交银国际研究 公司更新 | 新能源 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 26 日 | | --- | --- | --- | --- | --- | | 港元 | 2.04 | 港元 2.46↑ | +20.6% | | | 京能清洁能源 (579 HK) | | | | | 2024 年经营开支控制优于预期，每股分红仍慷慨 财务数据一览 文昊, CPA bob.wen@bocomgroup.com (86) 21 6065 3667 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 20,446 | 20,562 | 21,883 | 23,666 | 25,408 | | 同比增长 (%) | 2.1 | 0.6 | 6.4 | 8.1 | 7.4 | | 净利润 (百万人民币) | 3,150 | 3,343 | 3,703 | 4,134 | 4,550 | | 每股盈利 (人民币) | 0.37 | 0.39 | 0 ...

交银国际研究 公司更新 | 新能源 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 3 月 26 日 | | --- | --- | --- | --- | --- | | 港元 | 2.04 | 港元 2.46↑ | +20.6% | | | 京能清洁能源 (579 HK) | | | | | 2024 年经营开支控制优于预期，每股分红仍慷慨 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 20,446 | 20,562 | 21,883 | 23,666 | 25,408 | | 同比增长 (%) | 2.1 | 0.6 | 6.4 | 8.1 | 7.4 | | 净利润 (百万人民币) | 3,150 | 3,343 | 3,703 | 4,134 | 4,550 | | 每股盈利 (人民币) | 0.37 | 0.39 | 0.44 | 0.49 | 0.54 | | 同比增长 (%) | 7.4 | 6.1 | 11.1 ...

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告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔 任何責任。 Beijing Jingneng Clean Energy Co., Limited 北京京能清潔能源電力股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00579） 截 至2024年12月31日止年度之年度業績公告 財務摘要 末期股息 • 董事會建議派發截至2024年12月31日止年度的末期普通股股息每股 人民幣14.30分（含 稅），合 計 約 人 民 幣1,179.0百萬元。 業績摘要 北 京 京 能 清 潔 能 源 電 力 股 份 有 限 公 司（「本公司」或「公 司」）董 事 會（「董事會」） 欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」或「我 們」）截 至2024年12月31 日止年度（「報告期」），根據國際財務報告準則（「國際財務報告準則」）編製的 綜合業績。 – 1 – 合併損益表 截 至2024年12月31日止年度 | 截 | 至12月3 ...

证券时报网讯，企查查APP显示，近日，天津武清京能永定清洁能源有限公司成立，法定代表人为乔嘉 欣，注册资本2000万元，经营范围包含：风力发电技术服务；太阳能发电技术服务；储能技术服务；合 同能源管理等。 企查查股权穿透显示，该公司由京能清洁能源等共同持股。 ...

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告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Beijing Jingneng Clean Energy Co., Limited 北京京能清潔能源電力股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00579） 公告 截至2024年9月30日止9個月的內部財務數據 本公告乃由北京京能清潔能源電力股份有限公司（「本公司」）根據證券及期貨條例第XIVA 部項下內幕消息條文（定義見香港聯合交易所有限公司證券上巿規則（「上市規則」），及上 巿規則第13.09(2)條作出。 由於本公司已於中國公開發行債務融資工具，本公司根據中國人民銀行及中國銀行間巿 場交易商協會的相關規則及法規，公佈本公司及其附屬公司根據中國公認會計原則所編 製截至2024年9月30日止9個月的內部財務數據。 投資者務請注意，截至2024年9月30日止9個月的內部財務數據並無經獨立核數師審核， 亦無經本公司審計委員會審閱。 有關文件已於2024年10月31日分別在中 ...

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 港元 2.04 港元 2.37↓ +16.2% 新能源 2024 年 10 月 21 日 京能清洁能源 (579 HK) 四川水电厂解网影响轻微，预期补偿款明年到位 86 兆瓦水电装机因配合政策需退出运行。公司近期收到四川省芦山县当 地政府通知，为加强位于四川省的大熊猫国家公园的生态环境及景观的保 护，减少国家公园内的电站运营对周边环境的不利影响，公司位于四川省 芦山县的四座水电站（共86.4兆瓦装机）需尽快解网并退出运行。公司预 计 2024 年内的水力发电量减少约 1.1 亿千瓦时，营业收入预计减少约 3 千 万元（人民币，下同），同时预计相关减值金额在 7.5-8.5 亿元。 预期补偿款 2025 年到位。去年公司亦有两个位于四川的水电项目因成都 市小水电清理退出政策而停止运营，相关减值项（商誉、经营权及设备 等）约为2.1亿元，于今年上半年已收到补偿款2.3亿元，应能覆盖减值金 额。我们估计公司在年内核算减值金额后应可与地方政府确认补偿款金 额，并于2025年中收到补偿款，我们相信今次公司能得到合理的补偿款。 2024 年将有一次性减值，2025-26 ...

BJE Beijing Jingneng Clean Energy Co., Limited 北京京能清潔能源電力股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 股份代號：00579 02 中 期 報 告 目錄 頁數 2 財務摘要 3 公司資料 5 管理層討論與分析 21 企業管治及其他資料 25 未經審核簡明合併損益表 26 未經審核簡明合併損益及其他綜合收益表 27 未經審核簡明合併財務狀況表 29 未經審核簡明合併權益變動表 31 未經審核簡明合併現金流量表 32 簡明合併財務報表附註 財務摘要 收入 人民幣百萬元 0 2,200 4,400 6,600 8,800 11,000 2023年上半年 2024年上半年 10,549 10,460 本公司權益持有人應佔期內溢利 0 350 700 1,050 1,400 1,750 2,100 人民幣百萬元 2023年上半年 2024年上半年 2,055 2,087 每股盈利 人民幣分 0 5 10 15 20 30 25 2023年上半年 2024年上半年 24.92 25.31 2024 中期報告 北京京能清潔能源電力股份有限公司 2 公司資料 ...

Financial Performance - For the six months ended June 30, 2024, revenue was RMB 10,460.0 million, a decrease of 0.84% compared to the same period in 2023[2]. - For the same period, profit before tax was RMB 2,615.2 million, an increase of 0.85% year-on-year[2]. - The profit attributable to equity holders of the company was RMB 2,086.7 million, reflecting a growth of 1.55% compared to the previous year[2]. - Basic and diluted earnings per share for the period were RMB 25.31[3]. - Total comprehensive income for the period was RMB 2,104.5 million, down from RMB 2,274.5 million in the same period last year[4]. - The net profit for the six months ended June 30, 2024, was RMB 2,086,711,000, an increase from RMB 2,054,907,000 for the same period in 2023, representing a growth of approximately 1.6%[28]. - Total operating revenue decreased by 0.84% from RMB 10,548.8 million in the first half of 2023 to RMB 10,460.0 million in the first half of 2024, primarily due to lower electricity prices in the gas power and heating segment[50]. Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 74,591.3 million, an increase from RMB 73,782.6 million at the end of 2023[5]. - Current assets totaled RMB 20,499.4 million, up from RMB 19,811.8 million at the end of 2023[5]. - As of June 30, 2024, the company's total assets amounted to RMB 72,824,339,000, an increase from RMB 71,383,230,000 as of December 31, 2023, reflecting a growth of approximately 2.0%[6]. - The total liabilities increased to RMB 59,824,351,000 from RMB 59,073,763,000, indicating a rise of approximately 1.3%[6]. - The net current liabilities decreased to RMB 1,766,946,000 from RMB 2,399,402,000, indicating a reduction of about 26.4%[6]. - The company's total equity increased to RMB 35,422,290,000 from RMB 34,520,678,000, representing a growth of approximately 2.6%[7]. - Total liabilities increased by 1.01% to RMB 59,668.4 million as of June 30, 2024, from RMB 59,073.8 million as of December 31, 2023, due to increased funding needs for project construction[69]. Revenue Breakdown - Revenue from customer contracts for the six months ended June 30, 2024, was RMB 10,431,908,000, slightly down from RMB 10,478,337,000 for the same period in 2023, a decrease of about 0.4%[12]. - The revenue breakdown shows that electricity sales contributed RMB 9,152,415,000, with gas power and heating generating RMB 5,040,093,000, wind power RMB 2,457,115,000, and solar power RMB 1,513,994,000[13]. - Revenue from gas power generation and heating was RMB 6,317,817 thousand, accounting for 60.4% of total revenue, while wind power revenue was RMB 2,457,115 thousand, contributing 23.5%[18]. - The wind power segment's revenue fell by 2.35% to RMB 2,457.1 million due to a decline in electricity sales from existing projects[52]. - The photovoltaic segment's revenue increased by 0.94% to RMB 1,514.0 million, driven by new projects and increased sales volume[53]. Expenses and Costs - Operating expenses decreased by 4.00% to RMB 7,691.0 million, attributed to compensation received for the dismantling of power stations[56]. - The total depreciation and amortization expenses for the six months ended June 30, 2024, amounted to RMB 2,034,760,000, compared to RMB 1,914,175,000 for the same period in 2023, reflecting an increase of about 6.3%[8]. - Financial expenses decreased by 5.73% to RMB 599.3 million, with the average financing cost dropping from 2.99% in the first half of 2023 to 2.79% in the first half of 2024[64]. Market and Operational Insights - The company maintained a stable operational performance despite various challenges, emphasizing a commitment to high-quality development[34]. - The group continues to focus on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[8]. - The group is actively expanding its market presence, leveraging its green electricity advantages in surrounding areas such as Chengde and Tianjin[40]. - The group aims to achieve a renewable energy installed capacity target of 12.5 million kW and a total profit target of RMB 4.1 billion in the second half of 2024[44]. Dividends and Shareholder Value - The company's proposed final dividend for the year ended December 31, 2023, was RMB 0.1398 per share, totaling RMB 1,152,582,000[27]. - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year's zero interim dividend[27]. - The group is committed to maximizing shareholder value through high dividend ratios and effective market communication strategies[46]. Environmental and Regulatory Aspects - Government subsidies related to clean energy production decreased to RMB 143,589 thousand in 2024 from RMB 352,697 thousand in 2023, a decline of approximately 59.3%[20]. - Carbon emission certificate income was RMB 72,864 thousand for the six months ended June 30, 2024, down from RMB 98,519 thousand in 2023, reflecting a decrease of about 26.0%[20]. - The group continues to benefit from a preferential tax rate of 15% for certain projects in western China, with tax exemptions for the first three years of operation[24]. - The group has not made provisions for Hong Kong profits tax as there are no taxable profits sourced from Hong Kong[25]. - The group has received an AA rating from Wind ESG for three consecutive years, reflecting its strong performance in environmental, social, and governance aspects[42]. Future Plans and Investments - The group plans to enhance project development efforts, focusing on key projects such as the wind power project in Shantou and the pumped storage project in Mentougou[45]. - The group has increased its R&D investment intensity to 2.10%, a year-on-year increase of 0.9 percentage points, to foster new productive forces[41]. - Capital expenditures for the first half of 2024 totaled RMB 1,939.1 million, with RMB 1,384.2 million allocated to photovoltaic power generation projects[74]. - The group established several new subsidiaries focused on photovoltaic power generation projects in 2024[75].

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **HKD 2.50**, representing a potential upside of **+15.7%** from the current price of HKD 2.16 [1][2] Core Views - The company's profitability is expected to return to growth in **2025**, with the dividend yield remaining the highest in the sub-sector [1][2] - The company is expected to achieve a breakthrough in wind and solar installed capacity in **2024**, with a target of **2.7 GW** of new installations, compared to **0.8 GW** in 2023 [2] - The company's **2024/25** profit forecasts have been slightly revised downward by **0.3%/0.7%** due to adjustments in wind and solar utilization hours and operating costs [2] - The company's **2025/26** wind and solar installations are expected to reach **4.2 GW** annually, contingent on the utilization rate of projects in 2024 [2] Financial Performance - Revenue is projected to grow from **RMB 20,446 million** in 2023 to **RMB 25,880 million** in 2026, with a CAGR of **8.1%** [4] - Net profit is expected to increase from **RMB 3,150 million** in 2023 to **RMB 4,640 million** in 2026, with a CAGR of **13.8%** [4] - The company's **2024/25/26** dividend yield is expected to remain at **7.0%**, with a consistent dividend payout of **RMB 0.14** per share [2][4] Operational Highlights - The company's total installed capacity is expected to grow from **17,236 MW** in 2024 to **25,636 MW** in 2026, with wind and solar accounting for **80.1%** of the total by 2026 [5] - Wind and solar power generation is expected to increase from **20,274 GWh** in 2024 to **33,812 GWh** in 2026, despite a slight downward revision in utilization hours [5] - The company's **2024** wind and solar utilization hours are expected to decline by **2.0%** and **1.5%**, respectively, compared to previous forecasts [5] Valuation and Market Position - The company's valuation is based on a **5.2x** forward P/E ratio, in line with its 5-year historical average [2] - The company's **7.0%** dividend yield is the highest among its peers in the operator sub-sector, supporting its valuation [2] - The company's recent improvement in trading volume could enhance its chances of being included in the **Stock Connect** program [2]

Table_BaseInfo 2024 年 6月 5 日 公司动态分析 京能清洁能源（0579.HK） 证券研究报告 高股息快速发展的清洁能源运营商 公用事业 投资评级： 未有 京能清洁能源是京能集团控股子公司，2011年于港交所主板上市。公司业务发展包 括经营北京地区燃气发电及供热业务，及风电、光伏发电、中小型水电、储能及其 目标价格： 未有 他清洁能源发电业务。公司业务覆盖北京、内蒙、宁夏、四川、湖南、广东等26个 省市自治区。京能清洁能源是中国领先的风电及光伏发电运营商，北京最大燃气热 现价 (2024-6-4)： 2.09港元 电供应商，是行业领先清洁能源企业。 报告摘要 总市值(百万港元) 17,231.02 京能清洁能源是北京最大燃气发电商。燃气发电及供热分部是公司较早发展的业务 流通市值(百万港元) 5,914.02 分部，2023年贡献公司收入61%，贡献公司经营利润36%。公司是北京最大的燃 总股本(百万股) 8,244.51 气发电商，燃气热电业务主要位于北京，目前有 8 家燃气电厂，其中北京的 7 家 流通股本(百万股) 2,829.68 均已投产运营，京外尚有一家目前处于基建期。公司持 ...