CHINA LONGYUAN(001289):LEAD THE WAY AS THE RENEWABLE FRONTRUNNER
CHINA LONGYUAN(001289):LEAD THE WAY AS THE RENEWABLE FRONTRUNNER
China Longyuan (CLY) reported revenue of RMB28.097bn for 1Q-3Q23, experiencing a 7.00% YoY decrease. However, its net profit saw a notable increase of 18.95% YoY to RMB6.379bn thanks to a rapid rise in newly added installed capacity of wind and solar power and lower operating costs. Additionally, CLY is actively focusing on "substitution of large for small" of wind turbine its old wind turbines to enhance long-term results and is actively engaged in green electricity and certificate trading. The coverage of China Longyuan-A is transferred to us, and we assign a TP of RMB23.28 with a BUY rating.
中國龍源（CLY）報告稱，1Q-3Q23 的收入爲280.97億元人民幣，同比下降7.00％。但是，由於風能和太陽能新增裝機容量的迅速增加以及運營成本的降低，其淨利潤同比顯著增長18.95％，達到63.79億元人民幣。此外，CLY積極關注風力渦輪機 “以大代小”、其舊風力渦輪機，以提高長期業績，並積極參與綠色電力和證書交易。中國龍源A的覆蓋範圍已移交給我們，我們分配的目標價爲23.28元人民幣，評級爲買入。
1Q-3Q23 earnings beat. For 1Q-3Q23, CLY's revenue was RMB28.097bn, down by 7.00% YoY. However, the attributable net profit increased by 18.95% to RMB6.379bn. In particular, the wind power generation revenue saw a 3.53% increase, while the thermal power segment revenue experienced a 34.17% YoY decline. Other renewable power segment saw a solid increase of 68.48%YoY driven by robust solar power growth. The net profit attributable to shareholders up by 14.1% YoY thanks to increased newly-added installed capacity and lower operating cost.
1Q-3Q23 的收益超過了。1Q-3Q23，CLY的收入爲280.97億元人民幣，同比下降7.00％。但是，應占淨利潤增長了18.95％，至63.79億元人民幣。特別是，風力發電收入增長了3.53％，而火電板塊的收入同比下降了34.17％。在強勁的太陽能增長的推動下，其他可再生能源板塊同比穩步增長68.48％。歸屬於股東的淨利潤同比增長14.1％，這要歸功於新增裝機容量的增加和運營成本的降低。
Taking advantage of the "substitution of large for small" policy, CLY has actively upgraded and expanded old wind turbines' installed capacity, expecting significant long-term earnings improvement. The policy allows for the retrofitting and upgrading of old wind turbines that have operated for over 15 years with installed capacity below 1.5 MW. CLY, with nearly 30 years of wind power project operation experience, owns a significant number of old turbines, with 70% having a capacity below 1.5 MW and 3,000 turbines below 1 MW. Seizing the policy opportunity, CLY aims to enhance its wind power generation efficiency and project scale.
利用 “以大換小” 的政策，CLY積極升級和擴大舊風力渦輪機的裝機容量，預計長期收益將得到顯著改善。該政策允許改造和升級已經運行了15年以上、裝機容量低於1.5兆瓦的舊風力渦輪機。CLY擁有近30年的風力發電項目運營經驗，擁有大量的舊渦輪機，其中70％的容量低於1.5兆瓦，3,000颱風機容量低於1兆瓦。抓住政策機遇，CLY旨在提高其風力發電效率和項目規模。
On-grid tariffs of wind power and thermal power improved in 1Q- 3Q23; CLY has actively engaged in green electricity and green certificate trading. Both wind and thermal power tariffs rose in 1Q-2Q23, driven by higher tariffs and electricity demand in the southern region. Additionally, CLY has actively engaged in green electricity and green certificate trading, generating an income of RMB400mn from approximately 1bn kWh of trading. It has mature experience in green electricity and green certificate trading, which we think will provide favorable prospects for future growth.
風能和火電的併網電價在23年第一季度至第三季度有所提高；CLY積極參與綠色電力和綠色證書交易。在南部地區更高的電費和電力需求的推動下，1Q-2Q23 的風能和火電費率均有所上漲。此外，CLY積極參與綠色電力和綠色證書交易，從約10億千瓦時的交易中創造了4億元人民幣的收入。它在綠色電力和綠色證書交易方面擁有成熟的經驗，我們認爲這將爲未來的增長提供良好的前景。
Assign a TP of RMB23.28 for China Longyuan-A with a BUY rating. We estimate CLY's EPS for 2023/2024 to be RMB0.97/1.14, representing an increase of 58.6/17.8% YoY. We assign a TP of RMB23.28 for CLY-A, based on a target FY23E P/E ratio of 24.0x. Currently, CLY-A trades at 21.5x FY23E P/E, and we believe the valuation is attractive, given the rapid growth of its newly-added installed capacity of wind and solar power, and solid revenue growth potential from retrofitting old wind turbines. We have a BUY rating on the stock.
將中國龍源-A的目標價定爲人民幣23.28元，評級爲買入。我們估計，CLY在2023/2024年的每股收益爲人民幣0.97/1.14元，同比增長58.6/ 17.8%。根據24.0倍的 FY23E 市盈率目標，我們將CLY-A的目標市盈率定爲23.28元人民幣。目前，CLY-A的市盈率爲 FY23E 的21.5倍，鑑於其新增的風能和太陽能裝機容量的快速增長，以及改造舊風力渦輪機的強勁收入增長潛力，我們認爲該估值具有吸引力。我們對該股的評級爲買入。
譯文內容由第三人軟體翻譯。