大唐新能源に関するコメント

Despite impressive EPS growth, the market's low enthusiasm is reflected in the stock's low P/E ratio of 3.85. The recent sell-off could be an opportunity if the data indicates sustainable growth. However, investors should note 1 warning sign for China Datang Corporation Renewable Power.

We recommend taking profits on China Power utilities post >5% outperformance YTD (IPPs: flat, HSCEI: -5%). We believe tailwinds from lower coal prices are likely priced-in with strong rebound in 1H23 earnings. Yet, margin may be at risk on potential tariff cut next year, as the IPPs may reset the power contracts with lower tariff from 1Q24 amid a sluggish economy and subdued coal prices. Also, utilization hou...

Core Points
1. The demand for wind power continues to grow. Longyuan and Datang New Energy will achieve 20-25% profit growth in the first half of 2023, which is basically in line with market expectations.
2. Hydropower is less affected by the weather than expected. In the long run, the weak second quarter performance may provide an entry point for hydropower operators.
3. The construction of nuclear power units is accele...

Core points：
1. Strong 1Q23 results driven by higher generation and lower financing costs.
During 1Q23, Datang Renewable (DTR, or the "Company") recorded total power generation of 8,736 GWh (+24.7% yoy), among which wind generation was 8,209 GWh (+22.7% yoy) and solar generation was 527 GWh (+68.6% yoy). The higher generation in 1Q23 was primarily due to better...