Datang Renewable (1798): Model update

研报英文原文证据摘录

Datang Renewable (1798): Model update

J P M O R G A N Asia Pacific Equity Research

19 July 2026

Datang Renewable (1798) Neutral

1798.HK, 1798 HK

Model update Price (17 Jul 26):HK$1.28

▼Price Target (Dec-26):HK$1.40

Prior (Dec-26):HK$1.65

We maintain our Neutral rating on Datang Renewable as near-term earnings

visibility has reduced, with power-price/tariff realization and dispatch conditions APAC Utilities & Renewables |

Sustainable Investing(utilization/curtailment) still volatile across provinces. Following the 1H26 wind

generation update, we cut FY26–28 wind utilization hour assumptions by 8–13% Alan Hon AC

YoY to reflect rising curtailment, which—given the company’s high operating (852) 2800-8573

alan.hon@jpmorgan.com

leverage—drives a ~35–75% reduction in our FY26–28 earnings forecasts. We

therefore lower our Dec-26 PT by 15% to Hkd1.40 (from Hkd1.65) while Daqi Jiao

(852) 2800-8595

maintaining our Neutral rating. Acknowledging that the outlook for wind farms daqi.jiao@jpmorgan.com

should improve in 2027, we prefer Longyuan over Datang Renewable. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

• We remain cautious on Datang Renewable: Near-term earnings visibility for

Datang Renewable has softened as power-price/tariff realization and dispatch

(utilization/curtailment) remain volatile by province, while competition and Key Changes (FYE Dec)

the shift toward market-based pricing could pressure achieved prices versus Prev Cur Δ

Adj. EPS - 26E (Rmb) 0.15 0.04 -74.7%

historical benchmarks. Adj. EPS - 27E (Rmb) 0.18 0.09 -48.9%

• Earnings changes: Post the release of 1H26 wind power generation, we cut

FY26-28 wind power utilization hours by 8-13% yoy, due to rising wind Style Exposure