Gelonghui, March 29 | Guotai Junan Research Report indicates that the performance of Longyuan Electric Power (001289.SZ) in '23 fell short of expectations, and there is plenty of room for long-term growth. Considering the leading premium, the company was given a 19x PE valuation in 2025, and the target price was lowered to 21.5 yuan to maintain the “gain” rating. The company's revenue in 2023 was 37.6 billion yuan, -5.6% year on year; net profit to mother was 6.25 billion yuan, +22.2% year over year. The performance was lower than our expectations, mainly related to the impairment of large assets calculated at the end of the year. On a quarterly basis, 4Q23 revenue was 9.54 billion yuan, -1.1% year-on-year; net profit to mother was 140 million yuan, reversing year-on-year losses. In 2023, the company estimated asset impairment of 2.09 billion yuan, which is presumed to be related to the renovation of old fans. Along with the gradual advancement of “big generation to small”, and compounding rich project reserves (54 GW of new resource reserves in 2023, 23 GW of development targets obtained), it is believed that the company has broad room for long-term growth.