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龙源电力：Oct operating data recap

admin2023-11-30 11:30 53人已围观 下载完整内容

简介龙源电力(001289)ChinaLongyuan(CLY)’soperatingdatainOct2023waslowerthanourexpectation

龙源电力(001289)

ChinaLongyuan(CLY)’soperatingdatainOct2023waslowerthanourexpectation,withaYoYdeclineof10.99%intotalpowergenerationduetolowerwindpowergeneration.However,thermalpowerandotherrenewablepowershowedsolidgrowth.CLYhasimplementedsharerepurchasestodemonstrateconfidenceinitsoperations.Additionally,asapioneerofrenewablepoweroperatorinChina,CLYisexpectedtobenefitfromthecollaborativeeffortsofChinaandtheUStotripleglobalrenewableenergyinstalledcapacityby2030.Consequently,weadjustourTPtoRMB23.98andmaintainBUY.

Octoperatingdataslightlymissedourestimates.InJan-Oct2023,CLYrecordedaccumulatedpowergenerationof60,953,811MWh,upby5.87%YoY.Inparticular,windpowergenerationroseby3.31%YoY,whileitsthermalpowergenerationdroppedby3.07%YoY.Duringthesameperiod,othersolarandrenewablepowermaintainedrapidgrowthof139.05%YoY.InOct2023,CLY’spowergenerationdeclinedby10.99%YoYto5,449,262MWh,draggedbylowerwindpowergenerationwhichdeclinedby19.59%YoY.However,thermalpowerandotherrenewablepowerremainedsolidgrowth,upby15.57%YoYand162.92%YoY.

CLYpreviouslyapprovedandimplementedaresolutiontorepurchaseHshares.Thesharerepurchasewillbecarriedoutinmultiplestages,withthepricenotexceeding5%oftheaverageclosingpriceofthecompany'sHsharesinfivetradingdayspriortotherepurchase.Therepurchasequantitywillnotexceed10%ofthetotalHsharesissued.InNov2023,CLYrepurchased3.58mnHshares(accountedfor0.0427%ofexistedissuedshares)atapricerangeofHK$6.07-6.43/share,totallingHK$22.5mn.CLYplanstocontinuethesharebuybacktodemonstrateconfidenceinitsoperationsandregardthecurrentsharepriceasattractive.

CLYasthepioneerofrenewablepoweroperatorinChinawillbenefitfromChina-UScollaborationintriplingrenewableenergycapacityby2030undertheSunnylandsStatement.ChinaandtheUSworkedjointlyinTheSunnylandsStatementtoaddresstheclimaticcrisisandstrivetotripleglobalrenewableenergycapacityby2030.CLYisthepioneerofrenewablepoweroperatorsinChina,itsnewenergyinstallationprocessanddevelopmentwillbefurtherspeedup.For2023E,webelieveCLYmayachieveitspreviousnewly-addedinstalledcapacitytargetof5500MW.

TPwasadjustedtoRMB23.98,maintainBUY.ThankstothestrongoperatingdataofJan-Oct2023,weloweredourestimatedwindpowerutilizationhourandsolarpowerutilizationhours,andupdatedourpredictedpowergenerationto78,575GWh/92,919GWh/109,795GWhfor23E/24E/25E.Therefore,weslightlyadjustedourTPtoRMB23.98forCLYA,basedon22xFY24EPEandFY24ErollingEPSofRMB1.09.MaintainBUY

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