China Longyuan：Lead the way as the renewable frontrunner
China Longyuan (CLY) reported revenue of RMB28.097bn for 1Q-3Q23, experiencing a 7.00% YoY decrease. However, its net profit saw a notable increase of 18.95% YoY to RMB6.379bn thanks to a rapid rise in newly added installed capacity of wind and solar power and lower operating costs. Additionally, CLY is actively focusing on “substitution of large for small" of wind turbine its old wind turbines to enhance long-term results and is actively engaged in green electricity and certificate trading. The coverage of China Longyuan-A is transferred to us, and we assign a TP of RMB23.28 with a BUY rating.