证 券 研 究 报 告 华润电力（0836.HK） 2024-09-16 星期一 | --- | --- | |------------|--------------| | | | | 目标价： | 24 港元 | | 现 价： | 18.52 港元 | | 预计升幅 : | 30% | | --- | --- | |---------------------|--------------------------| | | | | 日期 | 2024-09-13 | | 收盘价（港元） | 18.52 | | 总股本（百万股） | 4,810 | | 总市值（亿港元） | 891 | | 净资产（百万港元） | 110,617 | | 总资产（百万港元） | 346,778 | | 52 周高低（港元） | 24.88/12.91 | | 每股净资产（港元） | 18.81 | | 数据来源： Wind | 、国元证券经纪（香港）整 | 理 主要股东 华润集团（电力）有限公司（62.93%） 相关报告 深度报告-20210608 更新报告-20220124 更新报告-20220322 投资要点 ➢ 煤价下行， ...

研究报告 Research Report 13 Sep 2024 华润电力 China Resources Power Holdings (836 HK) 2024 年上半年火电盈利能力显著提升，新能源战略持续推进 Improving Thermal Power Profitability in 2024H1 and Advancing New Energy Strategies [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------|---------------------|---------------|----------------------------------------------|-------------------------|----------------------------------------------------------------------- ...

证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 S1350524070004 zoupeixuan01@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 市场表现： 2024 年 09 月 11 日 华润电力 (0836.HK) 买入（维持） ——业绩再超预期 优质治理能力持续验证 投资要点： ➢ 事件：公司发布 2024 年中期业绩。上半年公司权益持有人应占利润为 93.63 亿港元，同比增 长 38.91%；权益持有人应占核心利润为 82.71 亿港元，同比增长 23.81%。 ➢ 风况略差拖累新能源业绩，但是新能源电价稳定性超过预期。公司上半年新增投产风电和光伏 权益装机容量分别 0.50GW 和 1.56GW，截至 2024 年 6 月底，公司风电在运权益装机容量 19.12GW，在建 7.53GW；光伏在运权益装机容量 5GW，在建 8.01G ...

证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 S1350524070004 zoupeixuan01@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 市场表现： 2024 年 09 月 11 日 华润电力 (0836.HK) 买入（维持） ——业绩再超预期 优质治理能力持续验证 投资要点： ➢ 事件：公司发布 2024 年中期业绩。上半年公司权益持有人应占利润为 93.63 亿港元，同比增 长 38.91%；权益持有人应占核心利润为 82.71 亿港元，同比增长 23.81%。 ➢ 风况略差拖累新能源业绩，但是新能源电价稳定性超过预期。公司上半年新增投产风电和光伏 权益装机容量分别 0.50GW 和 1.56GW，截至 2024 年 6 月底，公司风电在运权益装机容量 19.12GW，在建 7.53GW；光伏在运权益装机容量 5GW，在建 8.01G ...

華潤電力（836） 更新報告 火電盈利逐步釋放，新能源裝機加速投產 上半年盈利持續改善： 2024 年上半年公司取得營業收入 511 億港元， 同比基本持平，實現歸母淨利潤 93.63 億港元，同比增長 38.9%。其中可 再生能源核心業務歸母利潤為 55.56 億港元，同比減少 6.7%，火電業務 實現盈利 27 億港元，同比增長 232%，由原料成本下降所貢獻的核心利潤 為 27 億港元。公司計畫中期派息每股 0.455 港元/股。 火電降本顯著，盈利大幅釋放：公司上半年火電售電量同比增長 3.3%。得益于煤炭供給相對寬鬆，上半年煤炭價格大幅下降，公司上半 年單位燃料成本同比下降 10.7%，火電盈利能力持續修復。此外，火電輔 助服務貢獻收入 7.87 億元，新能源業務輔助服務費用支出約 3.44 億 元，淨盈利 4.43 億元，同比增長 5%。公司上半年火電業務毛利率同比提 升 9.6pct,處於行業領先地位。 新能源盈利受風速影響承壓，裝機加速兌現：截至 7 月底，公司累 計新增裝機已超過 1100 兆瓦。風電、光伏得益於新投產的機組使得售電 量分別同比增長 6.9%/204.9%。但由於上半年氣候條 ...

华润电力（00836） 证券研究报告 2024 年 09 月 01 日 投资评级 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 21.2 港元 目标价格 港元 火电盈利大幅改善，清洁能源转型持续推进 事件： H1 并网风光装机 0.93GW，6 月底风光在建权益装机 15.54GW 上半年，公司风电和光伏新增并网装机合计约 930 兆瓦；新投产的风电和 光伏项目权益装机容量分别为 504 兆瓦和 1560 兆瓦。截至 6 月底，公司 风电运营权益装机容量为 19.12GW，在建权益装机容量为 7.53GW；光伏 运营权益装机容量为 5GW，在建权益装机容量为 8.01GW。全年来看，公 司计划新增风电和光伏项目并网容量 10GW，其中大批项目将于今年下半 年并网；下半年预计投产的火电机组权益装机容量约 399 兆瓦。 火电盈利大幅改善，对应度电约 0.038 港元 成本端，受标煤单价同比下降 10.6%等综合影响，上半年燃料成本同比下 降 11.0%至 247.48 亿港元；折旧与摊销为 80.53 亿港元，同比增长 10.5%， 主要系新项目投产及新并购项目带来折旧成本增加影响。叠加收 ...

华润电力（00836.HK） 火电盈利改善，新能源高成长 收入稳定，上半年盈利性大幅改善。2024H1 公司收入 511 亿港元，同比下降 0.7%， 主要是由于 1）火电/风电平均上网电价同比下降 3%/1.9%、2）汇率换算影响。 其中火电/可再生能源发电/热能供应分别收入 336/132/44 亿港元，同比3%/+6%/+1%，占比 66%/26%/9%。上半年由于燃料成本下降，公司盈利性大 幅改善。毛利层面，上半年毛利润同比增长 28%至 108.5 亿港币，毛利率同比/环 比提升 4.7/6.9pct 至 21.2%。分部利润层面，火电（发电+热能供应）分部利润率 同比大幅提升 9.6pct 至 13.5%；可再生能源分部利润率继续维持高水平，录得 50%。归母净利润同比增长 39%至 94 亿港币，归母净利润率同比/环比提升 5.2/9.5pct 至 18.3%。 公司稳定派息，具备防御性配置价值。公司 2023 年股息总额为 1.415 港元，派息 率高达 62%。2024 年中期，公司董事会宣派中期股息美股 0.455 港元，中期派息 率与去年同期持平，大约为 23.4%。我们预计公司全年派息 ...

公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 事件：1）公司公告 2024 年上半年业绩，2024 年上半年实现营业收入 511.20 亿港元，同 | --- | --- | |------------------------|------------------| | 市场数据： | 2024 年 08 月 27 | | 收盘价（港币） | 23.00 | | 恒生中国企业指数 | 6306.36 | | 52 周最高/最低（港币） | 25.45/14.00 | | H 股市值（亿港币） | 1,106.40 | | 流通 H 股（百万股） | 4,810.44 | | 汇率（人民币/港币） | 1.0946 | 一年内股价与基准指数对比走势： -20% 30% 80% 08/2809/2810/2811/2812/2801/2802/2803/2804/2805/2806/2807/28 HSCEI 华润电力 资料来源：Bloomberg 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A02305240 ...

交银国际研究 公司更新 | --- | --- | --- | |------------|-------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 23.00 | 港元 26.83↓ | +16.7% | 华润电力 (836 HK) 上半年火电分部利润超预期，期待新增装机量进度加快 上半年火电超预期表现，但被新能源偏低的利用率有所抵销。上半年核心 盈利同比上升 23.8%，优于我们预期的 10.7%，主要原因是公司火电分部 利润高于我们预期。期内，公司火电/新能源分部纯利同比+75%/-12%，管 理层解释受到利用小时和电价双降的影响，风/光项目的利用小时在上半 年分别同比下降 9.5%/3.7%，上网电价分别下跌 1.9%/11.8%，造成约 9-10 亿港元的利润影响。火电经营方面，上半年燃料成本同比下降 10.7%，点 火价差同比改善 18%至每度电 0.142 人民币。 有计划以收购完成年内新增装机目标，下调利用小时预期。今年上半年， 公司风电和光伏新增并网装机合计约 0.93 吉瓦，相对我们估计全年目标 8 吉瓦仍有一定距离。管理层补充截至 7 月底， ...

Financial Performance - Net profit attributable to shareholders increased by 38.9% to HK$9.36 billion in H1 2024 compared to HK$6.74 billion in H1 2023[1] - Revenue for the six months ended June 30, 2024, was HK$51,119,684 thousand, a slight decrease from HK$51,483,669 thousand in the same period in 2023[10] - Operating profit for the period increased to HK$13,266,437 thousand, up from HK$10,495,310 thousand in 2023[10] - Net profit attributable to the company's owners rose to HK$9,362,748 thousand, compared to HK$6,740,100 thousand in the previous year[10] - The company's revenue for the first half of 2024 was HK$51.12 billion, a decrease of HK$364 million or 0.7% compared to HK$51.48 billion in the first half of 2023[18] - In RMB terms, the company's revenue for the first half of 2024 was RMB46.46 billion, an increase of RMB1.01 billion or 2.2% compared to RMB45.45 billion in the first half of 2023[18] - Operating profit increased by 26.4% to HKD 13.266 billion in H1 2024 from HKD 10.495 billion in H1 2023[25] - Net profit attributable to owners increased by 38.9% to HKD 9.36 billion in the first half of 2024 compared to HKD 6.74 billion in the same period of 2023[33] Renewable Energy and Thermal Power - Renewable energy business contributed HK$5.56 billion to core profit, while thermal power business contributed HK$2.72 billion in H1 2024[1] - Total installed capacity reached 80,314 MW, with renewable energy accounting for 39.3% of the total equity installed capacity[3] - The company aims to add 10,000 MW of wind and solar power capacity in 2024, with a significant portion expected to be connected in the second half of the year[7] - The company's segment profit from thermal power generation was HK$5.13 billion in the first half of 2024, compared to HK$1.55 billion in the first half of 2023[20] - The company's segment profit from renewable energy was HK$6.60 billion in the first half of 2024, compared to HK$6.29 billion in the first half of 2023[20] Capital Expenditure and Investments - Capital expenditure for H1 2024 was HK$20.83 billion, with HK$12.64 billion allocated to wind and solar power projects[6] - Total capital expenditure for 2024 is projected to be HK$59.9 billion, with HK$44.6 billion allocated to wind and solar power projects[9] - The company used HKD 25.578 billion for loan repayments and HKD 17.404 billion for property, plant, and equipment purchases for the six months ended June 30, 2024[39] Electricity Sales and Prices - Electricity sales increased by 6.2% to 98,239,596 MWh in H1 2024, with wind and solar power sales growing by 6.9% and 204.9% respectively[4] - The company's electricity sales volume increased by 6.2% year-on-year, while heat sales volume increased by 7.8% year-on-year[18] - The average on-grid electricity price for coal-fired power plants decreased by 3.0% year-on-year, and the average on-grid electricity price for wind power projects decreased by 1.9% year-on-year[18] Costs and Expenses - Average coal price decreased by 10.6% to RMB 934.6 per ton, and average unit fuel cost decreased by 10.7% to RMB 276.5 per MWh in H1 2024[5] - Total operating costs decreased by 6.3% to HKD 40.266 billion in H1 2024 from HKD 42.977 billion in H1 2023[21] - Fuel costs decreased by 11.0% to HKD 24.748 billion in H1 2024 from HKD 27.796 billion in H1 2023[21] - Depreciation and amortization increased by 10.5% to HKD 8.053 billion in H1 2024 from HKD 7.286 billion in H1 2023[21] - Employee benefits expenses increased by 6.9% to HKD 3.376 billion in H1 2024 from HKD 3.158 billion in H1 2023[21] - Impairment losses decreased significantly to HKD 73 million in H1 2024 from HKD 800 million in H1 2023[22] - Financial expenses decreased by 1.6% to HKD 2.070 billion in H1 2024 from HKD 2.103 billion in H1 2023[26] - Income tax expenses increased by 27.9% to HKD 2.065 billion in H1 2024 from HKD 1.614 billion in H1 2023[30] - Depreciation and amortization expenses rose to HKD 8.05 billion in H1 2024 from HKD 7.29 billion in H1 2023[32] - Government subsidies decreased to HKD 317.36 million in H1 2024 from HKD 427.23 million in H1 2023[32] - Exchange gains decreased to HKD 287.70 million in H1 2024 from HKD 856.01 million in H1 2023[32] Cash Flow and Financial Position - Total assets as of June 30, 2024, stood at HK$346,778,177 thousand, up from HK$322,395,990 thousand at the end of 2023[12] - Cash and cash equivalents increased significantly to HK$9,958,336 thousand from HK$4,082,972 thousand at the end of 2023[12] - Total equity grew to HK$110,616,508 thousand, compared to HK$104,547,141 thousand at the end of 2023[13] - Net cash inflow from operating activities was HK$10,372,544 thousand, up from HK$8,425,849 thousand in 2023[15] - Property, plant, and equipment increased to HK$222,447,199 thousand from HK$215,752,142 thousand at the end of 2023[12] - Total liabilities rose to HK$236,161,669 thousand, compared to HK$217,848,849 thousand at the end of 2023[14] - The company's net cash inflow from financing activities was HK$15.71 billion in the first half of 2024, compared to HK$19.39 billion in the first half of 2023[16] - The company's total cash and cash equivalents at the end of June 2024 were HK$9.96 billion, compared to HK$16.42 billion at the end of June 2023[16] - The company's net current liabilities as of June 30, 2024, were HK$23.75 billion[17] - Cash and cash equivalents as of June 30, 2024, included HKD 48 million, CNY 9.04 billion, BDT 730,600, and USD 469,100[37] - Total bank and other borrowings increased to HKD 182.09 billion as of June 30, 2024, from HKD 158.09 billion as of December 31, 2023[38] - Bank and other borrowings amounted to HKD 4.967 billion, CNY 162.65 billion, and EUR 1.17 million as of June 30, 2024[39] - The net debt to total equity ratio was 156.2% as of June 30, 2024[39] - Total accounts receivable stood at HKD 35.883 billion as of June 30, 2024, with 60 days+ overdue accounting for HKD 24.726 billion[41] - Total accounts payable were HKD 4.808 billion as of June 30, 2024, with 90 days+ overdue accounting for HKD 1.099 billion[42] - The current ratio improved to 0.72x and the quick ratio to 0.65x as of June 30, 2024[42] - EBITDA interest coverage ratio increased to 8.6x as of June 30, 2024[42] - The company's main funding sources included HKD 49.6 billion from borrowings and HKD 10.373 billion from operating cash inflows for the six months ended June 30, 2024[39] Dividends and Shareholder Returns - Basic earnings per share increased to HK$1.95, up from HK$1.40 in the same period in 2023[10] - The company declared an interim dividend of HKD 0.455 per share for 2024, totaling approximately HKD 2.19 billion[34] - The company's capital structure management focuses on optimizing debt and equity to maximize shareholder returns[36] Corporate Governance and Compliance - The company has delivered its financial statements for the year ended December 31, 2023, to the Registrar of Companies in accordance with Section 662(3) and Part 3 of Schedule 6 of the Companies Ordinance[47] - The auditor's report on the financial statements for the year ended December 31, 2023, contains no reservations, no emphasis of matter, and no statements under Sections 406(2), 407(2), or 407(3) of the Companies Ordinance[47] - The company's board of directors includes three executive directors, three non-executive directors, and four independent non-executive directors as of the announcement date[47] Employee and Operational Details - The company employed approximately 20,779 employees as of June 30, 2024[43] - Cash and cash equivalents included HKD 48 million, BDT 730,600, USD 469,100, and a small amount of GBP as of June 30, 2024[43]