CICC: Downgraded Longyuan Power (00916.HK) target price to HK$7.81, maintaining "buy" rating.

According to the Zhtng Cijng APP, CICC released a research report stating that Longyuan Power (00916.HK) saw a year-on-year decrease of 21.9% in net profit in the first quarter of this year, mainly due to a decrease in profit of about 100 million RMB after the divestment of its thermal power business. In addition, operating expenses grew far more than revenue growth. CICC pointed out that considering the wind power trading prices and operating expenses of Longyuan Power in the first quarter, it has lowered its profit forecast for fiscal year 2025 and 2026 by approximately 2.4% each, with a target price lowered to 7.81 Hong Kong dollars, while maintaining a "buy" rating.