Investment Rating - The report maintains a stable dividend policy and highlights the company's solid project reserves, indicating a positive outlook for future performance [1][3]. Core Viewpoints - The company reported a revenue of RMB 2.752 billion for the year ending December 31, 2024, representing a year-on-year growth of 6.31%. However, the net profit attributable to shareholders decreased by 16.46% to RMB 805 million, with a basic earnings per share of RMB 0.1006 and a proposed final dividend of HKD 0.035 per share [1]. - The company plans to add 1GW of new capacity in 2025, supported by a robust project reserve of over 10.75GW in China, which includes approximately 6.5GW of wind and 4.25GW of solar resources [3]. - The proposed secondary listing in Singapore aims to broaden the shareholder base and enhance future financing channels, which is expected to improve overall liquidity of the company's securities [4]. - The company intends to maintain a dividend payout ratio of around 30% and is currently undervalued, with a dynamic PE of approximately 4.3 times and a PB of 0.4 times, alongside a dividend yield of about 7.56% [5]. Summary by Sections - **2024 Annual Performance**: Revenue of RMB 2.752 billion, net profit of RMB 805 million, basic EPS of RMB 0.1006, and proposed final dividend of HKD 0.035 [1]. - **Project Development**: New wind and solar projects totaling 1,399MW acquired in 2024, with 2GW under construction and a plan to commission 1GW in 2025 [3]. - **Secondary Listing**: The company plans to submit an application for a secondary listing in Singapore by March 31, 2025, without issuing new shares [2][4]. - **Valuation Metrics**: Dynamic PE of 4.3, PB of 0.4, and a dividend yield of 7.56%, indicating undervaluation [5].

Group 1 - The company, Xiehe New Energy, announced a share buyback of 8.97 million shares at a price range of HKD 0.470 to HKD 0.480 per share, totaling HKD 4.2596 million [1] - On the day of the buyback, the stock closed at HKD 0.475, reflecting a decline of 1.04%, with a total trading volume of HKD 7.7696 million [1]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 2,752,054,000, representing an increase of 6.3% from RMB 2,588,646,000 in 2023[4] - Gross profit for the same period was RMB 1,515,848,000, up 7.8% from RMB 1,405,626,000 in 2023[4] - Net profit attributable to shareholders from continuing operations was RMB 805,133,000, a decrease of 8.2% compared to RMB 877,502,000 in 2023[4] - Basic earnings per share for the year was RMB 10.06, down from RMB 11.42 in 2023, reflecting a decline of 11.9%[4] - The company’s total comprehensive income for the year was RMB 852,914,000, down from RMB 985,221,000 in 2023, a decrease of 13.4%[5] - The company reported a financial cost of RMB 683,945,000 for the year ending December 31, 2024[26] - The profit before tax for the year ending December 31, 2024, was RMB 866,772,000, leading to a net profit of RMB 875,575,000 after tax credits[22] - The company reported a net loss of RMB 1,839,000 from the sale of property, plant, and equipment in 2024, compared to a gain of RMB 2,536,000 in 2023[37] Assets and Liabilities - Total assets increased to RMB 32,129,839,000 in 2024, compared to RMB 31,236,368,000 in 2023, marking a growth of 2.9%[7] - Non-current liabilities decreased to RMB 15,283,280,000 in 2024 from RMB 15,922,369,000 in 2023, a reduction of 4.0%[7] - Cash and cash equivalents decreased to RMB 1,693,834,000 in 2024 from RMB 2,445,465,000 in 2023, a decline of 30.7%[7] - Current liabilities decreased from RMB 6,878,585 thousand in 2023 to RMB 7,940,253 thousand in 2024, representing an increase of approximately 15.4%[9] - Total liabilities increased from RMB 22,800,954 thousand in 2023 to RMB 23,223,533 thousand in 2024, reflecting a growth of about 1.8%[9] - Net asset value rose from RMB 8,435,414 thousand in 2023 to RMB 8,906,306 thousand in 2024, indicating an increase of approximately 5.6%[9] - The company's equity attributable to shareholders increased from RMB 8,283,036 thousand in 2023 to RMB 8,714,950 thousand in 2024, a growth of about 5.2%[9] - The company’s other borrowings increased from RMB 895,844 thousand in 2023 to RMB 1,167,151 thousand in 2024, marking an increase of about 30.3%[9] - The company’s contract liabilities decreased from RMB 52,496 thousand in 2023 to RMB 25,029 thousand in 2024, a reduction of approximately 52.4%[9] Revenue Sources - Revenue from continuing operations for 2024 reached RMB 2,752,054,000, an increase of 6.3% compared to RMB 2,588,646,000 in 2023[36] - Revenue from electricity sales increased to RMB 2,158,040,000 in 2024, up 15.5% from RMB 1,867,969,000 in 2023[36] - Major customers contributed significantly, with Customer A generating RMB 389,489,000 and Customer B RMB 354,033,000 in 2024, both exceeding 10% of total revenue[33] - Total revenue for the group's power plants reached RMB 2,515,951,000, an increase of 11.35% from RMB 2,259,413,000 in 2023, while net profit rose by 4.69% to RMB 797,814,000[80] Operational Highlights - The company sold part of its smart operation and maintenance business for RMB 126,090,000 in November 2023, focusing on its core competencies in wind and solar power generation[18] - The company plans to sell three subsidiaries in the power generation sector for a total consideration of RMB 1,207,348,000, with expected completion in 2025[51] - The group completed green electricity transactions of 811 million kWh and sold 6.41 million green certificates, both showing year-on-year growth[81] - The group has sold off 50 MW of power plant capacity as part of its asset optimization strategy[90] Market and Industry Trends - Global renewable energy investment reached USD 728 billion in 2024, marking an 8% year-on-year increase, highlighting the sector's resilience and growth potential[60] - The average cost of battery energy storage systems decreased significantly by 40% in 2024, driving explosive growth in new energy storage projects[65] - The global market share of TOPCon technology in photovoltaic components rose to 60% in 2024, solidifying its position as the mainstream technology[64] - The number of countries with new gigawatt-scale photovoltaic component demand increased from 31 in 2023 to 37 in 2024[64] Corporate Governance and Management - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, ensuring compliance with corporate governance standards[116] - The company has adhered to the corporate governance code as outlined in the listing rules for the year ending December 31, 2024[113] - The company expresses gratitude to employees, shareholders, customers, and business partners for their ongoing support[117] - The company emphasizes the importance of corporate culture to enhance employee cohesion and alignment with business development strategies[108] Future Outlook and Strategy - The group aims to significantly increase new installed capacity by 2025, focusing on project construction management and cost control[103] - The group plans to enhance its power trading and marketing capabilities to improve profitability[101] - The group is committed to reducing financing costs by leveraging favorable market conditions and expanding financing channels[105] - The company plans to actively track and analyze market changes, optimizing assets to match strategic goals and market demands[106]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.75, representing a potential upside of 44% from the current price of HKD 0.52 [2][12]. Core Insights - The company has shown a strong growth trend in wind power generation, with a total equity generation of 682.04 GWh in October 2024, marking a year-on-year increase of 16.27%. Wind power generation specifically increased by 18.98% [5][9]. - The company is actively adjusting its business strategy to reduce costs and improve efficiency in response to a competitive market environment. Management expenses decreased by 4.1% year-on-year, and the average financing cost dropped by 45 basis points to 4.15% [6][10]. - Recent share buybacks have enhanced earnings per share (EPS), with a total of 29.93 million shares repurchased at prices between HKD 0.53 and HKD 0.54, totaling HKD 15.96 million. The current valuation metrics indicate a dynamic PE of approximately 3.5 times and a PB of about 0.46 times, highlighting a low valuation level and a dividend yield of around 7.69% [7][11]. Financial Summary - The company reported a revenue of RMB 2.679 billion in 2022, with a projected revenue of RMB 3.235 billion for 2024, reflecting a year-on-year growth of 25% [8][17]. - Net profit is expected to grow from RMB 964 million in 2023 to RMB 1.121 billion in 2024, indicating a growth rate of 16.3% [8][17]. - The company’s total assets are projected to be RMB 30.455 billion in 2024, with total liabilities of RMB 21.825 billion, resulting in a shareholder equity of RMB 8.371 billion [17][18].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 Concord New Energy Group Limited 協合新能源集團有限公司* (於百慕達註冊成立之有限公司) (股份代號：182) 截至二零二四年六月三十日止六個月之 中期業績公佈 Concord New Energy Group Limited(協合新能源集團有限公司*)(「本公司」)董事會 (「董事會」)欣 然宣佈本公司及其附屬公司(「本集團」)截至二零二四年六月三十日止六個月之未經審核綜合中期 業績，連同截至二零二三年同期之比較數字。該等綜合財務報表為未經審核，惟已經本公司審核委 員會審閱。 *僅供識別 綜合損益表 截至 2024 年 6 月 30 日止六個月 — 未經審核 (以人民幣列示) | --- | --- | --- | --- | |--------------------------------------|-------|-------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.99, indicating a potential upside of 60% from the current price of HKD 0.62 [5][14]. Core Insights - The company achieved a year-on-year increase of 14.14% in total equity power generation for the first half of the year, with wind power generation growing by 13.96% [6][11]. - The average cost of capital is expected to decline further in 2024-2025, with current project bank loan rates around 3% and financing lease rates between 3.8% and 3.9% [7][12]. - The company aims to maintain its target of adding 1GW of new capacity in 2024, although the grid connection may be slightly delayed by 1-2 months [8][13]. Summary by Sections Investment Rating - The report sets a target price of HKD 0.99, representing a 60% upside from the current price of HKD 0.62, and maintains a "Buy" rating [5][14]. Financial Performance - For the first half of the year, total equity power generation reached 4,737.96 GWh, a 14.14% increase year-on-year, with wind power contributing 4,265.53 GWh, up 13.96% [6][11]. - The company’s net profit for 2024 is projected to be HKD 1,122 million, reflecting a 16.4% year-on-year growth [9][17]. Cost of Capital - The average cost of capital at the end of 2023 is approximately 4.6%, with expectations for further reductions in 2024 due to favorable market conditions [7][12]. Capacity Expansion - The company plans to keep its 2024 new capacity addition target at 1GW, with potential asset transfers in regions with traditional power restrictions [8][13].

Capacity and Growth - In 2023, the Group achieved a total installed capacity of 4,050 MW, an increase from the previous year, with 2,099 MW of new wind and solar PV projects secured[16] - The total scale of projects under construction reached 2,299 MW, indicating robust project development efforts[16] - The Group's attributable installed capacity of grid-connected wind and solar PV power plants reached 4,050 MW, a 12.9% increase from 3,588 MW in 2022[75] - Newly secured investment projects in 2023 totaled 2,099 MW, including 1,713 MW from wind power and 386 MW from solar power[62] - The capacity of newly added standalone energy storage stations was 340 MW/600 MWh in 2023[69] - The total construction capacity of the Group reached 2,299 MW in 2023, up from 1,982 MW in 2022, supporting sustained growth[69] Financial Performance - In 2023, the Group achieved a revenue of RMB2,588,646,000, representing a year-on-year increase of 7.8% compared to RMB2,400,276,000 in 2022[57] - Profit attributable to equity holders increased by 10.6% to RMB963,774,000 in 2023, up from RMB871,817,000 in 2022[57] - The Group's subsidiary-owned power plants generated revenue of RMB2,259,413,000, a 6.9% increase from last year, accounting for 87.3% of the Group's continuing operations revenue[106] - Net profit from owned power plants decreased to RMB 762,048,000, down 6.8% from RMB 817,876,000 in 2022[111] - Wind power revenue rose to RMB 1,893,041,000, reflecting a 7.0% increase year-over-year[111] - The Group's net assets increased to RMB8,435,414,000 as of December 31, 2023, compared to RMB8,094,892,000 in 2022, reflecting a growth of 4.22%[154] Market and Industry Trends - The renewable energy financing environment in China and the US is expected to improve, with anticipated reductions in financing costs[27] - Continued high-intensity investments in R&D for renewable energy are expected to drive faster technological innovation[27] - In 2023, global renewable capacity additions reached approximately 510 GW, marking a 50% increase from the previous year, the fastest growth in nearly 20 years[31] - China's installed capacity additions in 2023 included 75.9 GW in wind and 216.9 GW in solar PV, surpassing a cumulative total of 1,400 GW in renewable energy[33] - Renewable energy generation in China exceeded 3 trillion kWh in 2023, accounting for about one-third of the country's total electricity consumption, with wind and solar contributing over 15%[34] Operational Efficiency - The operational quality of the Group's power plants improved, with wind farms achieving an availability of 98.77% and solar PV plants reaching 99.92%[87] - The average wind curtailment rate for the Group's wind farms was 3.7%, while the solar curtailment rate was 5.9%, both showing an increase from the previous year[99] - The weighted average utilization hours for wind farms were 2,449 hours, which is 224 hours higher than the national average, but 94 hours lower than the previous year[94] - The weighted average utilization hours for solar PV power plants were 1,455 hours, 169 hours higher than the national average, but 92 hours lower than last year[94] Environmental Impact - The Group achieved a total emission reduction of 7,916 kilotons of CO2 in 2023, contributing to a cumulative reduction of 55,460 kilotons[142] - The Group's MSCI ESG rating was upgraded from A to AA, making it the only company in the renewable power generation sector in mainland China and Hong Kong to receive this rating[19] Strategic Initiatives - The Group is focusing on enhancing operational management and cultivating core competitive capabilities to achieve better results in 2024[14] - The Group actively broadened its market presence and initiated new businesses such as energy storage, emphasizing technological innovation[21] - The Group aims to enhance project development capabilities and distribute power plants globally to minimize risks associated with regional resource fluctuations and price uncertainties[169] - The Group will proactively embrace power market reform, enhancing trading and marketing capabilities to boost efficiency and profitability[181] Challenges and Risks - The Group faces several risks including international political risk, exchange rate risk, policy risk, market risk, climate risk, and power curtailment risk[168] - The decline in net profit for the Group's subsidiary-owned power plants was mainly due to a decrease in the comprehensive electricity price and an increase in the curtailment rate[107] Financing and Investment - The financing costs for renewable projects in China have significantly decreased due to a loose financing environment and the introduction of publicly traded REITs[54] - The Group's financing costs for newly added power station projects reached historically low levels in 2023[120] - Comprehensive financing rate improved to 4.60%, a reduction of 88 basis points from 5.48% in 2022[124] - The Loan Prime Rate (LPR) for loans with terms of 5 years or longer has decreased by 25 basis points to 3.95%, allowing the Group to lower financing costs[189] Employee Development - The Group conducted over 700 training sessions in 2023 to enhance employee skills and capabilities[148] - The Group is refining its incentive mechanisms to boost motivation and creativity in response to changes in the business environment[193] - The focus will be on talent value creation and capability building, continuously improving staff professional skills and overall quality[193] - The Group is committed to deepening corporate culture construction to enhance staff sense of belonging and cohesion, promoting business development[193]

更新报告 买入 2 月发电量表现亮眼，在建项目创新高 协合新能源（0182.HK） 2024-03-12 星期二 投资要点 目标价： 0.99 港元 ➢ 项目储备充裕，在建拟建项目创新高达到2.9GW： 现 价： 0.67港元 2023年公司实现收入人民币25.89亿元，同比增加7.85%;权益持有人应 预计升幅: 48% 占溢利 9.64 亿元，同比增加 10.55%;基本每股盈利 11.42 分，每股股息 0.035港元（派息率约28%）。公司项目储备充裕，2023年末在建拟建 重要数据 项目规模 2.9GW，强力保障装机容量持续增长，其中 2024 年目标新增 装机1GW，全年资本开支在人民币40-60亿元左右。 日期 2024-03-11 收盘价（港元） 0.67 ➢ 2月权益发电量同比增长46.32%，表现亮眼： 总股本（百万股） 8,121 2024年2月权益发电量总计 872.28GWh，同比增加 46.32%；其中，风 总市值（百万港元） 5,441 电权益发电量 810.80GWh，同比增长 49.6%；太阳能权益发电量 净资产（百万元） 8,435 61.48GWh，同比增长13.52%。 ...

Investment Rating - The investment rating for the company is positive, with a target price set at 0.67 HKD, indicating potential for growth and investment opportunities [1]. Core Insights - The company has achieved a record high in equity installed capacity, exceeding 4 GW, with a year-on-year growth of 12.9% in equity installed capacity [1]. - The company’s equity power generation volume increased by 17.2% year-on-year, reaching 78.2 billion kWh, which is the leading growth rate in the renewable energy sector [1]. - The company actively participates in green certificate and green electricity trading, resulting in a significant increase in revenue and profit [1]. - The management emphasizes shareholder returns, with a dividend yield exceeding 5% and ongoing share buyback plans [1]. Summary by Sections Company Performance - The company’s equity installed capacity reached 4.05 GW, with wind power projects accounting for 85.6% and solar projects for 14.4% [1]. - The company’s equity power generation volume for 2023 was 78.2 billion kWh, with wind power generation increasing by 18.6% and solar power generation by 7.3% [1]. Market Engagement - The company issued 3.447 million green certificates in 2023, a 24% increase year-on-year, and green certificate sales revenue grew by 78% to 45.46 million RMB [1]. - The trading volume of green electricity increased by 117% year-on-year, amounting to 639 million kWh, contributing an additional 30.75 million RMB to revenue [1]. Shareholder Returns - The company plans to distribute a dividend of 0.035 HKD per share for 2023, with a total dividend payout of 284 million HKD, resulting in a payout ratio exceeding 25% and a dividend yield of 5.2% [1]. - The company repurchased 510 million shares in 2023, amounting to approximately 330 million HKD, which is about 6% of the total shares outstanding [1]. Valuation - The company’s market capitalization is 5.44 billion HKD, with a forecasted net profit of 998 million RMB for 2024, corresponding to a PE ratio of 4.9, which is considered low compared to industry standards [1].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 2,588,646,000, an increase of 7.8% from RMB 2,400,276,000 in 2022[2] - Gross profit for the same period was RMB 1,405,626,000, down 3.7% from RMB 1,459,693,000 in 2022[2] - Net profit attributable to shareholders for the year was RMB 963,774,000, representing an increase of 10.5% compared to RMB 871,817,000 in 2022[2] - Basic earnings per share for 2023 was RMB 11.42, up from RMB 9.90 in 2022, reflecting a growth of 15.4%[2] - The company reported a total profit for the year of RMB 988,750 thousand, compared to RMB 925,769 thousand in 2022, representing an increase of about 6.8%[15] - The profit attributable to ordinary shareholders from continuing operations for 2023 was RMB 877,502,000, compared to RMB 852,639,000 in 2022, reflecting an increase of approximately 2.9%[26] - The diluted earnings per share for 2023 was RMB 113.36, up from RMB 98.83 in 2022, representing an increase of about 14.7%[27] - The company declared a final dividend of HKD 0.035 per share for the year ending December 31, 2023, an increase from HKD 0.03 per share in 2022, resulting in a total distribution of RMB 278,487,000 for 2023 compared to RMB 230,272,000 in 2022[28] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 31,236,368,000, an increase of 15.1% from RMB 27,172,516,000 in 2022[4] - Non-current assets increased to RMB 24,249,929,000, up from RMB 20,508,021,000 in 2022, marking a growth of 18.5%[4] - The total liabilities increased to RMB 15,922,369,000, up from RMB 12,560,663,000 in 2022, reflecting a rise of 26.5%[4] - Total liabilities increased to RMB 22,800,954, up 19.3% from RMB 19,077,624 in 2022[5] - Current liabilities rose to RMB 6,878,585, an increase of 5.5% compared to RMB 6,516,961 in 2022[5] - Net assets increased to RMB 8,435,414, reflecting a growth of 4.2% from RMB 8,094,892 in 2022[5] - The company’s cash and cash equivalents decreased to RMB 2,445,465,000 from RMB 3,471,039,000 in 2022, a decline of 29.6%[4] - The company’s reserves increased to RMB 8,210,438, up 5.9% from RMB 7,754,304 in 2022[5] - The company’s lease liabilities increased to RMB 21,821, up 61.8% from RMB 13,502 in 2022[5] Revenue Sources - The company's external revenue from power generation business was RMB 2,259,413 thousand, with wind power and solar power contributing RMB 1,893,041 thousand and RMB 366,372 thousand, respectively[12] - Revenue for the period from January 1, 2023, to November 30, 2023, reached RMB 590,581 thousand, a significant increase from RMB 392,548 thousand in the same period of 2022, representing a growth of approximately 50.3%[10] - The revenue from electricity sales reached RMB 1,867,969 thousand in 2023, compared to RMB 1,687,148 thousand in 2022, marking an increase of 10.7%[21] - The total revenue from the group's power plants reached RMB 2,259,413 thousand in 2023, a 6.9% increase from the previous year, accounting for 87.3% of the group's ongoing business revenue[48] Operational Highlights - The company added 2,099 MW of new investment projects in China, including 1,713 MW of wind power and 386 MW of solar power[40] - The total installed capacity of the company's wind and solar power plants reached 4,050 MW, a 12.9% increase from 3,588 MW in 2022[42] - The company’s equity installed capacity for wind power was 3,467 MW, reflecting a 10.5% increase from 3,137 MW in 2022[42] - The company’s equity installed capacity for solar power was 583 MW, showing a 29.2% increase from 451 MW in 2022[42] - The company’s new independent energy storage capacity reached 340 MW/600 MWh in 2023[41] - The group completed green electricity transactions of 639 million kWh in 2023, generating additional revenue of RMB 30,752 thousand from green electricity sales, compared to RMB 13,053 thousand in 2022[48] Market Strategy and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[1] - The company plans to expand its market presence and enhance its product offerings in the renewable energy sector, focusing on wind and solar power technologies[11] - The company has also indicated ongoing investments in research and development to improve operational efficiency and service offerings in the energy sector[11] - The management highlighted the strategic importance of maintaining a diversified portfolio, including potential mergers and acquisitions to strengthen market position[11] - The group plans to enhance project development efforts and expand its global market presence, focusing on identifying and optimizing quality projects[68] - The group aims to accelerate project construction to achieve rapid capacity growth, emphasizing cost efficiency and quality standards[69] Customer and Market Relationships - The company’s major customers contributed significantly to revenue, with Customer A generating RMB 377,163 thousand and Customer B RMB 359,505 thousand in 2023[20] - The group maintained strong relationships with customers, with the top five customers accounting for 48.34% of total sales, and the largest customer contributing 12.62%[59] Compliance and Governance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, ensuring compliance with corporate governance standards[79] - The company has maintained compliance with the corporate governance code as per the listing rules throughout the year ending December 31, 2023[77] - The company has adopted a standard code for securities trading by directors, confirming compliance by all directors for the year ending December 31, 2023[78] Employee and Organizational Development - The group has a total of 995 full-time employees as of December 31, 2023, with a focus on enhancing training and organizational structure[60] - The company will enhance its management capabilities by optimizing organizational structure and improving management processes to increase efficiency and competitiveness[72] Environmental Impact - The group achieved a cumulative CO2 reduction of 55,460 tons and saved 20,773 thousand tons of standard coal by the end of 2023[57]