Sound business operation; rising depreciation drags on earnings

7Sep2023PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE2Figure1:CTGR’sPEbandSource:Companydata,CMBIGMestimatesFigure2:CTGR’sPBbandSource:Companydata,CMBIGMestimatesFigure3:RevisiontableSource:Companydata,CMBIGMestimatesFigure4:Peerstable(A-share)Source:Companydata,CMBIGMestimates2023E2024E2025E2023E2024E2025E2023E2024E2025EWindpowergeneration(k/GWh)-Gridparirty37,00842,592.0049,337.0037,007.8342,591.8249,337.000.0%0.0%0.0%Solarpowergeneration(k/GWh)17,902.0023,297.0029,429.00