BOCOM INTL published a report stating that CHINA RES POWER (00836.HK) will announce its full-year results for 2024 on March 20. After adjustments to the financial model, it is estimated that the company's core earnings will grow by 15.7% year-on-year to HKD 12.7 billion in 2024. Considering the expected limits on wind and solar project generation in 2025 and the annual rise in market transactions, while the expected difference in ignition prices for thermal power is expected to decline year-on-year, the utilization rate of the company's wind and solar projects and average electricity prices have been reduced by 1 to 2 percentage points. Therefore, profit forecasts for 2025 and 2026 have been revised down by 22% and 21%, respectively. The bank has adjusted the Target Price to HKD 23.1 based on a segment valuation method. Currently, the company's forecast PE of 6.8 times for 2025 is below the 5-year historical average, and the bank believes this has partially reflected the uncertainty of the company regarding electricity prices and utilization hours in 2025, maintaining a "Buy" rating.