On July 23, Guolong Hui reported that CGN Power (1816.HK) recently released its operating performance for the first half of the year, with a power generation of 113.4 billion kilowatt hours and a YoY growth of 0.08%. The number and time of major overhauls in the first half of the year increased compared with the same period, and the power generation remained basically stable, which is basically in line with expectations. At the same time, with the background of the new unit grid connection and the flexible release of Taishan unit, the performance is expected to be released in the second half of the year. The bank expects the company's profit to maintain steady growth, raising the target price to HKD 3.80, corresponding to a 2024 profit valuation of 15.8 times, and maintaining a "buy" rating.