Great Wall Securities: Maintains a "buy" rating for Longyuan Power, with a continuation of the 30% dividend plan for the medium to long term from 2025 to 2027.

The Great Wall Securities research report pointed out that Longyuan Power, as a leading new energy enterprise under the national energy group, has built industry barriers with first-mover advantages and profound technological accumulation. The company has been deeply cultivating the wind power field for more than 30 years, taking the lead in deploying high-quality wind resources areas and high-difficulty scenarios such as offshore and low wind speeds, and has been steadily ranked first in global wind power installed capacity since 2015. In 2024, the company strategically adjusted its power structure, completed the clearance of thermal power assets, focused on the development of its core new energy business, and received 2.03 million kilowatts of assets injection from the group, with a total installed capacity reaching 41.14 million kilowatts. Financially, the company's fee rates are stable, and coupled with continuous optimization of its capital structure, it has maintained its industry advantage by replacing existing loans to reduce funding costs. The company's mid- to long-term dividend plan will continue at a 30% rate, enhancing long-term returns for investors; Capital expenditures in 2024 are expected to increase by 42% year-on-year, continuing to invest in and construct new energy projects. The company expects to start construction of 5.5 million kilowatts and put into operation 5 million kilowatts of new energy projects in 2025. Maintain a "hold" rating.