MORGAN STANLEY cut Longyuan Power (00916.HK) H-share PT to HK$6 from HK$7.5 (-20%) and A-share PT to 14.6 yuan from 17 yuan (-14%), while maintaining a market-weight rating. It trimmed 2026 and 2027 revenue forecasts by 15% and 11% and cut profit forecasts by 45% and 32%, citing weaker-than-expected wind resources from El Nifio that reduced wind generation, higher market-traded electricity volumes that further pressured wind on-grid tariffs, and the removal of VAT refunds for onshore wind projec

MORGAN STANLEY cut Longyuan Power (00916.HK) H-share PT to HK$6 from HK$7.5 (-20%) and A-share PT to 14.6 yuan from 17 yuan (-14%), while maintaining a market-weight rating. It trimmed 2026 and 2027 revenue forecasts by 15% and 11% and cut profit forecasts by 45% and 32%, citing weaker-than-expected wind resources from El Nifio that reduced wind generation, higher market-traded electricity volumes that further pressured wind on-grid tariffs, and the removal of VAT refunds for onshore wind projects from Nov 2025. The bank expects utilization hours to moderately recover in 2027–28 after El Nifio subsides.