Citi released a research report saying200freespinspalmsbet, maintain the "Buy" rating of Longyuan Power (00916), with a target price of 6200freespinspalmsbet.1 Hong Kong dollar rose 31200freespinspalmsbet.1% to HK$8, and lowered its 2024 capital expenditure forecast by 7% to HK$28 billion to reflect the year-to-date decline in solar modules and wind turbine generator market prices by 10% to 11% and more than 5% respectively, improving cash flow with less capital expenditure. The company's wind farm utilization rate in the first four months of this year was lower than expected, so it lowered its 2024 net profit forecast by 7.3%.
The bank said that Longyuan's average wind power price fell 5.6% year-on-year due to an increase in the market-based electricity price sales mix and more capacity combinations were affordable power generation. Further tariff reductions are expected to be limited this year because annual sales tariffs are already fixed200freespinspalmsbet; and based on historical wind speed trends, its sales mix from North China is generally low in the second to third quarters. Therefore, the company believes that the average renewable energy price in 2024 will be similar to that in the first quarter.