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[Longyuan Power's share price climbed 5.5 percentcrashnitrokart2.79%, hitting a high price of HK$7.13]

Longyuan Power successfully achieved 5.79% in early tradingcrashnitrokart2The share price of the company rose, with its share price quoted at HK$7.13, bringing the transaction volume to HK$292.1 million.

In its latest research and analysis report, Citigroup continued to maintain its "Buy" rating on Longyuan Power and increased its target price from HK$6.1 to HK$8, an increase of 31.1%.

In the report, Citigroup also adjusted its capital expenditure budget for Longyuan Power for 2024, reducing it by 7% from previous estimates to 28 billion yuan. This move is to reflect that solar module and wind turbine generator prices have dropped by 10% to 11% and more than 5% respectively this year, which is expected to help the company reduce costs and enhance cash flow.

However, Longyuan Power's wind farm operating efficiency failed to meet expectations in the first four months of this year, leading Citigroup to cut its 2024 net profit forecast by 7.3%.