The Zhitong Finance App learned that Longyuan Electric Power (00916) fell by more than 3%. As of press release, it was down 3.52% to HK$5.76, with a turnover of HK$154 million.

According to the news, Longyuan Electric Power announced its results for the first quarter of 2024, with revenue of RMB 9.877 billion, up 0.10% year on year. Among them, revenue from the wind power division was RMB 7.376 billion, down 4.70% year on year; revenue from the thermal power division was RMB 1,976 billion, up 3.28% year on year; and net profit attributable to shareholders of listed companies was RMB 2,393 million, up 2.47% year on year.

According to Minsheng Securities, as of the end of 1Q24, the company's installed wind power capacity was 27.786 million kilowatts, up 6.1% year on year, adding 26,300 kilowatts in a single quarter; however, due to the year-on-year decline in wind speed, the average usage time of Q1's wind power was 640 hours, a decrease of 14 hours over the same period last year, a decrease of 2.1%. It is expected that due to an increase in the market-based ratio, the company's comprehensive wind power price may drop year on year, and Q1's wind power sector revenue (excluding concession services) fell 4.7% year on year to 7.376 billion yuan. At the same time, considering depreciation growth due to increased installed capacity, the wind power sector's performance was briefly under pressure.