2025-06-07-花旗集团-新天绿色能源（0956）_中国新天绿色能源（0956.HK）_5月发电量温和增长；7.5_的诱人收益率_10页_312kb

Citigroup maintains a "Buy" rating on China Suntien Green Energy (0956.HK) due to positive factors such as a 10.9% year-on-year increase in power generation to 7,290 GWh in the first five months of 2025, driven by wind and solar growth, and a target price of HK$4.80, implying a 6.6x 2025E price-to-earnings ratio. The company's gas business, affected by a 16.1% YoY drop in sales volume, contributes minimally to profit. Key risks include slower wind installation growth, lower utilization hours, and reduced gas demand.