According to a research report released by Phillip Securities, United Photovoltaics (00686-HK) has been growing steadily in power generation, maintaining the company's target price of HK$1.05 and its “buy” rating. According to Phillip Securities, United PV released power generation data for the fourth quarter of 2015. The company had a total of 25 grid-connected power plants in the fourth quarter, with a total installed capacity of 976 MW and a total power generation capacity of 247.69 GWh, an increase of 36.67% over the previous year. The total power generation capacity of 2015 was 938.2 GWh, and the company's power generation increased steadily. Phillip Securities recently shared the company's recent situation with United PV Investor Relations Zhou. The main points are as follows: 1. The company currently has 1 GW of power plants in settlement status. Affected by electricity price adjustments, this year's new grid connection target has not been achieved. The company's new grid connection target for the next two years is 1 GW each year. 2. Currently, 93% of the company's power stations are located in the northwest region, and power restrictions mainly occur in Xinjiang and Gansu. This year, the power limit rate for the company's power stations in Xinjiang is 10-20%, and the power limit rate for projects in Gansu is 50%-60%. 3. The Huawei smart power plant management system that the company has just put into operation is working well. Currently, 7 power stations are connected to the system. In the future, the remaining power stations will be connected one after another. The system can lock down problematic components within 5 square meters, and staff can fix problems in the shortest possible time. 4. At present, the company is still quite cautious about distribution. Currently, it is mainly considering cooperation with companies owned by China Merchants, such as China Merchants Logistics, China Investment Bonded, etc. Phillip Securities said that although United PV failed to complete its acquisition target in 2015, the acquisition of some projects was delayed, which did not affect the company's rapid development in the long run. Although the feed-in tariffs for photovoltaic power plants have been reduced more than expected, the company will still maintain the IRR standard of more than 9% for project acquisitions.