CGN POWER

CGN Power reversed morning losses to close up 4.03% at HKD 2.840, with turnover of about HKD 72 million. After opening low at HKD 2.720, the stock climbed steadily in the morning session, then accelerated in the afternoon from HKD 2.810 to the intraday high of HKD 2.840, forming a dip-and-recovery pattern. Citi maintained a Sell rating and cut its target price to HKD 2.45 from HKD 3.18, but the market shrugged off the bearish call. Positives included the start of trial operations for the second Hualong One unit in the Greater Bay Area, groundbreaking of the fourth unit at Taipingling, and JPMorgan listing CGN Power as a preferred renewable energy H-share. Q1 revenue fell 8.17% YoY to HKD 18.50 billion, net profit declined 4.01% YoY to HKD 3.11 billion, and EPS dropped 8.25% YoY to HKD 0.059, though the stock remains below most broker targets.