Financial Performance - For the year ending December 31, 2024, the company's revenue was RMB 20,561.7 million, an increase of 0.57% compared to the previous year[4] - The profit attributable to equity holders for the year was RMB 3,245.0 million, representing a growth of 6.13% year-on-year[4] - The basic and diluted earnings per share for the year were RMB 39.36[4] - The company's operating profit for the year was RMB 5,261.1 million, compared to RMB 5,187.9 million in the previous year[5] - The total comprehensive income for the year was RMB 3,367.9 million, up from RMB 3,264.8 million in the previous year[7] - Revenue from customer contracts for the year ended December 31, 2024, was RMB 20,512,847, an increase from RMB 20,364,969 in 2023, representing a growth of 0.73%[17] - Total revenue for the year ended December 31, 2024, reached RMB 20,561,740, compared to RMB 20,446,028 in 2023, indicating a growth of 0.56%[17] - The company reported a year-on-year increase in segment profit to RMB 5,257,422,000 for the year ended December 31, 2024, compared to RMB 5,172,960,000 in 2023[34] - The company reported a net profit attributable to ordinary shareholders of RMB 3,245,045,000 for 2024, up from RMB 3,057,641,000 in 2023, reflecting a growth of about 6.1%[61] Dividends - The board proposed a final dividend of RMB 0.143 per share, totaling approximately RMB 1,179.0 million[3] - The company approved a final ordinary share dividend of RMB 0.1398 per share for the year ending December 31, 2023, totaling RMB 1,152,582,000, to be paid on July 31, 2024[62] - For the year ending December 31, 2024, the board proposed a final ordinary share dividend of RMB 0.1430 per share, amounting to RMB 1,178,964,000, pending shareholder approval[62] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders[152] - Non-resident individual shareholders will not be subject to Chinese personal income tax on the dividends distributed by the company[153] Assets and Liabilities - Non-current assets increased to RMB 76,988.2 million from RMB 73,782.6 million year-on-year[8] - Cash and cash equivalents rose to RMB 7,401.6 million, compared to RMB 6,605.1 million in the previous year[8] - As of December 31, 2024, the total current liabilities amounted to RMB 28,114,771,000, an increase from RMB 22,211,211,000 in 2023, representing a growth of approximately 26.8%[9] - The net current liabilities stood at RMB (4,049,535,000) as of December 31, 2024, compared to RMB (2,399,402,000) in 2023, indicating a deterioration in liquidity position[9] - Total assets minus current liabilities reached RMB 72,938,670,000 in 2024, slightly up from RMB 71,383,230,000 in 2023[9] - Non-current liabilities decreased to RMB 35,455,895,000 in 2024 from RMB 36,862,552,000 in 2023, reflecting a reduction of about 3.8%[9] - The company's net asset value increased to RMB 37,482,775,000 in 2024, up from RMB 34,520,678,000 in 2023, marking an increase of approximately 8.5%[9] - The total equity attributable to equity holders of the company rose to RMB 33,161,082,000 in 2024, compared to RMB 30,678,046,000 in 2023, representing a growth of about 8.1%[9] - Total assets reached RMB 1010.5 billion by the end of 2024, marking an 8.0% increase year-on-year, and the first time total assets surpassed the RMB 100 billion mark[76] Revenue Segmentation - The revenue breakdown for 2024 shows electricity sales at RMB 18,342,675, heat sales at RMB 2,157,466, and maintenance services at RMB 12,706[21] - The report indicates that the performance of the gas power and heating segment generated revenue of RMB 12,410,304, while wind power, solar power, and hydropower contributed RMB 4,709,301, RMB 3,086,397, and RMB 294,139 respectively[30] - The revenue from the gas power and heating segment decreased by 1.26% from RMB 12,568.2 million in 2023 to RMB 12,410.3 million in 2024, primarily due to a reduction in electricity prices and sales volume[102] - The wind power segment's revenue increased by 4.38% from RMB 4,511.9 million in 2023 to RMB 4,709.3 million in 2024, attributed to an increase in grid-connected capacity[103] - The photovoltaic segment's revenue rose by 4.35% from RMB 2,957.8 million in 2023 to RMB 3,086.4 million in 2024, also due to increased grid-connected capacity[105] - The hydropower segment's revenue decreased by 8.86% from RMB 322.7 million in 2023 to RMB 294.1 million in 2024, resulting from a decline in sales volume[106] Government Support and Subsidies - The company received government subsidies related to clean energy production amounting to RMB 22,760 and subsidies related to asset construction totaling RMB 60,887[30] - The company received government subsidies related to clean energy production amounting to RMB 589,835,000, with additional subsidies for asset construction totaling RMB 42,650,000[32] Strategic Initiatives and Future Outlook - The company anticipates continued growth in revenue and profitability driven by increased demand for clean energy solutions and government support[40] - The company plans to enhance its market presence through strategic investments in new technologies and potential acquisitions in the renewable energy sector[40] - The company is focusing on developing renewable energy businesses and exploring hydrogen energy and energy storage to adapt to macroeconomic changes[145] - The company plans to accelerate the development of strategic emerging projects, including the completion of the first batch of the integrated wind and sand control project in Xilin Gol League[95] - The company aims to enhance its market awareness and utilize AI tools to optimize trading strategies and improve marketing efficiency[92] - The company will actively explore new business models such as "new energy+" and virtual power plants to solidify its foundation for high-quality development[96] Corporate Governance - The company is committed to maintaining high standards of corporate governance and has complied with the relevant rules during the year ending December 31, 2024[156] - The audit committee has reviewed the group's annual performance and the financial statements prepared in accordance with international financial reporting standards[160] - The annual performance announcement is published on the Hong Kong Stock Exchange's "Disclosure Easy" website and the company's website[161] - The company will release its 2024 annual report containing all information required by the Listing Rules at an appropriate time[161] Research and Development - Research and development investment for the year was approximately RMB 880 million, with an R&D intensity of 3.6%, resulting in 19 invention patents and 76 utility model patents[86] Market Position and Recognition - The group was recognized as one of the "Top 500 Global New Energy Enterprises" and ranked among the "Top 100 ESG Best Practices" in 2024[88]

Assets and Liabilities - As of September 30, 2024, the total current assets amounted to RMB 20,566,260,049.05, an increase from RMB 19,658,065,103.28 at the beginning of the period[3] - Non-current assets totaled RMB 76,234,259,090.60, an increase from RMB 74,304,062,883.78 at the beginning of the period[4] - The total assets of the company amounted to RMB 96,800,519,139.65, compared to RMB 93,962,127,987.06 at the start of the period, reflecting a growth of approximately 3.9%[4] - Total current liabilities amounted to RMB 21,989,815,223.60, an increase from RMB 13,543,158,109.72 at the beginning of the period[5] - Non-current liabilities totaled RMB 38,706,695,252.01, compared to RMB 37,719,278,301.13 at the beginning of the period[6] - The total liabilities reached RMB 60,696,510,475.61, up from RMB 59,268,683,414.05 at the start of the period[6] - The total equity attributable to shareholders was RMB 35,268,098,998.19, an increase from RMB 32,940,783,669.09 at the beginning of the period[7] Revenue and Profit - Total operating revenue for the period reached RMB 14,832,094,322.22, a decrease from RMB 15,123,755,367.47 in the previous period[8] - Total operating costs amounted to RMB 12,469,285,174.30, compared to RMB 12,539,427,133.92 in the previous period[8] - Operating profit for the period was RMB 2,807,103,612.46, down from RMB 3,071,273,612.97 in the previous period[9] - Net profit for the period was RMB 2,604,024,972.32, a decrease from RMB 3,072,641,613.91 in the previous period[9] - The net profit attributable to the parent company's shareholders was RMB 2,569,355,902.93, compared to RMB 3,072,641,613.91 in the previous period[9] - Total comprehensive income for the period was RMB 2,513,541,609.65, down from RMB 3,072,641,613.91 in the previous period[10] Cash Flow - The net cash flow from operating activities for the current period is RMB 3,934,719,705.31, compared to a net outflow of RMB 1,328,116,842.66 in the previous period[11] - Cash inflow from operating activities totaled RMB 18,917,472,521.04, while cash outflow was RMB 14,982,752,815.73, resulting in a net cash flow of RMB 3,934,719,705.31[11] - The cash flow from investment activities showed a net outflow of RMB 3,978,313,614.58, a significant decrease from a net inflow of RMB 1,785,420,669.51 in the previous period[12] - Cash inflow from financing activities was RMB 18,622,883,728.24, while cash outflow was RMB 18,760,513,300.05, leading to a net cash flow of RMB -137,629,571.81[12] - The total cash and cash equivalents at the end of the period amounted to RMB 6,403,225,598.86, down from RMB 1,083,248,268.62 in the previous period[13] Investments and Expenses - The company's long-term equity investments were valued at RMB 1,654,249,297.61, showing a slight increase from RMB 1,626,781,466.57 at the beginning of the period[4] - The company reported a total of RMB 13,690,309,857.48 in construction in progress, an increase from RMB 11,108,602,081.20 at the beginning of the period[4] - Research and development expenses for the company were RMB 2,726,517.88, compared to RMB 3,405,405.96 in the previous period[8] Other Information - The company has not disclosed any new product developments or market expansion strategies in the current report[1] - The exit of four hydropower stations in Sichuan Province is expected to impact the company's profits, with compensation arrangements still under discussion[10] - The company reported a government subsidy of RMB 21,270,421.00 during the period[9] - Other comprehensive income after tax was negative RMB 90,483,362.67, reflecting a decline from the previous period[10] - The impact of exchange rate changes on cash and cash equivalents was a decrease of RMB 4,438,773.31[13]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 2.37, indicating a potential upside of 16.2% from the current price of HKD 2.04 [11]. Core Insights - The impact of the Sichuan hydropower plant's exit from operation is expected to be minor, with compensation payments anticipated to be received in 2025 [1]. - The company forecasts a reduction in hydropower generation by approximately 110 million kWh in 2024, leading to a revenue decrease of about RMB 30 million [1]. - A one-time impairment is expected in 2024, but the core earnings impact for 2025-2026 is projected to be minimal [1]. - The dividend policy for 2024 is expected to remain unchanged, with a forecasted dividend of RMB 0.14 per share [1]. Financial Summary - Revenue projections for the company are as follows: RMB 20,867 million for 2024, RMB 22,696 million for 2025, and RMB 24,982 million for 2026, reflecting growth rates of 2.1%, 8.8%, and 10.1% respectively [2]. - Net profit estimates are RMB 2,932 million for 2024, RMB 3,523 million for 2025, and RMB 4,240 million for 2026, with a projected decline of 7.6% in 2024 followed by a recovery in subsequent years [2]. - The company’s earnings per share (EPS) is expected to be RMB 0.34 for 2024, RMB 0.41 for 2025, and RMB 0.50 for 2026 [2]. - The price-to-earnings (P/E) ratio is projected to be 5.4 for 2024, decreasing to 4.5 for 2025 and 3.7 for 2026 [2]. Operational Insights - The company’s total electricity sales for 2024 are projected to be 40,927 million kWh, with contributions from various energy sources: wind (13,836 million kWh), natural gas (19,424 million kWh), solar (6,066 million kWh), and hydropower (1,600 million kWh) [5]. - The operational profit from the wind and solar segments is expected to be significant, while the hydropower segment's contribution to operating profit is anticipated to be only 1% in 2025-2026 [1].

Energy Consumption and Generation - In the first half of 2024, the total electricity consumption in China reached 4.66 trillion kWh, representing a year-on-year growth of 8.1%[15] - The installed capacity of non-fossil energy power generation reached 1.71 billion kW, a year-on-year increase of 24.2%, accounting for 55.7% of the total installed capacity[15] - The total electricity generation from the gas power segment was 9.51 billion kWh, a year-on-year decrease of 1.2%[17] - Total power generation reached approximately 20.101 billion kWh, representing a year-on-year growth of 4.09%[19] - Wind power generation amounted to 7.14 billion kWh, up 8.67% year-on-year, with an equipment utilization of 1,137 hours, exceeding the industry average by 3 hours[19] Financial Performance - In the first half of 2024, the company's profit attributable to equity holders was approximately RMB 2.087 billion, a year-on-year increase of 1.55%[19] - 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, attributed to lower electricity prices in gas power and heating segments, decreased sales volume in wind power, and lower average prices in photovoltaic projects[31] - Operating profit decreased by 0.36% from RMB 3,133.8 million in the first half of 2023 to RMB 3,122.6 million in the first half of 2024[43] - Net profit for the period increased by 1.20% from RMB 2,161.1 million in the first half of 2023 to RMB 2,187.0 million in the first half of 2024[51] - Basic and diluted earnings per share for the period were RMB 25.31, up from RMB 24.92 in the previous year, representing a growth of 1.56%[81] Revenue Breakdown - Revenue from the gas power and heating segment decreased by 0.30% from RMB 6,336.7 million in the first half of 2023 to RMB 6,317.8 million in the first half of 2024, with electricity sales revenue down by 3.57% to RMB 5,040.1 million[32] - Wind power segment revenue decreased by 2.35% from RMB 2,516.3 million in the first half of 2023 to RMB 2,457.1 million in the first half of 2024 due to a decline in sales volume[33] - Photovoltaic segment revenue increased by 0.94% from RMB 1,499.9 million in the first half of 2023 to RMB 1,514.0 million in the first half of 2024, driven by new project contributions despite lower average prices[34] - The breakdown of revenue from customer contracts includes RMB 6,317,817 thousand from gas power and heating, RMB 2,457,115 thousand from wind power, RMB 1,513,994 thousand from photovoltaic power, and RMB 141,213 thousand from hydropower[97] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 95,090.7 million, with total liabilities of RMB 59,668.4 million and total equity of RMB 35,422.3 million[52] - Total assets increased by 1.60% from RMB 93,594.4 million on December 31, 2023, to RMB 95,090.7 million on June 30, 2024, due to increased investment in new projects[53] - Total liabilities rose by 1.01% from RMB 59,073.8 million to RMB 59,668.4 million, driven by funding needs for project construction[53] - Net current liabilities decreased by 26.36% from RMB 2,399.5 million to RMB 1,766.9 million as of June 30, 2024[54] Capital Expenditures and Investments - Capital expenditures for the first half of 2024 amounted to RMB 1,939.1 million, with RMB 1,384.2 million allocated to photovoltaic power generation projects[65] - The company has completed new filing capacity of approximately 2.416 million kW in the first half of 2024, including 900,000 kW for wind power and 1.516 million kW for solar power[21] - The company plans to enhance project development efforts and reserve high-quality projects for future growth, including key projects in wind and solar energy[27] Debt and Financing - The company issued a super short-term financing bond of RMB 1,700 million at an interest rate of 1.93% on April 16, 2024[64] - The company holds fixed interest rate loans totaling RMB 11,989 million as of June 30, 2024[55] - The company’s total borrowings increased by RMB 7,344,833,000 in the six months ended June 30, 2024, compared to an increase of RMB 11,125,750,000 in the same period of 2023, indicating a slowdown in borrowing growth[125] Employee and Workforce - Employee costs for the first half of 2024 were approximately RMB 535.4 million[61] - The proportion of employees under 35 years old is approximately 44.20%, indicating a younger workforce[57] Corporate Governance and Compliance - The company has been recognized with an AA rating in the Wind ESG assessment for three consecutive years, reflecting its commitment to environmental, social, and governance standards[24] - The company has adopted the corporate governance code and complied with all applicable provisions during the six months ending June 30, 2024[70] Future Outlook - The company aims to achieve a renewable energy installed capacity target of 12.5 million kW and a profit target of RMB 4.1 billion for the second half of 2024[26] - The company plans to continue its market expansion and investment in new technologies to enhance operational efficiency and profitability in the upcoming periods[90]

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]

Investment Rating - The report does not specify an investment rating for the company [4]. Core Insights - Jingneng Clean Energy is the largest gas power supplier in Beijing, with its gas power and heating segment contributing 61% of the company's revenue and 36% of its operating profit in 2023 [2]. - The company has a strong focus on renewable energy, with an expected increase in renewable energy installed capacity to 12.5GW by the end of 2024, up from 9.78GW in 2023 [2]. - The company emphasizes shareholder returns, with a dividend yield of 7.2%, which is the highest in the industry [3]. Summary by Sections Company Overview - Jingneng Clean Energy, a subsidiary of Jingneng Group, was listed on the Hong Kong Stock Exchange in 2011 and operates in various clean energy sectors including gas, wind, solar, and hydropower across 26 provinces [1][2]. Gas Power Segment - The gas power segment has an installed capacity of 4.7GW, accounting for over 40% of Beijing's gas power generation and heating supply [2]. - In 2023, gas power generation contributed 50% of the company's total generation, with sales agreements linked to the pricing guidelines from the Beijing Development and Reform Commission [2]. Renewable Energy Growth - The company has been increasing its investment in renewable energy projects, with wind power being the largest segment at 5.57GW and solar power at 3.8GW [2]. - Renewable energy generation accounted for 50% of the total generation in 2023, contributing 38% to the company's revenue and 73.9% to its operating profit [2]. Shareholder Returns - The company has a strong track record of returning value to shareholders, with cumulative dividends reaching 6.78 billion yuan since its listing and a rising dividend payout ratio from 24.5% in 2021 to 37.7% in 2023 [3]. - The operating cash flow was robust, reaching 11.27 billion yuan in 2022 and 9.43 billion yuan in 2023, supporting the company's high dividend policy [3]. Financial Metrics - The company's market capitalization is approximately 17.23 billion HKD, with a current share price of 2.09 HKD [4]. - The expected net profit for 2024 is projected to exceed 3 billion yuan, corresponding to a low PE ratio of 5.2 times, indicating potential for stock price appreciation [3].

Assets and Liabilities - As of March 31, 2024, the total current assets amounted to RMB 22,215,208,618.79, an increase from RMB 18,651,538,113.34 at the beginning of the period, reflecting a growth of approximately 8.4%[2] - The cash and cash equivalents stood at RMB 6,847,396,622.21, compared to RMB 2,580,107,266.11 at the beginning of the period, indicating a significant increase of approximately 165.5%[2] - Accounts receivable reached RMB 13,085,150,945.46, up from RMB 10,934,649,336.92, representing an increase of about 19.7%[2] - Non-current assets totaled RMB 74,645,016,173.24, slightly up from RMB 74,304,062,883.78, showing a marginal increase of approximately 0.5%[3] - The total assets of the company as of March 31, 2024, were RMB 96,860,224,792.03, compared to RMB 93,962,127,987.06 at the beginning of the period, reflecting an overall growth of about 3.1%[3] - The net value of fixed assets was RMB 50,405,053,298.74, down from RMB 51,050,729,246.11, indicating a decrease of approximately 1.3%[3] - The company reported a long-term equity investment of RMB 1,659,699,100.98, which is an increase from RMB 1,626,781,466.57, reflecting a growth of about 2%[3] - The inventory balance was RMB 93,199,809.69, compared to RMB 87,491,521.64 at the beginning of the period, indicating an increase of approximately 6.2%[2] - The company’s total liabilities were not explicitly stated in the provided documents, but the increase in total assets suggests a potential increase in liabilities as well[3] - Total current liabilities amounted to RMB 20,744,519,859.13, a decrease from RMB 21,549,405,112.92 at the beginning of the period, representing a reduction of approximately 3.74%[5] - Long-term borrowings increased to RMB 30,702,027,847.76 from RMB 28,345,007,316.01, reflecting a growth of about 8.25%[6] - Total liabilities reached RMB 60,832,787,777.37, up from RMB 59,268,683,414.05, indicating an increase of approximately 2.64%[6] - The total non-current liabilities were RMB 40,088,267,918.24, an increase from RMB 37,719,278,301.13, representing a growth of about 6.34%[6] Equity and Retained Earnings - The total equity attributable to shareholders of the parent company was RMB 35,169,208,846.24, compared to RMB 33,875,318,080.15 at the beginning of the period, marking an increase of around 3.81%[7] - The company's retained earnings rose to RMB 18,400,061,322.92 from RMB 17,071,313,388.87, showing an increase of approximately 7.76%[7] - The company maintained a stable capital structure with total equity of RMB 36,027,437,014.66, reflecting a solid financial foundation for future growth[7] Revenue and Profitability - Total operating revenue for the period reached RMB 6,516,358,013.58, representing an increase from RMB 6,325,730,599.39 in the previous period, a growth of approximately 3.02%[8] - Total operating costs amounted to RMB 5,134,329,217.49, slightly up from RMB 5,113,488,011.84, indicating a marginal increase of about 0.41%[8] - Operating profit for the period was RMB 1,647,966,183.25, compared to RMB 1,614,506,236.03 in the previous period, reflecting an increase of approximately 2.06%[9] - Net profit attributable to shareholders of the parent company was RMB 1,328,747,934.05, up from RMB 1,307,770,986.33, marking a growth of around 1.03%[9] - The company reported a total profit of RMB 1,672,709,842.67, compared to RMB 1,632,812,964.49 in the previous period, an increase of approximately 2.45%[9] Expenses and Other Income - Research and development expenses increased significantly to RMB 1,838,824.61 from RMB 382,594.71, indicating a growth of over 380%[8] - Other comprehensive income after tax was reported at -RMB 74,402,381.23, compared to -RMB 30,380,627.60 in the previous period, showing a decline[10] - The total comprehensive income for the period was RMB 1,293,631,808.62, slightly down from RMB 1,325,900,569.30 in the previous period, a decrease of about 2.43%[10] - The company recognized government grants amounting to RMB 1,260,421.00 during the period, a significant decrease from RMB 18,500,000.00 in the previous period[9] - The company reported a foreign exchange loss of RMB 213,900.04, contrasting with a gain of RMB 52,950,953.90 in the previous period, indicating a notable shift in foreign exchange performance[8] Cash Flow - The net cash flow from operating activities for the current period is RMB 1,936,951,967.80, a decrease of 29.3% compared to RMB 2,738,437,465.46 in the previous period[12] - Total cash inflow from operating activities is RMB 7,468,764,940.33, down 8.2% from RMB 8,138,077,304.96 in the previous period[12] - Cash outflow from operating activities totaled RMB 5,531,812,972.53, an increase of 2.4% compared to RMB 5,399,639,839.50 in the previous period[12] - Cash flow from investment activities shows a net outflow of RMB 1,217,877,800.14, an improvement from a net outflow of RMB 1,319,796,910.58 in the previous period[14] - Cash inflow from financing activities is RMB 4,135,480,437.82, significantly lower than RMB 7,628,295,710.23 in the previous period, reflecting a decrease of 45.5%[14] - The cash outflow from financing activities is RMB 4,663,691,888.83, down 47.7% from RMB 8,924,975,296.19 in the previous period[15] - The net cash flow from financing activities is negative at RMB -528,211,451.01, compared to a negative RMB -1,296,679,585.96 in the previous period[15] - The ending cash and cash equivalents balance is RMB 6,758,671,507.38, an increase from RMB 5,589,905,663.17 in the previous period[15] - The cash inflow from other operating-related cash is RMB 2,072,399,699.10, down 20.2% from RMB 2,594,757,539.58 in the previous period[12] - The cash received from tax refunds is RMB 25,008,048.48, a decrease of 19.8% compared to RMB 31,124,226.86 in the previous period[12] Future Outlook - The company has not disclosed specific future outlooks or guidance in the provided documents, focusing instead on current financial data[1]

Financial Performance - Revenue for 2023 reached RMB 20,446.028 million, showing a steady increase from previous years[4] - Net profit attributable to equity holders of the company for 2023 was RMB 3,057.641 million, up from RMB 2,841.680 million in 2022[4] - Basic and diluted earnings per share for 2023 were RMB 37.09 cents, up from RMB 34.47 cents in 2022[4] - The company achieved operating revenue of RMB 20.446 billion and pre-tax profit of RMB 4.144 billion in 2023, both reaching historical highs[8] - Renewable energy contributed RMB 29.09 billion in pre-tax profit, a year-on-year increase of 11.72%[11] - The company's net asset return rate attributable to equity holders was 10.32% in 2023, an increase of 0.16 percentage points year-on-year[11] - The company's gas power generation segment achieved pre-tax profit of RMB 1.865 billion, a year-on-year increase of 3.50%[11] - In 2023, the company achieved a net profit of RMB 3,235.2 million, a 7.01% increase from 2022, with attributable profit to equity holders rising 7.60% to RMB 3,057.6 million[23] - Total operating revenue increased by 2.08% to RMB 20,446.0 million in 2023, driven by increased electricity sales from gas power and heating, as well as wind and solar power capacity expansion[24] - Wind power revenue increased by 4.50% to RMB 4,511.9 million in 2023 due to increased installed capacity and electricity sales[26] - Solar power revenue rose by 8.74% to RMB 2,957.8 million in 2023, driven by increased installed capacity and electricity sales[27] - Hydropower revenue decreased by 12.40% to RMB 322.7 million in 2023 due to reduced electricity sales[28] - Other operating revenue, mainly from financial leasing and equipment maintenance, decreased by 46.05% to RMB 85.4 million in 2023 due to reduced external financial leasing income[28] - Other income increased by 6.76% from RMB 1,055.4 million in 2022 to RMB 1,126.7 million in 2023, driven by increased VAT refunds and carbon emission reduction certificate income[29] - Operating expenses rose by 2.95% from RMB 15,914.8 million in 2022 to RMB 16,384.8 million in 2023, due to increased capacity in wind and photovoltaic power generation[30] - Employee costs increased by 10.29% from RMB 1,227.1 million in 2022 to RMB 1,353.4 million in 2023, driven by business expansion and new project costs[33] - Maintenance costs decreased by 42.60% from RMB 560.5 million in 2022 to RMB 321.7 million in 2023, due to cost reduction measures and fewer major repairs[34] - Operating profit increased by 0.33% from RMB 5,170.9 million in 2022 to RMB 5,187.9 million in 2023, with wind power division profit up 15.29% to RMB 2,502.9 million[37] - Hydropower division turned a profit of RMB 142.6 million in 2022 into a loss of RMB 12.8 million in 2023 due to asset impairment[38] - Financial expenses decreased by 17.16% from RMB 1,501.0 million in 2022 to RMB 1,243.4 million in 2023, driven by lower financing costs[40] - Net profit attributable to equity holders increased by 7.60% from RMB 2,841.7 million in 2022 to RMB 3,057.6 million in 2023[43] - Revenue for the year ended December 31, 2023, increased to RMB 20,446,028 thousand, up 2.1% from RMB 20,030,281 thousand in 2022[200] - Operating profit for 2023 was RMB 5,187,881 thousand, slightly higher than RMB 5,170,923 thousand in 2022[200] - Net profit for the year increased to RMB 3,235,203 thousand, up 7.0% from RMB 3,023,414 thousand in 2022[200] - Earnings per share (basic and diluted) rose to RMB 37.09 cents, up from RMB 34.47 cents in 2022[200] - Gas consumption costs for 2023 were RMB 9,365,354 thousand, a 1.9% increase from RMB 9,186,941 thousand in 2022[200] - Depreciation and amortization expenses increased to RMB 3,847,886 thousand, up 4.5% from RMB 3,680,958 thousand in 2022[200] - Employee costs rose to RMB 1,353,435 thousand, a 10.3% increase from RMB 1,227,118 thousand in 2022[200] - Financial expenses decreased to RMB 1,243,402 thousand, down 17.2% from RMB 1,500,967 thousand in 2022[200] - Profit attributable to equity holders of the company increased to RMB 3,057,641 thousand, up 7.6% from RMB 2,841,680 thousand in 2022[200] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 93,594.441 million, with non-current assets at RMB 73,782.632 million[5] - Total equity attributable to equity holders of the company was RMB 30,678.046 million as of December 31, 2023[5] - Total assets of the company reached RMB 93.59 billion by the end of 2023, with a total installed capacity of 14.482 million kilowatts, of which renewable energy accounted for 9.78 million kilowatts, representing 68% of the total installed capacity[8] - Total assets increased by 6.36% from RMB 88,000.2 million in 2022 to RMB 93,594.4 million in 2023, driven by new and acquired projects[45] - Net debt-to-equity ratio decreased slightly from 55.79% in 2022 to 55.65% in 2023, with total borrowings increasing by 7.62% to RMB 49,920.8 million[47] - The company's bank borrowings are secured by property, plant, and equipment worth RMB 2,489.8 million, trade receivables worth RMB 2,512.0 million, finance lease receivables worth RMB 309.7 million, and restricted bank deposits worth RMB 46.9 million as of December 31, 2023[87] Renewable Energy Capacity - The company's total installed capacity for power generation reached 14.482 million kW, with renewable energy capacity at 9.78 million kW[6] - Wind power installed capacity stood at 5.566 million kW, primarily located in Inner Mongolia, Shaanxi-Gansu-Ningxia, and the Beijing-Tianjin-Hebei region[6] - Solar power installed capacity was 3.818 million kW, distributed across the northwest, north, and south China regions[6] - Gas-fired cogeneration plants in Beijing have a capacity of 4.702 million kW, accounting for over 40% of Beijing's gas-fired power generation and central heating supply[6] - Renewable energy development capacity reached 5.33 million kW in 2023, a 3-fold increase compared to the previous year, with 4.8 million kW from self-developed projects and 530,000 kW from acquisitions[12] - Total installed renewable energy capacity reached 9.78 million kW by the end of 2023, exceeding gas-fired power capacity by more than double[13] - Wind power generation increased by 15.9% YoY to 12.6 billion kWh, with utilization hours reaching 2,304 hours, 79 hours above the national average[13] - Solar power generation increased by 5.4% YoY to 5.29 billion kWh, with utilization hours reaching 1,387 hours, 101 hours above the national average[13] - Total electricity generation in 2023 reached 38.89 billion kWh, a 6.2% YoY increase, with renewable energy contributing 19.47 billion kWh, a 10.7% YoY increase[13] Operational Efficiency and Cost Management - Cost savings exceeded RMB 30 million through centralized procurement, and digital operations reduced repetitive workloads by 70% and increased per capita operation and maintenance capacity by 35%[14] - The company achieved carbon asset revenue of approximately RMB 30 million through carbon quota trading of 500,000 tons[14] - Digital transformation initiatives included 48 technology projects with an investment of RMB 720 million, resulting in 119 patents and awards[15] - The company aims to become a "smarter, more low-carbon, more flexible, and more resilient" international clean energy service provider in 2024[17] - The company aims to achieve a non-fossil energy installed capacity target of 12.5 GW in 2024, striving to exceed the total installed capacity development goal of 17.35 GW[18] - The company expects a profit impact of RMB 600-700 million in 2024 due to the adjustment of gas power plant electricity prices in Beijing[19] - The company plans to increase its profit target to exceed RMB 4.1 billion in 2024, despite the impact of gas power plant price adjustments[20] - The company will focus on digital transformation, aiming to build a digital operation platform integrating production, operation, and finance[21] Corporate Governance and Compliance - The company successfully entered the "Beijing State-owned Holding Listed Companies ESG Pioneer 30 Index" and received the highest rating of four and a half stars[8] - The company's registered share capital as of December 31, 2023, is RMB 8,244,508,144, divided into 8,244,508,144 shares with a par value of RMB 1.00 each, including 5,414,831,344 domestic legal person shares and 2,829,676,800 H-shares[82] - The company did not purchase, sell, or redeem any listed securities during the year ended December 31, 2023[83] - The company plans to expand its domestic market, focus on high-quality and high-return projects, and maximize shareholder value through self-development, acquisitions, and mergers[84] - The company will support its capital expenditures through various financing channels, including internal funds and bank loans, with sufficient bank credit lines currently available[84] - The company did not enter into any stock-linked agreements during the year ended December 31, 2023, and no such agreements were in effect at the end of 2023[85] - The company has appropriate liability insurance for its directors, supervisors, and senior management, with approved indemnity provisions in place[85] - The controlling shareholder did not pledge any shares in the company to guarantee the company's debts or other obligations during the year ended December 31, 2023[86] - The company did not provide any financial assistance or guarantees to its affiliates that required disclosure under the Listing Rules during the year ended December 31, 2023[88] - The company adopted an H-share stock appreciation rights plan on February 2, 2024, granting a total of 103,062,511 stock appreciation rights to 113激励对象[90] - The company is a leading wind and photovoltaic power operator in China and the largest gas power supplier in Beijing, engaging in diversified clean energy businesses including wind power, photovoltaic power, gas thermal power, small hydropower, and other clean energy projects[91] - The company's audited operating performance, financial position, and cash flow for the year ended December 31, 2023, are detailed in the consolidated income statement, consolidated statement of financial position, and consolidated cash flow statement, respectively[92] - The company maintains good relationships with suppliers and customers, implementing a comprehensive supplier evaluation system and ensuring product quality through manufacturing supervision[93] - The company's environmental policies and performance are discussed in the Environmental, Social, and Governance (ESG) report published on the Hong Kong Stock Exchange website[94] - The company emphasizes compliance with laws and regulations, allocating resources to ensure adherence and maintain good working relationships with regulatory authorities[95] - The company's dividend policy prioritizes maintaining sufficient cash reserves to meet operational needs, future growth, and shareholder value, with dividends to be paid in cash or other forms as approved by the board and shareholders[96] - The company proposes a final dividend of RMB 13.98 cents per share for the year ended December 31, 2023, totaling approximately RMB 1,152.6 million[97] - The final dividend for 2023 is expected to be paid on or around July 31, 2024, subject to approval at the Annual General Meeting[97] - Non-resident enterprise shareholders of H shares will have a 10% enterprise income tax withheld on the final dividend[97] - Individual H shareholders are exempt from Chinese personal income tax on dividends due to the company's status as a foreign-invested enterprise[97] - The company's distributable reserves as of December 31, 2023, were approximately RMB 11,996 million, up from RMB 10,903 million in 2022[100] - The company made external donations of approximately RMB 36 million during the reporting period, excluding employee personal donations[101] - H share transfer registration will be suspended from June 21 to June 26, 2024, for determining eligibility to attend and vote at the Annual General Meeting[99] - H share transfer registration will also be suspended from July 3 to July 8, 2024, for determining eligibility to receive the proposed final dividend[99] - The company's major shareholder, Jingneng Group, holds 5,190,483,053 domestic shares, representing 95.86% of the domestic share class and 62.96% of the total share capital[112] - Beijing State-owned Assets Management holds 5,414,831,344 domestic shares, accounting for 100% of the domestic share class and 65.68% of the total share capital[112] - Central Huijin Investment Ltd. holds 656,036,000 H-shares, representing 23.18% of the H-share class and 7.96% of the total share capital[112] - China Reinsurance (Group) Corporation holds 656,036,000 H-shares, accounting for 23.18% of the H-share class and 7.96% of the total share capital[112] - Beijing Energy Investment holds 471,612,800 H-shares, representing 16.67% of the H-share class and 5.72% of the total share capital[112] - Beijing Enterprises Holdings Limited holds 196,964,000 H-shares, accounting for 6.96% of the H-share class and 2.39% of the total share capital[112] - Beijing Enterprises Clean Energy Technology Investment Co., Ltd. holds 196,964,000 H-shares, representing 6.96% of the H-share class and 2.39% of the total share capital[112] - China Property & Casualty Reinsurance Co., Ltd. holds 196,704,000 H-shares, accounting for 6.95% of the H-share class and 2.39% of the total share capital[112] - Beijing Energy Group directly holds 5,174,447,731 domestic shares of the company, accounting for 68.68% of the total issued shares as of December 31, 2023[117] - The company's equipment maintenance framework agreement with Beijing Energy Group has an estimated annual cap of RMB 250 million, RMB 260 million, and RMB 270 million for the years 2023, 2024, and 2025, respectively[118] - The service framework agreement with Beijing Energy Group includes property management services with an estimated annual cap of RMB 85 million, RMB 90 million, and RMB 95 million for 2023, 2024, and 2025, respectively[119] - The actual transaction amount for equipment maintenance services under the framework agreement with Beijing Energy Group in 2023 was RMB 93.4 million, below the annual cap of RMB 250 million[116] - The actual transaction amount for property management services under the service framework agreement with Beijing Energy Group in 2023 was RMB 71.2 million, below the annual cap of RMB 85 million[116] - The actual transaction amount for administrative services under the service framework agreement with Beijing Energy Group in 2023 was RMB 67.3 million, below the annual cap of RMB 85 million[116] - The actual transaction amount for financial services (deposit services) with Beijing Energy Finance in 2023 was RMB 6,433.2 million, below the annual cap of RMB 8,000 million[116] - The actual transaction amount for financial services (other financial services) with Beijing Energy Finance in 2023 was RMB 0.4 million, below the annual cap of RMB 15 million[116] - The actual transaction amount for property leasing services with Beijing Energy Group in 2023 was RMB 52.1 million, below the annual cap of RMB 60.1 million[116] - The actual transaction amount for financial leasing services with Beijing Energy Leasing in 2023 was RMB 551.9 million, below the annual cap of RMB 3,000 million[116] - The new contract energy management framework agreement with Jingneng Group has an estimated annual cap of RMB 26.5 million for each of the three years ending December 31, 2025[120] - The new heat sales and procurement framework agreement with Jingneng Group has an estimated annual cap of RMB 2,351.8 million for each of the three years ending December 31, 2025[121] - The new materials procurement framework agreement with Jingneng Group has an estimated annual cap of RMB 160 million for each of the three years ending December 31, 2025, with no transactions occurring in 2023 due to changes in the company's procurement model[122] - The new financial leasing framework agreement with Beijing Jingneng Leasing has an estimated annual cap of RMB 1,000 million for each of the three years ending December 31, 2025[123] - The new financial services framework agreement with Jingneng Finance has estimated annual caps for deposit services of RMB 8,000 million, RMB 9,500 million, and RMB 11,000 million for the three years

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 2.10, indicating a potential upside of 20.7% from the current price of HKD 1.74 [11]. Core Views - The company has shown impressive progress in wind and solar installations, with an expected dividend yield of 8.7%, the highest in its sub-industry [2][6]. - Despite a slight decline in profits due to asset impairment, the company’s net profit for 2023 increased by 7.4% year-on-year to RMB 3.06 billion, slightly below expectations [1][6]. - The management anticipates achieving its 2024 installation target of 12.5 GW, with a high probability of completing 2.7 GW of new wind and solar capacity by the end of 2024 [1][2]. Financial Summary - Revenue is projected to grow from RMB 20.03 billion in 2022 to RMB 26.59 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 13.5% [3][12]. - Net profit is expected to increase from RMB 2.95 billion in 2022 to RMB 4.77 billion in 2026, with a CAGR of around 30.1% [3][12]. - The company’s earnings per share (EPS) is forecasted to grow from RMB 0.35 in 2022 to RMB 0.57 in 2026, with a notable increase in the dividend payout ratio to 38% in 2023 [3][12]. Installation Capacity and Performance - The company aims to increase its total installed capacity from 13.71 GW in 2024 to 25.64 GW by 2026, with wind and solar accounting for a growing share of the total [7][8]. - The expected contribution from wind and solar power is projected to rise significantly, with wind and solar accounting for 62.7% of total power generation by 2024 [7][8]. Market Position - The company maintains a strong market position with a market capitalization of approximately HKD 4.92 billion and an average daily trading volume of 14.18 million shares [5][11]. - The report highlights that the company’s valuation remains attractive, with a price-to-earnings (P/E) ratio of 5.2 times for 2024, suggesting room for further valuation improvement [2][12].