According to the Haitong Securities Research Report, Funeng shares (600483.SH) had a low base in 23 years, the 24Q1 wind resources disrupted electricity volume, and the incoming wind is expected to recover throughout the year. It is expected that with the increase in the company's share ratio and the decline in market coal prices, the company's performance flexibility is expected to be further released. Assuming that the company's annual coal price (standard coal included) falls by 100 yuan/ton in '24, the company's electricity price is estimated to be further restored to 0.036 yuan, an increase of 0.016 yuan over the previous year, and the net profit of the thermal power sector is expected to increase by about 150 million yuan. In addition to the increase in profits in the wind power and thermal power sector, the bank expects a decline in the company's financial expenses and a recovery in thermal power profits from its shareholding participation, which are expected to increase the company's net profit by about 0.7/10 billion yuan in 24 years, respectively. The company was temporarily given 13-15 times PE in 2024, corresponding to a reasonable value range of 15.21-17.55 yuan, maintaining the “superior to the market” rating.