低估值民营运营商多业务协同发展，项目储备充足、股息率高且稳定

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 5.16 CNY per share, based on a projected 12x valuation for 2024 [103]. Core Insights - The company has a strong focus on renewable energy development, with five business segments working in synergy to enhance overall competitiveness [125][149]. - The company has demonstrated a steady increase in dividend yield, reaching 2.12% in 2022, which is considered high within the industry [37][10]. - The company’s wind power projects have shown superior profitability compared to industry averages, with a gross margin of 63% in 2022 [45][114]. Summary by Sections Business Overview - The company primarily engages in renewable energy development, with a total installed capacity of 1989.375 MW as of 1H23, of which wind power accounts for 93% [32][152]. - The company has a robust project reserve, with a total capacity of 9.8 GW across various stages of approval and development [7]. Financial Performance - For 1H23, the company reported total revenue of 1.3 billion CNY, with renewable energy generation accounting for approximately 93% of this revenue [31][140]. - The company’s net profit for the first three quarters of 2023 increased by 52% year-on-year [11]. Dividend and Incentive Mechanism - The company has implemented a stock incentive plan, which has been successfully completed over the past three years, contributing to its stable growth in revenue and profit [20][131]. Wind Power and Project Development - The company’s wind power projects have a total installed capacity of 1853 MW as of 1H23, with a year-on-year increase of 62 MW [40]. - The company has secured 1.27 GW of new wind power projects approved in 2023, indicating ongoing growth in this segment [136]. Asset Management and Fund Operations - The company has developed a fund business that plays a crucial role in supporting its four main business segments, facilitating project development and asset management [60][78]. - The asset management segment has shown significant growth, with revenues expected to increase by 20% in the coming years [91].