Incidents:

According to the company's announcement, based on preliminary statistics, the combined total electricity sales volume of the Company and its subsidiaries in October 2024 was 9,750,483 megawatt-hours, an increase of 20.59% over the same period last year; while the combined total sales volume for the first 10 months of 2024 was 108,220,668 megawatt-hours, an increase of 30.56% over the same period last year.

Review opinions:

Wind power +39.89% YoY in October, coal power +30.42% YoY, hydropower -25.15% YoY:

In October, the company's overall electricity sales data performed well. Apart from a decline in hydropower quarterly factors, wind power/coal/natural gas power generation all achieved high growth. The growth of wind power mainly benefits from improvements in wind resources and the incremental contributions brought about by the company's acquisition of parent company assets last year and the growth of self-built wind installations. Overall, the company performed well in the comparison of electricity sales growth data from peers, fully demonstrating that the company's diversified power generation portfolio supports the steady growth of the company's performance. Recently, the power sector has been affected by the expected decline in Guangdong Changxie electricity prices in 2025, but the company's machine assembly machines in Guangdong account for only 10% of the company's total installed capacity, so the overall impact is small.

Looking forward to the future, we are optimistic that the company's performance and dividend payments will continue to grow steadily in the medium to long term, and that the restructuring of hydropower assets back to A will lead to an increase in overall valuation. It is recommended to focus on this.