公用事业|环保 公司点评 2024年04月07日 华润电力 (0836.HK) 买入 ——优质治理再显成效 2023 年业绩修复超预期 （首次覆盖） 投资要点： 证券分析师 ➢ 2023年实现归母净利润110亿港元，同比增长56.24%，利润体量位居电力央企首位，体现 刘晓宁 S1350523120003 出极强的公司治理能力，2023年度累计分红率达到62%。公司2023年实现营业收入1033 liuxiaoning@huayuanstock.com 亿港元，同比增长 1.17%，实现归母净利润 110 亿港元，同比增长 56.24%，业绩体量位居 电力央企首位（华能国际84.5亿元、华电国际45.2亿元），体现出极强的公司治理能力。公 联系人 司2023年度期末派息 0.587港元/股，加上已派发的中期派息0.328港元/股，全年派息0.915 刘晓宁 港元/股，分红率40%，同比持平。此外，如果算上公司2023年11月宣布的因上市二十周 S1350523120003 liuxiaoning@huayuanstock.com 年所派特别股息0.5港元/股，2023年公司累计分红率达到62%。 市场表现： ...

Financial Performance - The company's turnover for 2023 was HK$103,334,322, a slight increase from HK$103,305,097 in 2022[7]. - Profit attributable to owners of the company for 2023 was HK$11,003,283, representing a significant increase of 56.5% compared to HK$7,042,478 in 2022[7]. - Basic earnings per share attributable to owners of the company rose to HK$2.29 in 2023, up from HK$1.46 in 2022, marking an increase of 56.2%[7]. - The company declared a dividend per share of HK$1.415 for 2023, compared to HK$0.586 in 2022, reflecting a substantial increase[7]. - The total assets of CR Power reached HK$322,395,990 in 2023, up from HK$283,387,646 in 2022, representing a growth of 13.8%[7]. - The Group's profit for the year ended December 31, 2023, is detailed in the consolidated statement of profit or loss on page 149[92]. - The Group's distributable reserves amounted to HK$25,183,277,000 as of December 31, 2023, down from HK$27,561,957,000 in 2022[112]. - The Group's financial statements include detailed notes on borrowings and issued bonds, providing transparency on funding strategies[116][117]. Operational Capacity and Renewable Energy - As of December 31, 2023, CR Power's total attributable operational generation capacity was 59,764 MW, with renewable energy sources (wind, hydro-electric, and photovoltaic) accounting for 22,597 MW, or approximately 37.8% of the total capacity[3]. - The operational generation capacity in Central China increased to 16,635 MW in 2023, up from 15,081 MW in 2022, showing a growth of 10.3%[7]. - The renewable energy attributable operational generation capacity was 22,597 MW, indicating a significant focus on sustainable energy sources[11]. - The company is committed to increasing its renewable energy capacity, as evidenced by the substantial figures in both installed and attributable capacities across various regions[11]. - The company is expanding its distributed photovoltaic projects, with several installations across provinces, contributing to its renewable energy goals[13]. - The company reported a significant increase in new energy development, aligning with the national "double carbon" policy and energy security strategy[21]. - The company achieved a year-on-year reduction of 2.5% in comprehensive energy consumption per ten thousand yuan of output value[38]. Corporate Governance and Leadership - Mr. Song Kui was appointed as Executive Director and Vice Chairman in May 2023, bringing extensive experience from Chongqing Energy Investment Group[51]. - Mr. Zhou Bo joined as a Non-executive Director in October 2023, with over 30 years of experience in finance and corporate management[53]. - The company is focusing on expanding its business units and enhancing corporate governance through the appointment of experienced directors[51][53][55][57][59]. - The company emphasizes the importance of independent directors in its governance structure to ensure accountability and transparency[66]. - The board includes members with experience in public service and advisory roles, which may benefit the company's strategic initiatives[64]. Strategic Initiatives and Future Growth - The company aims to become a world-class clean energy supplier and integrated energy service provider, focusing on enhancing core competitiveness and energy technology innovation[25]. - Future growth strategies include enhancing operational efficiency and increasing the share of renewable energy in the overall energy mix[14][15]. - The company plans to enhance investments in strategic emerging industries focused on clean and efficient power generation, integrated energy services, and energy technology innovation[44]. - The company aims to ensure that the terms of financial assistance are no less favorable than those with independent third parties[179]. Connected Transactions and Financial Agreements - The Group conducted certain connected transactions with connected persons during the year, as required under the Listing Rules[159]. - The annual caps for the Integrated Energy Projects have been revised to RMB 300 million for the financial year ending December 31, 2023, and RMB 400 million for the financial year ending December 31, 2024[168]. - The Company continues to engage in connected transactions with CR entities, reflecting ongoing collaboration in various sectors[176]. - The annual caps for the Financial Assistance Framework Agreement for the three financial years ending December 31, 2025, are RMB900 million, RMB1,900 million, and RMB2,560 million, respectively[182]. Social Responsibility and Environmental Commitment - The company emphasizes the importance of corporate social responsibility, actively participating in disaster relief, student aid, and poverty alleviation initiatives[39]. - The Group is committed to environmental sustainability, focusing on resource conservation and promoting clean energy projects[98]. - The company is committed to green development and has integrated environmental protection concepts into its entire business lifecycle[38]. Market Recognition and Index Inclusion - CR Power has been included in the Hang Seng ESG 50 Index for four consecutive years, highlighting its commitment to sustainable development[4]. - The company was also selected as a constituent of the Hang Seng Index on June 5, 2023, reflecting market recognition of its strategic transformation[4].

研究报告Research Report 15 Apr 2024 华润电力 China Resources Power Holdings (836 HK) 火电板块扭亏，新能源板块盈利贡献逐步提升 Probability on thermal power recovers with contribution of renewable energy increasing [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 减值损失影响盈利，2023年公司业绩符合预期。公司2023年实现 评级 优于大市OUTPERFORM 营业收入1,033.34亿港元，同比基本持平，剔除港币汇兑因素，以 现价 HK$19.32 目标价 HK$25.55 人民币计营业收入同比增长4.9%至929.04亿元。2023年公司净利 润110.03亿港元，同比增长56.2%，其中可再生能源业务核心利润 HTI ESG 3.1-3.0-3.5 贡献97.2 ...

华润电力（836） 更新报告 买入 2024年4月10日 火电盈利持续改善，新能源装机加速兑现 陈晓霞  2023 年业绩符合预期： 2023 年公司取得营业收入 1033 亿港元，同比基 + 852-25321956 本持平，实现归母净利润 110 亿港元，同比增长 56.2%。其中可再生能源核 xx.chen@firstshanghai.com.hk 心业务归母利润为 97 亿港元，同比增长 12.5%，火电业务实现盈利 36 亿港 元，扭亏61.93亿港元。公司计划期末派息每股0.587港元/股，叠加上中期 派息 0.328 港元/股，以及上市二十周年特别派息 0.5 港元/股，2023 年公司 李羚玮 累计分红比例达到62%。 + 852-25321539  火电边际改善显著，盈利持续释放：得益于 2023 年煤炭进口量大增， david.li@firstshanghai.com.hk 供给相对宽松，下半年煤炭价格大幅下降，公司全年单位燃料成本同比下降 12.6%，火电扭亏成效显著。此外，公司 2023 年火电辅助服务贡献收入 13.8 主要数据 亿元，新能源业务辅助服务费用支出约 7 亿元，净盈 ...

Table_Title Table_BaseInfo 2023 年 4 月 8 日 公司动态报告 华润电力（836.HK） 证券研究报告 火电实现盈利，可再生能源发电装机加速 新能源 华润电力公布 2023 年经营业绩，业绩大幅增长，基本符合市场预期。在煤炭价格 投资评级： Xx 未有 xx 回落下，公司火电板块实现扭亏为盈，分部利润大幅提升，是公司业绩大幅增长的 主要推动力。展望 2024 年，公司将加速可再生能源装机，预期全年实现新增装机 目标价格： 未有 10GW，力争完成“十四五”新增可再生能源装机 40GW 目标。2023 年，公司上市 现价(2024-4-5)： 18.02港元 20周年派特别股息，派息比例达62%。公司目前估值对应2024年PE6.0倍，预期 派息比例40%，股息率6.6%，我们建议投资者积极布局。 报告摘要 总市值(百万港元) 86,684.20 华润电力2023年净利润同比大幅增长56.2%，基本符合市场预期。2023年公司收 流通市值(百万港元) 86,684.20 入基本持平为 1033亿港元，经营利润同比增长34.3%至 182亿港元，净利润同比 总股本(百万股) 4, ...

[Table_MainInfo] 公司研究/公用事业 证券研究报告 华润电力（0836）公司研究报告 2024年04月06日 [Table_InvestInfo] 首次 火电盈利回升，风光再征新途 投资评级 优于大市 覆盖 股票数据 [Table_Summary] 投资要点： 0[4Ta月b0le5_日S收to盘ck价In（fo港]元） 18.02 52周股价波动（港元） 13.58-18.92 总股本/流通股本（亿股） 48.10/48.10  华润电力成立于2001年，是国内“火转绿”优质龙头企业。公司控股股东 总市值/流通市值（亿港元） 867/867 为华润集团（截至23年报持股62.9%），实控人为国资委。截至23年底， 公司权益装机容量达5976万千瓦，其中火电/风电/光伏/水电分别约3717、 市[T场ab表le现_ReportInfo] 1862、344、54 万千瓦。公司 23 年实现主营业务收入 1033 亿港元， [Table_QuoteInfo] YOY+0.03%；实现归母净利润110亿港元，YOY+56.2%。 火电资产优质且具备区位优势，煤价下行有望拉动业绩弹性。公司火电机组 ...

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 ...

[Table_StockInfo] 买入 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 17.86港元 华润电力（0836.HK） 公用事业 目标价： ——港元 派息率 62%，可再生能源装机加快 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报，公司实现全年营业收入1033亿港元，同比增加 [分Ta析bl师e_：Au池th天or惠] 0.03%，实现归母净利润 110亿港元，同比增加 56.2%。可再生能源业务核心 执业证号：S1250522100001 利润贡献97.26亿港元（2022年：86.45亿港元），火电业务核心利润贡献36.11 电话：13003109597 亿港元（2022年：亏损25.82亿港元）；2023年派息率达62%（含特别派息）。 邮箱：cth@swsc.com.cn  成本改善业绩，火电业务持续发力。2023年公司火电业务完成售电量 1494亿 分析师：刘洋 千瓦时，同比增加 2.3%，平均利用小时 4688小时，较 2022年持平；年内市 执业证号：S1250523070005 电话：1801 ...

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 ...