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<Research>JPM Downgrades CGN POWER to Neutral, Adds TPs for DATANG RENEW/ GOLDWIND/ CHINA LONGYUAN
Recommend 20 Positive 29 Negative 27 |
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JPMorgan released a research report noting a divergent trend in the 2Q25 performance of Chinese clean energy companies. Despite strong fundamentals, the 2Q25 results of GOLDWIND (02208.HK) and ORIENT WIRES & CABLES(603606.SH) are expected to show weak YoY performance due to project timing and a high base effect from 2024 disposal gains. Some solar manufacturers have already warned of weak 2Q25 results, and the market is closely monitoring the 'anti-involution' initiative. In this sector, DAQO New Energy (DQ.US) is the broker's top pick. JPMorgan believed that SUNGROW POWER(300274.SZ) and ARCTECH(688408.SH) may post positive earnings momentum. Regarding renewable energy power operators, JPMorgan said that tariff prospects vary by fuel type and assets. The broker believed that YANGTZE POWER(600900.SH) has more resilient tariffs, while CGN POWER (01816.HK) and HUANENG HYDROPOWER(600025.SH) may face higher tariff risks, potentially leading to a 15% YoY decline in 2Q25 earnings. Considering the expected downtrend in tariff in 2026 and approaching the broker's previous target price, JPMorgan downgraded CGN POWER from Overweight to Neutral, and kept rating at Overweight on CHINA LONGYUAN (00916.HK), as the provincial document No. 136 is not as severe as previously feared. JPMorgan added its target price for DATANG RENEW (01798.HK)/ GOLDWIND/ CHINA LONGYUAN from $2/ $7.4/ $7.2 to $2.2/ $7.7/ $7.6, with rating at Neutral/ Overweight/ Overweight. AASTOCKS Financial News Website: www.aastocks.com |
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