交银国际研究 | --- | --- | --- | --- | --- | --- | |----------|-------------|--------------|-------|----------|-------------------------------| | 公司更新 | | | | | | | 新能源 | 收盘价 | 目标价 | | 潜在涨幅 | | | | 港元 6.29 | 港元 8.35↑ | | +32.8% | 2024 年 10 月 17 日 | | 龙源电力 | (916 HK) | | | | | | | | | | | | 预期 3 季报纯利偏弱，期待运营改善及收购进展的突破 9 月份风力发电量有较大反弹。公司 9 月份风力发电量扭转近六个月的弱 势，从去年低基数出现较大反弹（同比上升 29%），主要受益于沿海地区 风速回升。3 季度总体发电量同比上升 6%，其中风力发电同比上升 6%， 光伏发电则同比上升 42%，唯火力发电因出售项目影响同比下跌 14%。整 体 1-9 月份，公司仍面临限电上升及年内大部份时间风速同比下降，风电 发电量同比下跌 1.8%，整体发电量微 ...

证 券 研 究 报 告 更新报告 买入 政策推动电力央企重组，市场回暖加速估值修复 龙源电力（0916.HK） 2024-10-04 星期五 | --- | --- | |------------|-------------| | | | | 目标价： | 10 港元 | | 现 价： | 6.84 港元 | | 预计升幅 : | 46% | | --- | --- | |---------------------|----------------------------| | | | | 日期 | 2024-10-03 | | 收盘价（港元） | 6.84 | | 总股本（百万股） | 8,360 | | 总市值（亿港元） | 1,165 | | 净资产（百万元） | 84,596 | | 总资产（百万元） | 242,628 | | 52 周高低（港元） | 8.13/4.23 | | 每股净资产（港元） | 9.36 | | 数据来源 :Wind | 、国元证券经纪（香港）整理 | 主要股东 国家能源投资集团有限责任公司 (54.91%) 相关报告 深度报告-20210608 更新报告-20210727 ...

* 僅供識別 ( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號：00916 2024 中期報告 日 网 目錄 | --- | --- | |-------------------------------------------------------------|-------| | | | | 中期業績主要數據 .............. | 2 | | 管理層討論與分析 .............. | 6 | | 環境和社會責任 ............... | 75 | | 企業管治 .................... | 81 | | 其他資料 .................... | 83 | | 獨立審閱報告 ................. | 91 | | 中期合併損益及其他綜合收益表 （未經審計） ................. | 93 | | 中期合併資產負債表 | | | （未經審計） ................. | 96 | | 中期合併權益變動表 （未經審計） ................. | 99 | | 中期簡明合併現金流量表 （未經 ...

Investment Rating - Buy (Maintained) [2] Core Views - The company's performance was impacted by poor wind conditions and a decline in on-grid electricity prices [2] - The company plans to divest thermal power assets to focus on its core new energy business [2] - The company is accelerating new energy construction, with a planned annual production capacity of 7.5GW [2] - The green power sector faces concerns over the profitability of new projects, but long-term demand remains strong due to the dual-carbon strategy [3] - The company is expected to see a recovery in profitability, with projected net profits of 59.51, 68.73, and 73.15 billion RMB for 2024-2026 [3] Financial Performance and Valuation - Revenue for 2024E is projected at 406.62 billion RMB, with a year-on-year growth of 8.02% [1] - Net profit attributable to the parent company for 2024E is expected to be 59.51 billion RMB, a decrease of 4.77% year-on-year [1] - EPS for 2024E is forecasted at 0.71 RMB per share [1] - The company's PE ratio for 2024E is 7x [1] - The company's PB ratio is 0.65, with a market capitalization of 48.7 billion HKD [1] Operational Highlights - The company added 595MW of wind power capacity in the first half of 2024, but wind power generation decreased by 4.60% due to poor wind conditions [2] - The average on-grid electricity price for wind power decreased by 6.35% to 441 RMB/MWh [2] - The company plans to divest 1.215GW of thermal power capacity, with the transaction expected to generate 1.319 billion RMB [2] - The company has signed development agreements for 7.59GW of new energy projects and obtained development indicators for 6.09GW, a 51.87% increase year-on-year [2] - The company has already put 2.29GW of new energy capacity into operation, including 1.69GW of photovoltaic and 0.60GW of wind power [2] Industry Outlook - The green power sector is expected to see a recovery in investment rationality, with operational returns potentially aligning with stable utility yields [3] - Policy-driven benefits are likely to act as catalysts for the company's trend-driven performance [3] - The dual-carbon strategy remains a strong driver for long-term demand in the new energy sector [3]

港股公司报告 | 公司点评 风资源不佳拖累业绩，以大代小+集团注入加速装机扩张 事件： 点评 项目储备丰富，风资源下降致风电电量下滑 上半年公司新增投产控股装机容量 2286.73 兆瓦，其中风电 595.00 兆瓦， 光伏 1691.73 兆瓦。公司新签订开发协议 7.59 吉瓦，其中风电 3.955 吉瓦、 光伏 3.635 吉瓦，均位于资源较好地区；取得开发指标 6.09 吉瓦，同比增 加 51.87%，包括风电 2.81 吉瓦、光伏 3.28 吉瓦。从上半年运营情况来看， 公司风电发电量 315.85 亿千瓦时，同比下降 4.60%，主要系风资源水平下 降，平均风速同比下降 0.25 米/秒，带动风电平均利用小时数同比下降 101 小时；光伏等其他可再生发电量 35.89 亿千瓦时，同比上升 122.87%；火电 发电量 49.08 亿千瓦时，同比下降 2.39%。 分板块来看，风电方面，上半年公司实现营收 137.81 亿元，同比下降 9.4%。 叠加折旧摊销等经营开支增加，风电分部实现经营利润 67.59 亿元，同比 下降 18.9%。光伏方面，装机增长带动利润提升，光伏分部实现经营利润 3.39 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 18.88 billion, a decrease of 4.9% compared to the same period in 2023[2] - Profit before tax for the six months ended June 30, 2024, was RMB 5.68 billion, a decrease of 18.9% compared to the same period in 2023[2] - Net profit attributable to equity holders of the company for the six months ended June 30, 2024, was RMB 4.02 billion, a decrease of 21.6% compared to the same period in 2023[2] - Earnings per share for the six months ended June 30, 2024, were RMB 0.4767, a decrease of RMB 0.1234 compared to the same period in 2023[2] - Operating profit for the six months ended June 30, 2024, was RMB 7.14 billion, compared to RMB 8.62 billion in the same period in 2023[4] - Net profit for the first half of 2024 was RMB 4.692 billion, a decrease of 19.6% compared to RMB 5.837 billion in the same period of 2023[68] - Revenue for the first half of 2024 was RMB 18.883 billion, a decrease of 4.9% compared to RMB 19.860 billion in the same period of 2023[69] - Total operating revenue for 2024 was RMB 40.50 billion, a slight decrease from RMB 41.03 billion in 2023, with electricity sales contributing RMB 18.54 billion (45.8%) and coal sales contributing RMB 15.41 billion (38.0%)[94] Segment Performance - Wind power segment revenue for the first half of 2024 was RMB 13.78 billion, a decrease from RMB 15.21 billion in the same period of 2023[17][18] - Thermal power segment revenue for the first half of 2024 was RMB 4.05 billion, slightly down from RMB 4.10 billion in the same period of 2023[17][18] - Photovoltaic power segment revenue for the first half of 2024 was RMB 944.88 million, a significant increase from RMB 474.57 million in the same period of 2023[17][18] - Wind power segment operating profit for the first half of 2024 was RMB 6.76 billion, down from RMB 8.34 billion in the same period of 2023[17][18] - Thermal power segment operating profit for the first half of 2024 was RMB 178.94 million, down from RMB 208.42 million in the same period of 2023[17][18] - Photovoltaic power segment operating profit for the first half of 2024 was RMB 339.26 million, up from RMB 238.95 million in the same period of 2023[17][18] - Wind power segment revenue decreased by 9.4% to RMB 13.781 billion, primarily due to lower average utilization hours and lower average grid electricity prices[69] - Photovoltaic segment revenue increased by 98.9% to RMB 945 million, driven by increased installed capacity and power generation[69] - Thermal power segment revenue decreased by 1.3% to RMB 4.05 billion in H1 2024 due to lower electricity sales[93] - The photovoltaic division's operating revenue in 2024 surged to RMB 945 million, a 98.9% increase from RMB 475 million in 2023, driven by increased installed capacity and power generation[96] - The photovoltaic division's operating profit in 2024 was RMB 339 million, a 41.8% increase from RMB 239 million in 2023, due to higher electricity sales revenue[97] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 193.54 billion, compared to RMB 185.59 billion as of December 31, 2023[7] - Total liabilities as of June 30, 2024, were RMB 80.01 billion, compared to RMB 71.26 billion as of December 31, 2023[8] - Net assets as of June 30, 2024, were RMB 84.60 billion, compared to RMB 82.22 billion as of December 31, 2023[8] - Total equity attributable to equity holders of the company increased to RMB 72,657,607 thousand as of June 30, 2024, compared to RMB 70,776,313 thousand as of December 31, 2023[9] - Non-controlling interests increased to RMB 11,938,098 thousand as of June 30, 2024, from RMB 11,445,681 thousand as of December 31, 2023[9] - The company reported a net current liability of RMB 30,918,829 thousand as of June 30, 2024, compared to RMB 26,201,082 thousand as of December 31, 2023[10] - The company's reserves increased to RMB 62,240,309 thousand as of June 30, 2024, from RMB 60,428,121 thousand as of December 31, 2023[9] - The company's total equity increased to RMB 84,595,705 thousand as of June 30, 2024, compared to RMB 82,221,994 thousand as of December 31, 2023[9] - Total assets as of June 30, 2024, were RMB 2,426.29 billion, an increase of RMB 119.85 billion from December 31, 2023, primarily due to increases in receivables and property, plant, and equipment[101] - Total liabilities as of June 30, 2024, were RMB 1,580.33 billion, an increase of RMB 96.11 billion from December 31, 2023, mainly due to increases in short-term and long-term borrowings[101] - Equity attributable to the company's shareholders as of June 30, 2024, was RMB 726.58 billion, an increase of RMB 18.82 billion from December 31, 2023, due to normal profit accumulation[101] - Current assets as of June 30, 2024, were RMB 490.92 billion, an increase of RMB 40.36 billion from December 31, 2023, primarily due to increases in receivables and notes[106] - Total current assets increased to RMB 490.92 billion as of June 30, 2024, up from RMB 450.56 billion as of December 31, 2023, with accounts receivable and notes making up 83.5% of current assets[107] - Current liabilities rose to RMB 800.11 billion as of June 30, 2024, compared to RMB 712.57 billion as of December 31, 2023, primarily due to increases in short-term borrowings and dividends payable[107] - Net current liabilities increased to RMB 309.19 billion as of June 30, 2024, up from RMB 262.01 billion as of December 31, 2023, with the current ratio declining to 0.61 from 0.63[109] - Total borrowings and notes payable increased to RMB 1,335.34 billion as of June 30, 2024, up from RMB 1,289.83 billion as of December 31, 2023, with bank loans accounting for 60.4% of the total[110][111] Cash Flow and Financing - The company has sufficient liquidity to meet its working capital and capital expenditure needs for the next 12 months, based on projected cash flows and unused bank financing and credit facilities[10] - The company's cash and bank deposits decreased by RMB 1.535 billion to RMB 3.027 billion as of June 30, 2024, compared to RMB 4.562 billion at the end of 2023[124] - Net cash inflow from operating activities in H1 2024 was RMB 6.95 billion, a decrease of RMB 1.092 billion compared to the same period in 2023[124] - Net cash outflow from investing activities in H1 2024 was RMB 12.627 billion, primarily used for wind and photovoltaic power generation projects[124] - Net cash inflow from financing activities in H1 2024 was RMB 4.169 billion, mainly from bond issuance and bank loans[124] - Successfully issued 12 tranches of ultra-short-term financing bills and secured over RMB 8 billion in green loans, maintaining a competitive advantage in funding costs[58] - The company issued multiple ultra-short-term financing bills totaling RMB 4.6 billion with a term of 180 to 210 days and a coupon rate of 1.73% to 1.75%, and medium-term notes totaling RMB 8 billion with a term of 3 to 10 years and a coupon rate of 2.07% to 2.50%[137] Operational Highlights - The company added 47 new projects in the first half of 2024, with a total installed capacity of 2,286.73 MW, including 595.00 MW from wind power projects and 1,691.73 MW from photovoltaic projects[47] - Total electricity generation in the first half of 2024 reached 40,081,845 MWh, a year-on-year increase of 0.84%, with wind power generation declining by 4.60% to 31,584,604 MWh and photovoltaic generation increasing by 122.87% to 3,589,306 MWh[47] - The average utilization hours for wind power in the first half of 2024 were 1,170 hours, a decrease of 101 hours compared to the same period in 2023, primarily due to a 0.25 m/s decrease in average wind speed[48] - Wind power generation in Heilongjiang decreased by 10.21% to 1,545,562 MWh, while in Guizhou, it increased by 17.22% to 1,003,495 MWh in the first half of 2024[49] - The company implemented a standardized "ticket-card-package" system, creating 2.8 million standardized documents to control operational risks[48] - Video surveillance equipment maintained an average online rate of over 98%, with 74,000 video channels ensuring full coverage of safety monitoring at all construction and production sites[48] - The company signed new development agreements for 7.59 GW in 2024 H1, including 3.955 GW for wind and 3.635 GW for solar, with 6.09 GW of development indicators obtained, a 51.87% increase YoY[52] - In 2024 H1, the company added 47 new projects with a total installed capacity of 2,286.73 MW, including 595.00 MW for wind and 1,691.73 MW for solar[53] - As of June 30, 2024, the company's total installed capacity reached 37,880.40 MW, with wind power accounting for 28,349.39 MW and other renewables (mainly solar) at 7,656.01 MW[53] - Offshore wind projects in Jiangsu showed a 3.86% increase in average utilization hours to 1,371 hours in 2024 H1, with a capacity factor of 31%[50] - Guangdong and Guangxi regions saw significant increases in wind power utilization hours, with Guangdong up 9.95% to 1,448 hours and Guangxi up 9.89% to 1,578 hours[51] - The company is actively promoting large-scale wind and solar base projects, focusing on regions with guaranteed consumption capacity in the central, eastern, and southern parts of China[52] - The company is advancing distributed energy projects, including shared energy storage, hydrogen-ammonia-alcohol projects, and centralized/distributed storage projects[52] - The company implemented strict project management measures, including daily tracking, weekly corrections, and monthly reporting, to ensure high-quality and timely project delivery[53] - Total installed capacity of wind farms increased by 7.72% from 26,317.04 MW in 2023 to 28,349.39 MW in 2024, with significant growth in Gansu (40.22%), Yunnan (32.48%), and Guizhou (27.21%)[54] - The average on-grid electricity price for all power generation businesses decreased by RMB 34/MWh to RMB 423/MWh (excluding VAT) in H1 2024 compared to H1 2023, driven by expanded market transactions and increased parity projects[56] - Wind power average on-grid electricity price decreased by RMB 28/MWh to RMB 441/MWh (excluding VAT) in H1 2024, while photovoltaic average on-grid electricity price dropped by RMB 31/MWh to RMB 283/MWh (excluding VAT) due to new parity projects[56] - The company launched the world's first wind-fishery integrated floating platform, "Guoneng Shared," combining offshore wind power with marine aquaculture, creating a new model of "green energy + blue granary"[57] - The company achieved 4 projects at internationally leading levels, published 2 national standards and 11 energy industry standards, and initiated 1 national standard in H1 2024[57] - The company strengthened market analysis capabilities, focusing on policy changes and electricity price trends, and improved transaction efficiency through regional price benchmarking and cross-provincial high-value transactions[55] - The company expanded green electricity and green certificate trading, aiming to secure green electricity trading qualifications for projects by completing registration and certification on time[55] - The company implemented refined curtailment management, decomposing annual curtailment targets monthly and analyzing regional curtailment risks and trends[56] - The company developed grid-forming energy storage research to address grid connection issues in "sand-gobi-desert" new energy bases, aiming to transform these bases from green power suppliers to active grid supporters[57] - The company established a demonstration project for decommissioned wind turbine equipment recycling and successfully developed technology for regenerating waste wind turbine lubricants[57] - Expanded overseas renewable energy project reserves to over 4 GW, including key projects in South Africa, Southeast Asia, the Middle East, Central Asia, and Central and Eastern Europe[59] - Achieved cumulative power generation of 134,776 MWh at the Canadian Dufferin Wind Project, with a utilization rate of 1,360 hours and 3,499 days of safe operation[60] - Secured the first renewable energy project transaction on the first day of the national voluntary greenhouse gas emission reduction market and completed the first VCS emission reduction listing transaction in Hong Kong and the U.S. CBL market[61] - Fully commissioned the 700 MW "solar thermal +" project in Dunhuang, Gansu, including 120 MW of photovoltaic and 480 MW of wind power projects[62] - Implemented 93 heterogeneous algorithms for cloud-edge collaboration, providing 214 types of API data services and 62 types of personalized data services, with 27 types of business migrated to the cloud[63] - Focused on the integration of the green electricity market and carbon market, coordinating external green electricity with internal green certificates and project green rights with carbon reduction rights[64] Regulatory and Policy Environment - The National Energy Administration issued the 2024 Energy Regulatory Work Points in January 2024, emphasizing green development and strengthening clean energy regulation[44] - The National Development and Reform Commission implemented the Full Guaranteed Acquisition of Renewable Energy Electricity Regulation on April 1, 2024, focusing on market-oriented resource allocation[44] - The National Energy Administration issued the 2024 Energy Work Guidance in March 2024, proposing to accelerate the high-quality development of non-fossil energy[45] - The "Thousand Villages and Ten Thousand Towns Wind Action" initiative was launched in March 2024 to promote wind power development in rural areas and support rural revitalization[45] - The National Development and Reform Commission and the National Energy Administration issued a notice in February 2024 to optimize the price mechanism for new energy projects, ensuring that the cost of new energy consumption does not exceed its generation value[46] - In May 2024, the National Energy Administration emphasized the need to increase the proportion of new energy in inter-provincial and inter-regional transmission channels and accelerate the construction of the electricity spot market[46] Corporate Governance and Leadership - The Audit Committee consists of three members: Mr. Tang Chaoxiong (Non-Executive Director), Mr. Wei Mingde (Independent Non-Executive Director), and Ms. Zhao Feng (Independent Non-Executive Director), with Ms. Zhao Feng serving as the Chairperson[145] - The Audit Committee reviewed and confirmed the unaudited interim condensed consolidated financial information for the six months ended June 30, 2024, prepared in accordance with IAS 34 and the Listing Rules[145] - The interim results announcement and report are published on the Hong Kong Stock Exchange's "HKEXnews" website and the company's official website[146] - The company will issue the 2024 interim report containing all information required by the Listing Rules to shareholders as needed[146] - The company's executive directors are Mr. Gong Yufei and Mr. Wang Liqiang, while the non-executive directors include Mr. Tang Chaoxiong, Ms. Wang Xuelian, Ms. Chen Jie, and Mr. Zhang Tong[147] - The independent non-executive directors are Mr. Wei Mingde, Mr. Gao Debu, and Ms. Zhao Feng[147] Strategic Initiatives and Future Plans - The company aims to achieve a "scale doubling" in its new energy business, focusing on both quantitative growth and qualitative improvement[133] - The company plans to build five world-class platforms, including a new energy asset management platform and a new energy technology innovation platform[133] - The company will strengthen its ability to seize opportunities and expand into new markets, both domestically and internationally[134] - The company will enhance its resource integration capabilities to create a world-class new energy sharing and collaboration platform[134] - The company will focus on innovation and digital transformation to build a world-class new energy technology R&D platform[134] - The company will accelerate the development of large-scale base projects and secure offshore project indicators in 2024[135] - The company will explore new business models such as hydrogen-ammonia-alcohol storage and carbon neutrality projects[135] - The company will strengthen safety management, particularly for distributed projects and new energy operations[135] - The company will optimize the design of wind-solar hydrogen-ammonia and hydrogen-ammonia-alcohol storage projects to reduce costs and improve quality[135] - The company will focus on achieving full-year construction and production targets, addressing key challenges and bottlenecks[135] - The company is advancing digital transformation in operations, building a new energy cloud-edge computing center, and accelerating the development of

还点研究报告 会用李业 | : 力 公司点开 2024 牛 07 A 26 A 买入 (上调) 省委会长寿 2 $1350524060004 zhahaolhuayuanstock.com 对联宁 $1350523120003 l i ux i aon i ng thuayuans tock. com आ 似好 $1350524070004 zoupe i xuan01 inuayuanstock. com II X 不 $1350524070003 dengsiping@huayuanstock.com 坏充丈朴 RAY 7日本日: 40% ess CP X X X X 自然事免 龙源电力 (0916.HK) 获国有险资增持举牌 看好新能源运营商长期价值 校友友友： > 事件： 据香港联交所消息， 7 月 22 日，瑞众人寿保险有限责任公司（简称"瑞众保险"） 增 持龙源电力（00916）526 万股，每股作价 7.45 港元，总金额约 3919 万港元，增持后持股 约 1.66 亿股，持股比例 5%， v 新锐国有保险公司增持公司股份至 5%，公司价值获得深度认可，根据公开资料，瑞众保险成 立于 2023 ...

公司点评 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 研究支持 联系人 市场表现： 相关研究 2024 年 07 月 26 日 龙源电力 (0916.HK) 买入（上调） ——获国有险资增持举牌 看好新能源运营商长期价值 投资要点： ➢ 事件：据香港联交所消息，7 月 22 日，瑞众人寿保险有限责任公司（简称"瑞众保险"）增 持龙源电力（00916）526 万股，每股作价 7.45 港元，总金额约 3919 万港元，增持后持股 约 1.66 亿股，持股比例 5%。 ➢ 新锐国有保险公司增持公司股份至 5%，公司价值获得深度认可。根据公开资料，瑞众保险成 立于 2023 年 6 月，是一家国有制全国性人寿保险公司，九州启航（北京）股权投资基金（有 ...

研究报告 Research Report [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$7.16 目标价 HK$10.81 HTI ESG 4.4-3.3-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$117.10bn / US$15.00bn 日交易额 (3 个月均值) US$46.97mn 发行股票数目 3,318mn 自由流通股 (%) 100% 1 年股价最高最低值 HK$8.13-HK$4.42 注:现价 HK$7.16 为 2024 年 7 月 12 日收盘价 40 60 80 100 120 Price Return MSCI China Jul-23 Nov-23 Mar-24 Volume 资料来源: Factset 1mth 3mth 12mth 绝对值 -4.9% 25.3% -6.1% 绝对值(美元) -4.8% 25.7% -5.8% 相对 MSCI China -3.9% 18.4% -1.8% [Tabl ...

交银国际研究 公司更新 新能源 2024 年 7 月 2 日 收盘价 目标价 潜在涨幅 港元 7.49 港元 9.03 +20.6% 龙源电力 (916 HK) 1 年股价表现 7/23 11/23 3/24 -50% -40% -30% -20% -10% 0% 10%916 HK 恒生指数 资料来源: FactSet 开展收购母公司新能源资产,应支持估值提升 个股评级 买入 | 股份资料 | | |------------------------|-----------| | 52 周高位 (港元 ) | 8.24 | | 52 周低位 (港元 ) | 4.42 | | 市值 ( 百万港元 ) | 24,850.92 | | 日均成交量 (百万) | 76.77 | | 年初至今变化 (%) | 26.52 | | 200 天平均价 (港元 ) | 5.91 | | | | 财务数据一览 | 年结 12月31 日 | 2022 | 2023 | 2025E | 2026E | | |--------------------------------|----------|----------|------- ...