Longyuan Power (00916) continued to rise 5.5 percent in early tradingmikepostlepoker.79%mikepostlepoker, now reported 7mikepostlepoker.13 Hong Kong dollars, with a turnover of 292.1 million Hong Kong dollars.
Citigroup released a research report saying that it maintains the "Buy" rating of Longyuan Power (00916), increases its target price by 31.1% from HK$6.1 to HK$8, and downgrades its 2024 capital expenditure forecast by 7% to 28 billion yuan to reflect that solar modules and wind turbine generator market prices have dropped by 10% to 11% and more than 5% so far this year, improving cash flow with less capital expenditure. The company's first four months of this yearmikepostlepokerIts wind farm utilization rate was lower than expected, so it lowered its 2024 net profit forecast by 7.3%.
