Everbright's Research Reports point out that CH ENERGY ENG (3996.HK) has a competitive advantage in electrical construction and operation investment, rapidly increasing new signed Orders, and the construction of computing centers is booming, being Bullish on the company's development in the electrical and computing fields. The company’s Net income for the first three quarters of 2024 is expected to grow by 17.3% year-on-year, with excellent operating performance, revising the 2024 Net income forecast to 8.6 billion yuan (an increase of about 3%), while considering the impact of the "Document No. 136" and the challenges of growth from a high base, the 2025 Net income forecast is revised down to 9.4 billion yuan (a reduction of 11%), and a new 2026 Net income forecast of 9.8 billion yuan is added. Considering the company's low valuation level and the substantial growth potential in the Energy computing business, the "Buy" rating is maintained.