Investment Rating - Maintained "Buy" rating with a new target price of HK$20.50, derived from a sum-of-the-parts valuation method (firepower at 0.7x 2024 P/B and renewables at 7.5x 2024 P/E) [1] - 2024 and 2025 EPS forecasts adjusted to HK$2.88 (+3.3%) and HK$3.49 (+1.8%) respectively, with a new 2026 EPS forecast of HK$3.84 [1] Core Views - 2023 performance met expectations with a 56.2% YoY increase in shareholder profit to HK$11.003 billion [1] - Total equity-based operating generation capacity increased by 7,183 MW in 2023, including 3,106 MW from wind and 2,230 MW from solar [1] - Dividend payout ratio remained at 40%, reaching 62% including a special dividend for the 20th IPO anniversary [1] - Firepower business outlook remains stable with a projected 3-5% decline in average fuel cost per unit in 2024, following a 12.6% decline in 2023 to RMB 296/MWh [1] - Ambitious renewable energy expansion plan for 2024, targeting 10 GW of new capacity (up from 5,336 MW in 2023) with a capital expenditure budget of HK$44.6 billion [1] - Low-cost debt financing advantage with an effective interest rate of approximately 2.9% in 2023 [1] Financial Performance - 2023 revenue was HK$103.334 billion, with net profit of HK$11.003 billion, representing a 56.8% YoY increase in EPS to HK$2.29 [4] - 2024 revenue forecast at HK$107.698 billion, with net profit expected to rise to HK$13.837 billion and EPS to HK$2.877 [4] - 2025 revenue forecast at HK$113.202 billion, with net profit expected to reach HK$16.8 billion and EPS to HK$3.492 [4] - 2026 revenue forecast at HK$118.98 billion, with net profit expected to grow to HK$18.493 billion and EPS to HK$3.844 [4] - Operating margin improved to 17.6% in 2023, with a net profit margin of 11.7% [7] - ROE increased to 12.9% in 2023, with further improvements expected to 14.9% in 2024 and 16.3% in 2025 [7] Operational Highlights - Firepower capacity addition planned for 2024 is approximately 927 MW [1] - Renewable energy expansion is supported by strong cash flow from the firepower business and low financing costs [1] - Total assets increased to HK$322.396 billion in 2023, with PPE growing to HK$215.752 billion [7] - Net gearing rose to 182.5% in 2023, with further increases expected to 215.3% in 2024 and 234.3% in 2025 [7] Market Performance - Share price increased by 7.3% over the past month, 15.9% over the past three months, and 13.3% over the past year [3] - Relative performance to the HSI index was 6.6% over the past month, 12.7% over the past three months, and 27.2% over the past year [3] - Average share price over the past year was HK$15.7, with a current share price of HK$17.86 [3]

港股公司报告 | 公司点评 华润电力（00836） 证券研究报告 2024年03月 27日 投资评级 火电业务扭亏为盈，全年派息率达 62% 行业 公用事业/公用事业 6个月评级 买入（维持评级） 当前价格 17.82港元 事件： 目标价格 港元 公司发布 2023 年业绩。公司 2023 年实现营收 1033 亿港元，同比微增； 实现归母净利润110亿港元，同比增长56.24%。 基本数据 港股总股本(百万股) 4,810.44 点评 港股总市值(百万港元) 85,722.11 火电：核心利润扭亏为盈，盈利或将进一步改善 每股净资产(港元) 17.66 资产负债率(%) 67.57 收入端，公司火电售电量同比增长 2.3%至 1495 亿千瓦时；电价保持高比 例上浮，2023年公司市场电平均电价较标杆上网电价涨幅为18%。成本端， 一 年内最高/最低(港元) 19.18/14.00 2023 年附属燃煤电厂平均单位燃料成本为每兆瓦时 296.3 元，同比下降 12.6 %；平均标煤单价为每吨987.5元，同比下降12.6%。综合来看，公司 作者 火电业务扭亏为盈，贡献核心利润 36.11 亿港元，对应单位售 ...

Investment Rating - The investment rating for China Resources Power (0836.HK) is "Buy" (maintained) [1] Core Views - The company reported a total revenue of HKD 103.3 billion for 2023, a slight increase of 0.03% year-on-year, and a net profit attributable to shareholders of HKD 11 billion, which represents a significant increase of 56.2% year-on-year [2] - The renewable energy segment contributed core profits of HKD 9.73 billion, up from HKD 8.64 billion in 2022, while the thermal power segment turned profitable with core profits of HKD 3.61 billion compared to a loss of HKD 2.58 billion in 2022 [2] - The company achieved a dividend payout ratio of 62% for the year, including special dividends [2] Summary by Sections Financial Performance - The company’s thermal power business sold 149.4 billion kWh, a 2.3% increase year-on-year, with an average utilization of 4,688 hours, remaining stable compared to 2022 [2] - The average benchmark coal price decreased by 12.6% year-on-year to HKD 987.5 per ton, leading to significant cost improvements [2] - The total installed capacity for thermal power at the end of 2023 was 37 GW, accounting for 62.2% of the total capacity, with plans to add 927.2 MW in 2024 [2] Renewable Energy Development - The renewable energy segment accounted for 72.9% of the core profit, with new installations of wind and solar power totaling 3.1 GW and 2.2 GW respectively in 2023 [2] - The company has a target of adding 10 GW of new wind and solar projects in 2024, with significant growth in sales volume for renewable energy, particularly a 12.4% increase in wind and a 111.8% increase in solar sales compared to 2022 [2] Earnings Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is HKD 14.84 billion, HKD 16.51 billion, and HKD 19.46 billion respectively, with corresponding EPS of HKD 3.08, HKD 3.43, and HKD 4.05 [2][3] - The report maintains a "Buy" rating based on the expected growth in profits and the company's strategic focus on renewable energy [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a turnaround in its thermal power segment, leading to a significant increase in net profit by 56% year-on-year in 2023, with a net profit of 9.97 billion RMB [3][4] - The company plans to add 10 GW of new renewable energy capacity in 2024, indicating strong growth potential in the green energy sector [6] Financial Performance - In 2023, the company reported total revenue of 93.6 billion RMB, which remained stable year-on-year, while the net profit attributable to shareholders reached 9.97 billion RMB, up 56% from the previous year [3][4] - The second half of 2023 saw a revenue of 47 billion RMB, a decrease of 2% year-on-year, but net profit increased by 59.5% to 3.86 billion RMB [3] - The company declared a total dividend of 1.415 HKD per share for the year, with a payout ratio of 62% [3] Segment Performance - The thermal power segment turned profitable in 2023, contributing a net profit of 3.27 billion RMB, a significant recovery from a loss of 2.34 billion RMB in 2022 [4][5] - The renewable energy segment also performed well, with a net profit of 8.81 billion RMB, reflecting a year-on-year increase of 12.5% [5] Future Outlook - The company is expected to see further improvement in thermal power performance and growth contributions from renewable energy installations, with projected net profits of 14.4 billion RMB, 16.5 billion RMB, and 18.3 billion RMB for 2024, 2025, and 2026 respectively [6][7] - The projected price-to-earnings (P/E) ratios for the next three years are 5.4, 4.7, and 4.3, indicating attractive valuation levels [6][7]

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 电力 | 公司研究 火电迎业绩拐点 新能源装机持续加速 2024年3月25日 华润电力（00836.HK）点评 买入 公司公告2023年业绩，2023年实现营业收入1033.34亿港元，同比增长0.03%；实现 归母净利润110.03亿港元，同比增长56.2%，基本符合我们的预期。 维持评级 成本端显著改善，火电板块大幅扭亏。2023年，公司附属电厂全年售电量1932.65亿千 瓦时，同比增长4.7%，市场电平均上网电价较标杆上网电价涨幅18%。其中公司附属火 市场数据：2024年3月22日 收盘价（港币） 17.94 电售电量同比增长2.3%，平均利用小时数4688h，同比持平，仍较全国平均大超222h。 恒生中国企业指数 5757.67 燃煤电厂平均单位燃料成本296.3元/兆瓦时，标煤单价987.5元/吨，均同比下降12.6%。 52周最高/最低价 (港币) 19.04/13.55 2023年公司燃料成本同比减少97.74亿港元至545.09亿港元，同比下降15.2%。成 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In 2023, the company's net profit reached 11.003 billion HKD, a year-on-year increase of 56.2% compared to 7.042 billion HKD in 2022 [5][6]. - The company's thermal power business saw a significant recovery, with a net profit of 2.855 billion HKD, compared to a loss of 3.430 billion HKD in the previous year, driven by a substantial decrease in fuel costs [5][6]. - Renewable energy business profits were impacted by impairment losses, resulting in a net profit of 8.082 billion HKD, a decrease of 4.68% year-on-year [5][6]. Summary by Sections Financial Performance - The company achieved a total net profit of 11.003 billion HKD in 2023, up from 7.042 billion HKD in 2022, marking a growth of 56.2% [5][6]. - The thermal power segment's sales volume was 149.452 billion kWh, a year-on-year increase of 2.28%, while revenue from thermal power sales was 72.226 billion HKD, a decrease of 2.34% [5][6]. - The average unit fuel cost for the company's coal-fired power plants was 296.3 RMB/MWh, down 12.6% year-on-year, contributing to a 15.2% reduction in fuel costs overall [5][6]. Renewable Energy Expansion - The company expanded its installed capacity with 3.11 million kW of new wind power and 2.23 million kW of solar power, leading to a total wind power capacity of 18.618 million kW, a 20.02% increase, and solar capacity of 3.442 million kW, a 183.99% increase [6]. - Wind power sales volume reached 39.612 billion kWh, up 12.36%, while solar power sales volume increased by 111.80% to 2.863 billion kWh [6]. Dividend and Valuation - The company declared a dividend of 1.415 HKD per share for 2023, resulting in a dividend yield of 7.90% based on the closing price on March 20 [6]. - The expected capital expenditure for 2024 is projected to be 59.9 billion HKD, with approximately 46.6 billion HKD allocated for renewable energy projects [6][7].

[Table_Page] 年报点评|公用事业 证券研究报告 [【Table_T广itle] 发公用事业&海外】华润电力 [公Tab司le_I评nves级t] 买入 当前价格 17.98港元 （00836.HK） 合理价值 27.28港元 前次评级 买入 火电扭亏、绿电提速，高 ROE 有望保持 报告日期 2024-03-22 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 火电扭亏、绿电稳增，23业绩同比提升56.2%。公司发布2023年业 24% 绩，2023年公司实现归母净利润110.03亿港元（同比+56.2%），其中 15% 火电核心利润36.11亿港元（上年为-25.82亿港元）、可再生能源核心 6% 利润97.26亿港元（同比+12.5%），减值损失27.5亿港元（上年为10.5 -4%03/23 05/23 07/23 09/23 11/23 01/24 03/24 亿港元），23年ROE达13%。公司末期每股派息0.587港元，全年三 -13% 次共派息1.415港元，分红率62%，对应最新收盘价股息率7.9%。 -22% ⚫ 煤价回落驱动 ...

更新报告 买入 火电盈利大幅改善，风光装机提速 华润电力（0836.HK） 2024-03-21 星期四 投资要点 目标价： 26.5 港元 ➢ 2023年盈利同比+56.2%，派息率62%： 现 价： 17.92港元 2023年公司营业额为1033.34亿港元，同比基本持平；归母净利润110.03 预计升幅: 48% 亿港元，同比增长56.2%，每股基本盈利为2.29港元，加上特别股息0.5 港元，全年共派息1.415港元，派息率为62%（2023年为40%）。公司 重要数据 业绩增长主要来自风光利润贡献以及火电盈利大幅修复。2023年，可再 生能源业务核心利润贡献为97.26亿港元(2022年：86.45亿港元)，火电 日期 2024-03-20 业务核心利润贡献为36.11亿港元(2022年：亏损25.82亿港元)。 收盘价（港元） 17.92 总股本（百万股） 4,810 ➢ 容量电价叠加单位燃料成本下降，火电盈利确定性提升： 总市值（亿港元） 862 公司 2023 年火电盈利大幅改善主要受益煤价下行，期内公司火电单位 净资产（百万港元） 104,547 燃料成本同比下降12.6%。公司预期2024 ...

交银国际研究 公司更新 电力 收盘价 目标价 潜在涨幅 2024年3月20日 港元17.92 港元22.70↑ +26.7% 华润电力 (836 HK) 装机进度在今年加快，股息率仍有吸引力，维持买入  一次性资产减值略高，常规派息比率持平。公司2023年盈利上升56%至110 个股评级 亿港元，比市场预期/我们的预期低6%/12%，主要受到一次性资产减值比 预期高约20亿港元所影响。不计及减值影响，公司核心盈利应达133亿港 买入 元。火电板块2023年下半年经营利润达39亿港元(上半年为16亿港元)，环 比明显改善，2023年燃料成本同比则下降12.6%。另外，撇除减值影响， 1年股价表现 再生能源板块的经营利润同比上升14%。新增装机方面，期内自建/并购的 风/光项目为6.5/1.2吉瓦(共7.7吉瓦)，高于我们预期的6.5吉瓦。公司末期息 836 HK 恒生指数 为0.587港元，全年常规派息比率维持40%。加上早前已宣布的上市20周年 20% 15% 特别股息0.5港元，全年派息比率为62%。 10% 5% 0%  装机进度加快推动盈利，负债率将在2024年达近年高位。管理层预期2024 -5% ...

Financial Performance - The net profit attributable to shareholders for 2023 was HKD 11.003 billion, an increase of 56.2% from HKD 7.042 billion in 2022[1]. - Basic earnings per share for 2023 rose to HKD 2.29, up 56.2% from HKD 1.46 in 2022[2]. - The total operating revenue for the year ended December 31, 2023, was HKD 103.33 billion, a slight increase from HKD 103.31 billion in 2022[11]. - The net profit for the year ended December 31, 2023, was HKD 12.11 billion, compared to HKD 7.56 billion in 2022, representing a year-on-year increase of 60.5%[11]. - The profit attributable to the company's owners (excluding non-cash foreign exchange losses) was HKD 10.94 billion for 2023, compared to a loss of HKD 5.05 billion in 2022[23]. - The net profit before tax was HKD 15.50 billion for 2023, reflecting a significant recovery from the previous year's performance[23]. - Operating profit increased by HKD 4.65 billion or 34.3% from HKD 13.55 billion in 2022 to HKD 18.20 billion in 2023, driven by lower coal prices and contributions from new projects[30]. Revenue and Sales - The group achieved a total electricity sales volume of 193,265 GWh in 2023, a 4.7% increase from 2022, with wind and solar power sales rising by 12.4% and 111.8%, respectively[6]. - The segment revenue from thermal power was HKD 80.05 billion, while renewable energy segment revenue was HKD 23.28 billion for 2023[23]. - In RMB terms, the revenue for 2023 was RMB 92.90 billion, an increase of RMB 4.35 billion or 4.9% from RMB 88.55 billion in 2022[21]. - The average selling price of electricity from subsidiary power plants increased by 2.1% year-on-year[21]. Capital Expenditure and Investments - The cash capital expenditure for 2023 was approximately HKD 44.734 billion, with HKD 31.934 billion allocated for wind and solar projects[7]. - The cash capital expenditure for 2024 is estimated at approximately HKD 59.9 billion, with HKD 44.6 billion allocated for wind and solar projects[10]. - The company plans to optimize its capital structure through dividend payments, issuance of new shares, and debt management strategies[39]. Debt and Liabilities - The net debt to equity ratio stood at 188.3% as of December 31, 2023, compared to 158.7% in 2022[3]. - Total liabilities increased to HKD 217,848,849 in 2023 from HKD 182,834,098 in 2022, representing a rise of 19.2%[14]. - The total bank and other borrowings increased to HKD 164.53 billion in 2023 from HKD 138.32 billion in 2022[41]. - Borrowings in financing activities amounted to HKD 93,903,965 in 2023, a significant increase from HKD 62,229,310 in 2022, marking a growth of 50.9%[17]. Dividends - The proposed final dividend for 2023 is HKD 0.587 per share, with a total dividend of HKD 1.415 per share, resulting in a payout ratio of 62%[1]. - The company paid dividends to shareholders totaling HKD 4,893,060 in 2023, compared to HKD 4,387,972 in 2022, reflecting an increase of 11.5%[17]. - The company reported a total of HKD 5.79 billion in dividends distributed during the year, compared to HKD 1.23 billion in 2022[37]. Operational Efficiency - The average unit fuel cost for thermal power plants was RMB 296.3 per MWh, a decrease of 12.6% compared to 2022[7]. - The average utilization hours for wind power plants increased by 2.2% to 2,451 hours, while solar power plants saw a decrease of 2.0% to 1,480 hours[7]. - The operating costs for 2023 were HKD 87.38 billion, a decrease of HKD 6.54 billion or 7.0% from HKD 93.92 billion in 2022[25]. - Fuel costs decreased by HKD 9.77 billion or 15.2% to HKD 54.51 billion in 2023, primarily due to a 12.6% drop in the average coal price[25]. Employee and Operational Costs - Employee benefits expenses rose by HKD 5.55 billion or 8.4% from HKD 6.63 billion in 2022 to HKD 7.19 billion in 2023, influenced by new project launches and currency depreciation[26]. - Total employee costs for 2023 amounted to HKD 7.19 billion, up from HKD 6.63 billion in 2022[36]. Environmental and Sustainability Initiatives - The company has implemented a carbon peak and carbon neutrality action plan, focusing on renewable energy development and reducing coal consumption[9]. - The company plans to invest in carbon capture and storage technologies to further reduce carbon emissions[9]. - The company will include renewable energy development and carbon reduction targets in the performance contracts of its executive team[9]. Financial Position and Assets - The company reported total assets of HKD 322.40 billion as of December 31, 2023, an increase from HKD 283.39 billion in 2022[13]. - The total equity of the company reached HKD 104,547,141 in 2023, up from HKD 100,553,548 in 2022, which is a growth of 4.0%[14]. - The company's cash and cash equivalents at the end of 2023 were HKD 4,082,972, down from HKD 7,721,275 at the end of 2022, indicating a decrease of 47.3%[17]. Compliance and Governance - The auditors, Deloitte, provided an unqualified opinion on the consolidated financial statements for the year ending December 31, 2023[50]. - The company confirmed compliance with the corporate governance code, except for a temporary vacancy in the company secretary position from February 8 to April 23, 2023[49]. - The company has adopted the standard code of conduct for securities trading and confirmed all directors have complied with it[50].