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【Brokerage Focus】Huayuan Securities maintains a "Buy" rating for CGN NEW ENERGY (01811), stating that wind power is the main reason for the company's profit decline.
Jinwu Financial News | Huayuan Securities research points out that in 2024, CGN NEW ENERGY (01811) will achieve revenue of 1.951 billion USD, a year-on-year decline of 11%, with a Net income of 0.248 billion USD, a year-on-year decline of 7.3%. In 2024, the company will distribute a dividend per share of 11.27 Hong Kong cents/share, corresponding to a payout ratio of 25%, which is the same as last year (dividend amount/Net income), with a current dividend yield of 5%. The bank stated that in 2024, domestic coal power/domestic wind power/domestic solar power/South Korea projects will achieve Net incomes of 0.16, 0.228, 0.023, and 0.075 billion USD respectively, year-on-year.
National Energy Administration: In March, the National Energy Administration issued 0.174 billion green certificates, a year-on-year increase of 9.39 times.
In March 2025, a total of 0.118 billion green certificates were traded nationwide, among which 21.87 million were for China Green Electricity Investment Of Tianjin. From January to March 2025, a total of 0.2 billion green certificates were traded nationwide, with 60.44 million of them for China Green Electricity Investment Of Tianjin.
CGN New Energy Announces 2025 Annual General Meeting and Share Repurchase Plan
CGN NEW ENERGY: Notice of Annual General Meeting
CGN NEW ENERGY: ANNUAL REPORT 2024
[Brokerage Focus] CITIC SEC: The price difference settlement mechanism is expected to support electricity prices and profitability after the New energy Fund enters the market.
Jinwu Financial News | CITIC SEC stated that New energy Fund price difference contracts have been widely applied in various countries in Europe, promoting investment enthusiasm by locking in electricity prices and profit expectations for operators, thereby facilitating the transformation of the energy structure. Our country plans to promote the full market entry of new energy and establish a settlement mechanism for New energy Fund price differences to alleviate the profit pressure on green power operators caused by increased market transactions and reduced prices. The specific effects will depend on the actual policies in different regions. The bank calculates that the impact of price difference settlement costs on terminal electricity prices is extremely limited when measured from the perspective of total electricity consumption in society. Increased participation of New energy in the spot market may lead to a decrease in average prices and increased volatility, with the specific impact depending on market
102877280 : opposite OMG