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].

CONCORD NEW ENERGY CONCORD NEW ENERGY GROUP LIMITED 協合新能源集團有限公司 incorporated in Bermuda with limited liability 於百慕達註冊成立之有限公司 INTERIM REPORT 眼 FOR THE HALF YEAR ENDED 30 JUNE 2024 裁止二零二四年六月三十日止半年度 STOCK CODE 182 股票代碼 能，創未來 GENERATE FOR GENERATIONS CONCORD NEW ENERGY GROUP LIMITED 2024 INTERIM REPORT 協合新能源集團有限公司 2024 中期報告 CONTENTS 目錄 | --- | |------------------------------------------| | | | Corporate Information | | 公司資料 | | Management Discussion and Analysis | | 管理層討論及分析 | | Report of the Directors 董事會報告 | ...

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].

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) 截至二零二三年十二月三十一日止年度 全年業績公佈 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」)截至二零二三年十二月三十一日止年度之綜合全年業績， 連同截至二零二二年十二月三十一日止年度之比較數字。本公司之審核委員會經已審閱綜合全年業 績。 *僅供識別 綜合損益表 截至 2023 年 12 月 31 日止年度 | --- | --- | --- | --- | |--------------------------------------|-------|-------------------------------|------------- ...

智通财经APP讯，协合新能源(00182)发布公告，于2024年2月26日，供应方A、供应方B、承租人及融资 人以订立以下协议的方式协定融资租赁安排：供应方A、承租人及融资人订立采购协议A，融资人将向 供应方A购买设备A以出租设备A予承租人，购买价A约为人民币7868万元;供应方B、承租人及融资人订 立采购协议B，融资人将向供应方B购买设备B以出租设备B予承租人，购买价B约为人民币1.93亿元;及 承租人与融资人订立融资租赁协议，承租人将于租期内向融资人租赁设备A及设备B，且承租人须向融 资人支付季度租赁款作为代价。 据悉，设备A指部分用于电站的40兆瓦/80兆瓦时储能设备(包括用于储能电池系统的预制舱、储能监控 系统及其他辅助设施);设备B指用于电站的50兆瓦/100兆瓦时储能设备(包括储能电池系统、变压器、储 能监控系统及其他辅助设施)。 供应方A为公司的全资附属公司，主要从事研发、生产及买卖储能设备。供应方B为公司的全资附属公 司，主要于中国从事买卖风电及光伏发电项目设备。承租人为公司的全资附属公司，主要于中国从事储 能电站项目运营。 公司将于融资租赁安排下产生约人民币2.72亿元的出售所得款项净额，将 ...

Core Viewpoint - The company, Xiehe New Energy, has announced a financing lease agreement for wind power equipment valued at RMB 320 million, which will enhance its operational capabilities and financial resources [1] Group 1: Financing Lease Agreement - The financing lease agreement involves the company's wholly-owned subsidiary, Shangcheng Xiehe, acting as the lessee, with the financing party purchasing equipment for a power station [1] - The total purchase price for the equipment, which includes wind turbines, main transformers, cables, and other wind power equipment, is RMB 320 million [1] - The lessee is required to make semi-annual lease payments to the financing party during the lease term [1] Group 2: Financial Implications - The lease arrangement is part of the company's routine business operations, allowing it to secure necessary financial resources and equipment for its operations [1] - The board believes that the terms of the financing lease are established on normal commercial terms, deemed fair and reasonable, and in the overall interest of shareholders [1] - As of December 31, 2023, the unaudited book value of the equipment is approximately RMB 293 million, and the transaction will not result in any gain or loss for the group according to Hong Kong Financial Reporting Standards [1]