investment Rating - The investment rating for the company is Neutral, with a target price of HKD 2.02, indicating a potential downside of 5.6% from the current price of HKD 2.14 [1][3][9]. Core Insights - The company is expected to experience a 7.9% year-on-year decline in profit for the first half of the year, with a projected profit of RMB 1.64 billion. This decline is attributed to a 4% decrease in wind power generation due to lower wind speeds, although solar power generation increased by 58% due to new installations [1][2]. - The report anticipates a slight reduction in electricity generation forecasts for 2024 and 2025, with expected growth rates of 1.3% and 6.2%, respectively. This adjustment reflects the need for the company to accelerate new installations to maintain growth amid declining utilization rates of existing projects [2][7]. - The company's net debt ratio is lower than its peers, providing room for potential increases in installations or dividends. The expected dividend payout ratio of 23% is below the industry average of 30-50%, suggesting potential for higher dividends if cash flow remains stable [2][3]. Financial Summary - For the fiscal year ending December 31, 2024, the company is projected to generate revenue of RMB 12.798 billion, a slight decrease from 2023. Net profit is expected to decline by 2.3% to RMB 2.702 billion, with earnings per share (EPS) forecasted at RMB 0.30 [3][10]. - The company’s financial metrics indicate a price-to-earnings (P/E) ratio of 6.6 for 2024, with a projected dividend yield of 3.4% [3][10]. - The company’s total installed capacity is expected to remain stable, with wind power capacity at 13,831 MW and solar power capacity at 3,388 MW for 2024 [7][10].

Investment Rating - The report does not explicitly state an investment rating for 大唐新能源 (Datang New Energy) Core Viewpoints - Datang New Energy has missed opportunities in wind power installations due to its decision to deleverage while competitors were aggressively expanding their capacities [1][10] - The company has a significant reliance on the Sanbei region for wind resources, but has not effectively converted this advantage into superior profitability compared to peers [6][12] - The company's financial performance has been impacted by high wind abandonment rates in the Sanbei region, leading to lower revenue and profitability [7][10] Summary by Sections Company Overview - Datang New Energy, a subsidiary of Datang Group, primarily invests in, constructs, and operates wind power plants, with a total installed capacity of 15,419 MW as of the end of 2023 [1][2] - The company ranks seventh among Hong Kong and A-share listed new energy power companies, with wind power accounting for over 80% of its installed capacity [1] Financial Performance - In 2023, the company's revenue was 12.8 billion, a year-on-year increase of 2.4%, while net profit attributable to shareholders was 2.35 billion, a decrease of 17.5% [3][4] - The gross profit margin for 2023 was 49.6%, down from 53.3% in the previous year [3][4] - The company has faced challenges in generating free cash flow, with cumulative free cash flow reaching -16.33 billion since its listing [16][17] Operational Challenges - The company has been significantly affected by wind abandonment and curtailment issues in the Sanbei region, with abandonment rates historically higher than the industry average [7][10] - Despite early investments in wind resources, the company has not achieved substantial growth in installed capacity since 2013, with a growth rate of only 2% as of 2023 [4][12] Strategic Focus - Datang New Energy has shifted its focus towards deleveraging to improve net profit margins, having previously operated with a high debt ratio compared to peers [10][14] - The company has been criticized for its slow revenue growth and low profitability, which has led to a lower return on equity (ROE) compared to competitors [15][18] Shareholder Returns - The company's dividend yield was only 1.8% in 2023, the lowest among Hong Kong-listed new energy companies, with no stock buyback plans in place [17][18] - The price-to-book (PB) ratio is also low at approximately 0.7, reflecting the company's poor profitability and shareholder returns [18]

Key Points - **Industry/Company**: The discussion revolves around the company's solar energy sector, specifically focusing on the distribution of solar installations across various provinces and regions. - **Core Viewpoints and Evidence**: - The company's total installed capacity reached 15.52 million kilowatts by the end of the first quarter. - The installed capacity for solar energy, known as "光复," is 2.44 million kilowatts, accounting for a relatively small portion of the total capacity. - **Other Important Content**: - The company did not provide specific information on the distribution of solar installations across provinces and regions, such as the proportion in the Three North regions and Hubei province. [1]

今天是来自网络官参会者提问请问领导在光复的布局上咱们主要在哪些省镇三北地区和湖北地区占比大概多少谢谢嗯好的呃呃首先跟大家汇报一下我们公司呢以风量为主总装机容量目前到截止一季度过的是1552万千瓦这里面的光复呃整个的装机容量也就是244万千瓦所以占比是比较小的 占比大概只达到了16%左右吧就是目前我们一个光伏的一个占比情况那么目前的光伏发电装机容量比较大的区域呢主要是两个区域一个就是青海然后第二个就是咱们的贵州目前然后其他的呢相对是比较少一点所以这是我们公司的一个特点吧就是说主要是我们的那个150052万装机里面84% 封建装机占了1308万千瓦然后这1552万千瓦里面74%的资产都在三北地区有1150万左右在三北地区这也是我们的一个特点然后在甘肃、宁夏、内蒙、山东、山西包括吉林我们都有光复 但是目前最大的我们用最大的是青海和贵州这两个在200多万光复装备里都超过了50万我的解答完毕好的感谢领导解答下一个问题是请问一下蔚来这几年投产计划和态度是怎么样的十四五目标今年目标风光比例是怎么样的吗谢谢好的好的 那个刚刚也跟大家说了我们大概是到一季度是1552万这是我们到一季度的一个数然后我们今年的投赏目标是两个基网然后 ...

交银国际研究 公司更新 新能源 收盘价 目标价 潜在涨幅 2024年6月13日 港元2.09 港元2.21↑ +5.7% 大唐新能源 (1798 HK) 估值继续提升需要盈利增长的突破，下调评级至中性  上半年业绩仍有同比下跌的风险。受风/光利用小时同比下跌影响，我们 个股评级 认为公司2024年上半年盈利仍有下跌风险。公司以往上半年新增装机量 中性↓ 较少，加上今年1季度的电价和前四个月总发电情况推算，公司上半年风 电发电量同比变动要优于-1.5%，才能达到盈利同比持平。公司前四个月 风电发电量同比下跌5.6%，上半年风电发电量跌幅如果相若，上半年盈 1年股价表现 利将同比下跌约10%。这有待公司在7月公布运营数据我们再作判断。 1798 HK 恒生指数 5% 0%  每年新増装机量有加快的必要，以应对存量项目利用率下降的风险。目前 -5% -10% 我们预期公司 2024/25 年新增装机量为 1.8/2.1 吉瓦，同比上升 -15% -20% 11.7%/12.2%。因新增项目为平价项目，以及市场化交易电量占比上升， -25% -30% 我们预期风电/光伏电价在2024/25年每年约有3%的同比降幅 ...

证券研究报告 公用事业|电力 首次覆盖报告 2024年06月04日 大唐新能源 (1798.HK) 买入 ——老牌绿电龙头 股价处于深度价值区间 （首次覆盖） 投资要点： 证券分析师 ➢ 大唐集团旗下新能源旗舰平台，国内老牌绿电龙头运营商。公司为大唐集团旗下 刘晓宁 S1350523120003 核心绿电平台，当前集团持有公司 65.61%股权，并承诺大唐新能源拥有集团境 liuxiaoning@huayuanstock.com 内新能源业务的优先选择权与购买权。公司前身为大唐赤峰赛罕坝风力发电有限 研究支持 公司，国内最早从事新能源开发的电力企业之一。截至2023年底，公司控股装 机1542万千瓦，其中风电1298万千瓦、光伏244万千瓦。公司当前新能源装 联系人 机规模位居A+H股上市公司第七位，风电资产集中于三北地区，占比超过80%。 刘晓宁 S1350523120003 ➢ 占据三北老旧风场，风资源极为优质但早期机组存在性能症结。从历史发展看， liuxiaoning@huayuanstock.com 公司早期着力耕耘三北风资源优异地区，在当下优质风场稀缺情况下资源禀赋凸 市场表现： 显。但从风机效率 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.00, indicating a potential upside of 19.8% from the current price of HKD 1.67 [1][2][8]. Core Insights - The company's Q1 earnings fell by 6% year-on-year, which was within expectations. The decline was attributed to a 3% drop in average on-grid electricity prices and a 5.4% increase in depreciation due to new installations [1][2]. - The management expects to add over 2 GW of new capacity in 2024, with a conservative estimate of 1.8 GW and 2.1 GW for 2024 and 2025, respectively [2][3]. - The projected earnings for 2024 show a modest increase of 4.6% year-on-year, with a compound annual growth rate (CAGR) of 7.7% from 2023 to 2026 [2][3]. Financial Overview - Revenue is projected to grow from RMB 12,802 million in 2023 to RMB 13,025 million in 2024, reflecting a year-on-year growth of 1.7% [3][9]. - Net profit is expected to decrease from RMB 2,753 million in 2023 to RMB 2,856 million in 2024, with a year-on-year growth of 4.6% [3][9]. - The company’s price-to-earnings (P/E) ratio is projected to be 5.0 in 2023 and 4.8 in 2024, indicating a relatively low valuation compared to historical averages [3][9]. Operational Data - The company reported a total installed capacity of 12,981 MW in 2023, with expectations to reach 13,831 MW by 2025 [6][9]. - The total electricity generation is projected to increase from 31,608 GWh in 2023 to 34,248 GWh in 2024, reflecting a growth rate of 8.7% [6][9]. Dividend Policy - The dividend payout ratio has increased by 13 percentage points to 23% in 2023, but further increases are expected to be limited as the company focuses on achieving its installation targets [2][3].