Phillip Securities lowered the target price of United PV (00686.HK) to HK$1.05, maintaining a “buy” rating. Phillip Securities said that the company's project expansion is progressing smoothly, and it has obtained the 100MW installation mission for the photovoltaic industrial park, Datong Demonstration Base, approved by the country's first frontrunner program. Compared to ordinary projects, the frontrunner plan will not bring significant revenue growth to the company, but the efficient cleaning concept promoted by it will enhance the company's brand effect. The revenue scale increased dramatically, and United PV achieved revenue of 283 million yuan in the first half of this year, up 124.7% year on year, and EBITDA of 212 million yuan, a sharp increase of 227.3% year on year. Net profit attributable to the company's shareholders was 243 million yuan, down 28.4% year on year, and earnings per share were 5.6 points. The increase in revenue mainly came from the increase in photovoltaic projects leading to a sharp increase in power generation. The decline in net profit was mainly due to increased installed capacity due to depreciation and increased financial expenses. As of the end of the third quarter of this year, the company had 25 power plants in operation, with a total installed capacity of 807 MW, with a total installed capacity of 715 GWh in the first three quarters, with a total power generation capacity of 715 GWh, with a year-on-year increase of 50.2%. The company's new installed target for this year is 1 GW, and it is expected that a large number of power plants will be acquired in the fourth quarter. The company that took a stake in Zhangzhou Silk Road announced on December 10 that the company purchased 8.4% of the shares in Zhangzhou Silk Road at a cost of HK$15 million and will complete payment by issuing shares to the seller at a price of HK$1 per share. The main business of the Zhangzhou Silk Road is photovoltaic technology development. Currently, it is seeking opportunities to expand its business into the field of carbon emissions trading. The company's current investment should be to cooperate with the seller China Solar Power, hoping to seize future opportunities in the carbon emissions trading market.