JP Morgan lowered the target price for CHINA LONGYUAN to 7 yuan and downgraded the rating to "Neutral."
JP Morgan published a research report indicating that CHINA LONGYUAN (00916.HK) saw its profit decline by 27% year-on-year to 4.6 billion RMB last year, falling short of expectations by 25%.
The bank stated that due to the ongoing challenges in the wind power utilization rate and electricity price outlook, it has lowered the company's earnings forecast for this year and next year by about 40%, reducing the target price from 8.6 yuan to 7 yuan, and downgraded the rating from "Overweight" to "Neutral."
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