Core Viewpoint - The report from Tianfeng Securities highlights the significant differentiation in profitability among thermal power units in Guangdong Province due to low electricity prices, with high-capacity coal power units performing better. It also anticipates limited downward space for electricity prices by 2025, predicting a relatively stable overall electricity price level for coal power units in 2026 [1][2][3]. Group 1: Current Situation - The profitability of thermal power assets is showing clear differentiation under low electricity prices [1]. - There are significant regional differences in electricity demand within Guangdong, leading to variations in spot electricity prices based on local consumption capabilities [1]. Group 2: Asset Differentiation - High-efficiency coal power units, particularly those with a capacity of 1 million kilowatts, exhibit the best profitability, with net profit per kilowatt-hour exceeding 0.01 yuan, and some units reaching over 0.02 yuan [2]. - Smaller capacity units, such as those below 300,000 kilowatts, are generally facing losses, indicating higher profitability pressure [2]. Group 3: Outlook - The annual long-term electricity price in Guangdong is nearing its bottom, with limited potential for further decline. The average transaction price for electricity in 2025 is reported at 0.392 yuan per kilowatt-hour, with a downward adjustment of 15.67% [3]. - Starting in 2026, the capacity price for coal power units is set to be adjusted to 165 yuan per kilowatt per year, which is expected to stabilize overall profitability for coal power units in Guangdong [3].

Core Viewpoint - The report from Tianfeng Securities highlights a significant divergence in the profitability of coal-fired power plants in Guangdong Province due to low electricity prices, with high-capacity coal power units performing better. The long-term electricity price for coal power plants is expected to stabilize by 2026, with limited downside potential in the near term [1][2][3]. Group 1: Current Situation - The profitability of thermal power assets is showing clear differentiation under low electricity price conditions [1]. - There are significant regional differences in electricity demand within Guangdong, leading to variations in spot electricity prices based on local consumption capabilities [1]. - The spot electricity prices in the Pearl River Delta region are notably higher compared to other areas, with the western region facing more pricing pressure [1]. Group 2: Asset Differentiation - High-efficiency coal power units, particularly those with a capacity of 1 million kilowatts, exhibit the best profitability, with net profits exceeding 0.01 yuan/KWh [2]. - Smaller coal power units (30,000 kilowatts and below) are generally operating at a loss, indicating greater profitability pressure [2]. - Gas-fired power units face higher fuel costs and lower average utilization hours, contributing to their profitability challenges compared to coal units [2]. Group 3: Outlook - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for further decline [3]. - The average transaction price for electricity in Guangdong is 0.392 yuan/KWh, with a downward adjustment of 15.67%, indicating proximity to the price floor [3]. - Starting in 2026, the capacity price for coal power units is set to increase to 165 yuan per kilowatt per year, which is expected to support stable profitability for coal power plants in the long term [3].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The profitability of thermal power assets in Guangdong is differentiated under low electricity prices, with significant regional disparities in electricity demand affecting node prices [1][10] - High-efficiency coal power units are expected to perform better in profitability compared to lower capacity units, with 1 million kW units showing net profits above 0.01 yuan/KWh [2][30] - The average electricity price in Guangdong is expected to remain stable, with limited downward potential, while capacity prices are anticipated to increase, enhancing profitability for coal power units [3][51] Summary by Sections Current Situation: Profitability Differentiation of Thermal Power Assets - Regional differences in electricity demand lead to varying node prices across Guangdong, with the Pearl River Delta region experiencing higher prices compared to other areas [1][15] - Different capacity levels of coal power units exhibit significant differences in profitability, with 1 million kW units showing the best performance [2][30] - Gas power units face greater profitability pressure due to higher fuel costs and lower utilization hours compared to coal units [2][32] Outlook: Stable Electricity Price Expectations - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for decline, as the average transaction price for 2025 is projected at 0.392 yuan/KWh [3][51] - Capacity price adjustments are expected to positively impact the profitability of coal power units starting in 2026 [3][51] Investment Recommendations - Focus on high-capacity coal power units in Guangdong, as they are expected to maintain better profitability under the current low electricity price environment [4][30] - Recommended stocks include Baoneng New Energy, China Resources Power (H shares), Guangdong Power A, Guangzhou Development, Shenzhen Energy, and Suihengyun A [4]

于2025年6月30日，集团管理并网装机容量为88931兆瓦，权益并网装机总容量为78094兆瓦，其中火力 发电权益并网装机容量为39139兆瓦，占比50.1%;风电、光伏及水电权益并网装机容量合共达38955兆 瓦，占比49.9%，较2024年底上升2.7个百分点。 智通财经APP获悉，华润电力(00836)午后跌超7%，截至发稿，跌7.07%，报18.28港元，成交额9.3亿港 元。 消息面上，华润电力午间发布2025年中期业绩，该集团期内取得营业额502.67亿港元，同比减少 1.67%；公司拥有人应占利润78.72亿港元，同比减少15.92%；每股基本盈利1.52港元；拟派发中期股息 每股0.356港元，上年同期中期股息每股0.455港元 ...

Core Viewpoint - China Resources Power Holdings Company Limited (华润电力) experienced a significant decline in stock price, dropping over 7% following the release of its mid-year results for 2025, indicating potential concerns among investors regarding its financial performance [1] Financial Performance - The company reported a revenue of HKD 50.267 billion for the period, representing a year-on-year decrease of 1.67% [1] - Profit attributable to shareholders was HKD 7.872 billion, down 15.92% compared to the previous year [1] - Basic earnings per share were HKD 1.52, with an interim dividend proposed at HKD 0.356 per share, down from HKD 0.455 per share in the same period last year [1] Operational Capacity - As of June 30, 2025, the company managed a total installed capacity of 88,931 megawatts (MW), with an equity installed capacity of 78,094 MW [1] - The equity installed capacity for thermal power generation was 39,139 MW, accounting for 50.1% of the total, while the combined capacity for wind, solar, and hydro power was 38,955 MW, making up 49.9%, which is an increase of 2.7 percentage points from the end of 2024 [1]

Core Viewpoint - China Resources Power Holdings Company Limited reported a significant decline in net profit for the first half of 2025, with a decrease of 15.9% year-on-year, while core business profit showed a slight increase of 0.1% [3][6]. Financial Performance Summary - For the first half of 2025, the company recorded a net profit attributable to shareholders of HKD 7.872 billion, down from HKD 9.363 billion in the same period last year, representing a decrease of HKD 1.491 billion or 15.9% [3][6]. - Basic earnings per share for the first half of 2025 were HKD 1.52 [3][6]. - Core business profit attributable to shareholders was HKD 8.278 billion, a slight increase of HKD 0.07 billion or 0.1% compared to HKD 8.271 billion in the previous year [3][6]. Dividend Declaration - The board declared an interim dividend of HKD 0.356 per share for the first half of 2025 [4]. Renewable Energy Business Performance - The renewable energy segment reported a core profit before tax of HKD 7.148 billion, an increase of HKD 0.491 billion or 7.4% from HKD 6.657 billion in the previous year [6]. - After tax impacts, the core profit attributable to shareholders from the renewable energy business was HKD 5.637 billion, up by HKD 0.081 billion or 1.5% from HKD 5.556 billion [6]. Thermal Power Business Performance - The thermal power segment recorded a core profit before tax of HKD 4.285 billion, an increase of HKD 0.15 billion or 0.4% from HKD 4.270 billion in the previous year [7]. - The core profit attributable to shareholders from the thermal power business was HKD 2.641 billion, a decrease of HKD 0.074 billion or 2.7% from HKD 2.715 billion [7]. - The pure thermal power business (excluding coal operations) saw a core profit attributable to shareholders of HKD 2.788 billion, an increase of HKD 0.477 billion or 20.6% from HKD 2.311 billion in the previous year [7].

Group 1 - The company, China Resources Power (00836.HK), announced a mid-term dividend of HKD 0.356 per share to be distributed on October 30, 2025 [1]

Core Viewpoint - China Resources Power Holdings Company Limited (华润电力) experienced a significant stock decline of 7.78% on August 21, trading at HKD 18.14 per share with a transaction volume of HKD 450 million [1]. Company Overview - The company is primarily engaged in the development and operation of clean energy sources, including wind, solar, thermal, and hydroelectric power, and is committed to promoting green and low-carbon transformation [1]. - As of the end of 2024, the total assets of the company are projected to reach HKD 362.464 billion, with a managed installed capacity of 82,441 megawatts [1]. - Renewable energy accounts for 47.2% of the company's installed capacity, and it operates in 32 provinces and cities across China [1]. Financial Performance - For the fiscal year ending 2024, the company reported total operating revenue of HKD 97.497 billion and a net profit of HKD 13.324 billion [1]. - The company disclosed its interim report for the fiscal year 2025 on August 21 [1].

Core Viewpoint - China Resources Power (0836.HK) experienced a significant drop of over 8% in its stock price, reaching a new low since April 30, following the release of its mid-year financial results [1] Financial Performance - The company reported a mid-year revenue of HKD 50.267 billion, reflecting a year-on-year decrease of 1.67% [1] - Shareholder profit amounted to HKD 7.872 billion, which is a decline of 15.92% compared to the previous year [1] - Basic earnings per share were HKD 1.52, with an interim dividend of HKD 0.356 per share [1]

Group 1 - The company, China Resources Power Holdings Company Limited (00836), announced a mid-term dividend of HKD 0.356 per share to be distributed on October 30, 2025 [1]