Hua Yuan Securities: Maintains a "buy" rating on Longyuan Power, with wind and photovoltaic installed capacity increasing faster than power generation.

Huayuan Securities research report pointed out that Longyuan Power achieved revenue of 81.4 billion yuan in the first quarter of 2025, a year-on-year increase of 0.92% in continuing operating income compared to last year; net profit attributable to ordinary shareholders was 19.77 billion yuan, a year-on-year decrease of 21.82%. The company's first-quarter performance was lower than market expectations, possibly due to poor wind resources in some regions. As of the first quarter of 2025, the company's controlled installed capacity was 41.15 million kilowatts, with wind power installed capacity of 30.44 million kilowatts, a year-on-year increase of 10%; photovoltaic installed capacity of 10.7 million kilowatts, a year-on-year increase of 65%. The installed capacity growth rate of wind power and photovoltaics is higher than the growth rate of power generation, mainly due to a year-on-year decrease in wind resources in some large capacity regions. It is believed that wind power, compared to photovoltaics, has higher barriers and provides lower cost in a few supplies, which is not fully reflected in the early development of new energy. Wind power operation is an industry that relies on historical inheritance, where high-quality resources are obtained first and the advantage of the company as a wind power pioneer may be difficult to catch up with. The rating is maintained at "buy".