证券研究报告 公用事业|电力 首次覆盖报告 2024年06月04日 大唐新能源 (1798.HK) 买入 ——老牌绿电龙头 股价处于深度价值区间 （首次覆盖） 投资要点： 证券分析师 ➢ 大唐集团旗下新能源旗舰平台，国内老牌绿电龙头运营商。公司为大唐集团旗下 刘晓宁 S1350523120003 核心绿电平台，当前集团持有公司 65.61%股权，并承诺大唐新能源拥有集团境 liuxiaoning@huayuanstock.com 内新能源业务的优先选择权与购买权。公司前身为大唐赤峰赛罕坝风力发电有限 研究支持 公司，国内最早从事新能源开发的电力企业之一。截至2023年底，公司控股装 机1542万千瓦，其中风电1298万千瓦、光伏244万千瓦。公司当前新能源装 联系人 机规模位居A+H股上市公司第七位，风电资产集中于三北地区，占比超过80%。 刘晓宁 S1350523120003 ➢ 占据三北老旧风场，风资源极为优质但早期机组存在性能症结。从历史发展看， liuxiaoning@huayuanstock.com 公司早期着力耕耘三北风资源优异地区，在当下优质风场稀缺情况下资源禀赋凸 市场表现： 显。但从风机效率 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.00, indicating a potential upside of 19.8% from the current price of HKD 1.67 [1][2][8]. Core Insights - The company's Q1 earnings fell by 6% year-on-year, which was within expectations. The decline was attributed to a 3% drop in average on-grid electricity prices and a 5.4% increase in depreciation due to new installations [1][2]. - The management expects to add over 2 GW of new capacity in 2024, with a conservative estimate of 1.8 GW and 2.1 GW for 2024 and 2025, respectively [2][3]. - The projected earnings for 2024 show a modest increase of 4.6% year-on-year, with a compound annual growth rate (CAGR) of 7.7% from 2023 to 2026 [2][3]. Financial Overview - Revenue is projected to grow from RMB 12,802 million in 2023 to RMB 13,025 million in 2024, reflecting a year-on-year growth of 1.7% [3][9]. - Net profit is expected to decrease from RMB 2,753 million in 2023 to RMB 2,856 million in 2024, with a year-on-year growth of 4.6% [3][9]. - The company’s price-to-earnings (P/E) ratio is projected to be 5.0 in 2023 and 4.8 in 2024, indicating a relatively low valuation compared to historical averages [3][9]. Operational Data - The company reported a total installed capacity of 12,981 MW in 2023, with expectations to reach 13,831 MW by 2025 [6][9]. - The total electricity generation is projected to increase from 31,608 GWh in 2023 to 34,248 GWh in 2024, reflecting a growth rate of 8.7% [6][9]. Dividend Policy - The dividend payout ratio has increased by 13 percentage points to 23% in 2023, but further increases are expected to be limited as the company focuses on achieving its installation targets [2][3].

Financial Position - As of March 31, 2024, the total assets of China Datang Corporation Renewable Power Co., Limited amounted to RMB 104.90 billion, an increase from RMB 101.60 billion as of December 31, 2023, representing a growth of approximately 2.26%[3] - The company's cash and cash equivalents reached RMB 4.61 billion, up from RMB 3.12 billion, indicating a significant increase of about 47.73%[3] - Accounts receivable rose to RMB 19.35 billion from RMB 17.78 billion, reflecting an increase of approximately 8.83%[3] - The total current assets increased to RMB 26.43 billion, compared to RMB 22.51 billion, marking a growth of around 17.5%[3] - Non-current assets totaled RMB 78.47 billion, slightly down from RMB 79.09 billion, showing a decrease of about 0.83%[3] - The company's long-term equity investments were reported at RMB 982.54 million, a marginal increase from RMB 972.59 million, representing a growth of approximately 1.00%[3] - The fixed assets decreased to RMB 67.79 billion from RMB 68.50 billion, indicating a decline of about 1.03%[3] - The company reported a significant increase in prepayments, which rose to RMB 1.07 billion from RMB 203.07 million, reflecting a growth of approximately 426.5%[3] - The total liabilities of the company were not disclosed in the provided documents, but the increase in current assets suggests a potential strengthening of the company's financial position[3] Borrowings and Liabilities - As of March 31, 2024, the company's short-term borrowings increased to ¥2,448,165,952.25 from ¥1,146,056,680.98, representing a growth of 113%[4] - The total current liabilities decreased to ¥18,221,411,041.99 from ¥19,045,251,947.16, a reduction of approximately 4.3%[4] - Long-term borrowings rose to ¥45,102,339,629.79 from ¥43,703,431,701.08, indicating an increase of about 3.2%[4] - The total liabilities increased to ¥66,655,692,010.74 from ¥65,644,805,253.81, reflecting a growth of approximately 1.5%[4] - The total current liabilities decreased to RMB 2,837,509,928.46 from RMB 3,287,723,872.94, a reduction of approximately 13.66%[6] - The company's long-term borrowings increased to RMB 13,579,877,217.08 as of March 31, 2024, compared to RMB 12,342,212,895.65 at the end of 2023, an increase of 10.03%[6] - The total liabilities increased to RMB 17,428,119,957.84 as of March 31, 2024, compared to RMB 16,641,483,857.22 at the end of 2023, reflecting a growth of 4.73%[6] Equity and Earnings - The total equity attributable to shareholders increased to ¥34,154,455,646.30 from ¥32,039,106,880.46, marking an increase of about 6.6%[4] - The company's total equity reached RMB 31,024,339,464.49, up from RMB 30,199,031,209.37 at the end of 2023, indicating an increase of 2.74%[6] - The net profit attributable to the parent company for Q1 2024 was RMB 1,068,830,620.29, down 5.85% from RMB 1,135,283,244.68 in the same period last year[7] - The earnings per share for Q1 2024 were RMB 0.1306, slightly down from RMB 0.1356 in Q1 2023, a decrease of 3.70%[7] - The company reported a total comprehensive income of RMB 1,208,670,288.60 for Q1 2024, compared to RMB 1,262,685,617.88 in the previous year, reflecting a decline of 4.28%[7] - The company's retained earnings rose to ¥9,927,292,931.72 from ¥8,858,494,404.63, an increase of about 12%[4] Revenue and Expenses - The company's operating revenue for Q1 2024 was RMB 3,525,581,772.42, a slight increase of 0.57% compared to RMB 3,505,610,033.25 in Q1 2023[7] - Research and development expenses for Q1 2024 were significantly reduced to RMB 387,924.53 from RMB 5,145,606.56 in Q1 2023, a decrease of approximately 92.43%[7] - The financial expenses decreased to RMB 407,634,886.03 in Q1 2024 from RMB 428,756,049.79 in Q1 2023, a reduction of about 4.91%[7] - The company's operating revenue for Q1 2024 was RMB 9,930,648.14, a decrease of approximately 16.8% compared to RMB 11,941,311.45 in the same period last year[8] - The net profit for Q1 2024 was a loss of RMB 55,955,536.53, slightly worse than the loss of RMB 55,251,775.10 in Q1 2023[8] Cash Flow - Cash flow from operating activities for Q1 2024 was RMB 1,685,535,322.48, an increase of approximately 5.5% from RMB 1,597,584,036.61 in Q1 2023[9] - Operating cash flow for Q1 2024 was RMB 54,353,348.75, a decrease of 28% from RMB 75,409,570.79 in the same period last year[10] - Cash inflow from operating activities totaled RMB 351,509,378.04, down 9.2% compared to RMB 387,401,867.68 in the previous year[10] - Cash outflow from operating activities was RMB 297,156,029.29, a reduction of 4.5% from RMB 311,992,296.89 year-over-year[10] - The total cash inflow from financing activities in Q1 2024 was RMB 4,985,964,551.87, a decrease from RMB 9,545,817,233.87 in Q1 2023[9] - Cash inflow from financing activities was RMB 2,737,601,068.48, significantly lower than RMB 8,596,335,603.49 in the same quarter last year[10] - Net cash flow from financing activities improved to RMB 1,625,360,400.57, compared to a net outflow of RMB 40,489,819.87 in the previous year[10] Investment Activities - The company’s investment activities resulted in a net cash outflow of RMB 1,567,462,049.45 in Q1 2024, compared to RMB 494,239,377.33 in the same period last year[9] - Investment activities resulted in a net cash outflow of RMB 284,818,605.54, worsening from a net outflow of RMB 157,046,895.91 in the previous year[10] - Total cash outflow for investment activities was RMB 327,950,044.40, an increase from RMB 293,765,413.72 in the same period last year[10] - Cash received from investment income was RMB 18,653,752.62, a decline of 86.4% from RMB 136,718,517.81 in the previous year[10] Management and Future Outlook - The financial statements were prepared in accordance with Chinese accounting standards and have not been audited, which is important for investors to consider[2] - The company’s management reported an increase in research and development expenses, reflecting a commitment to innovation and new product development[8] - Future outlook includes potential market expansion and strategic initiatives to improve profitability and operational efficiency[8]

Financial Performance - The annual operating revenue for 2023 was RMB 12.802 billion, and the total profit amounted to RMB 3.623 billion, with a debt-to-asset ratio of 64.59%[9]. - The company's revenue for 2023 reached RMB 12,802,292 thousand, an increase of 2.4% from RMB 12,499,229 thousand in 2022[21]. - Operating profit decreased to RMB 5,306,676 thousand in 2023 from RMB 6,206,972 thousand in 2022, reflecting a decline of 14.5%[21]. - Net profit attributable to the parent company was RMB 2,753,227 thousand, down 21.0% from RMB 3,485,167 thousand in the previous year[21]. - The total comprehensive income for the year was RMB 3,095,020 thousand, down from RMB 3,940,984 thousand in 2022[21]. - The company achieved a net profit of RMB 3,093.70 million in 2023, a decrease of RMB 797.53 million compared to RMB 3,891.23 million in 2022[44]. - Total revenue for 2023 was RMB 12,802.29 million, representing a 2.42% increase from RMB 12,499.23 million in 2022, primarily due to increased electricity sales[45]. - The average on-grid electricity price for 2023 was RMB 466.00 per MWh, a decrease of RMB 33.07 per MWh year-on-year[38]. Operational Highlights - The company achieved a power generation of 31.6 billion kWh in 2023, equivalent to saving 9.53 million tons of standard coal and reducing carbon dioxide emissions by 18.03 million tons[9]. - The company achieved a total electricity generation of 31,607,760 MWh in 2023, with a construction target of 3,580 MW and a total installed capacity of 15,418.72 MW[26]. - Wind power generation accounted for 29,185,365 MWh, up 7.44% compared to the previous year[33]. - Photovoltaic electricity generation increased to 2,422,395 MWh, a growth of 49.22% year-on-year[34]. - The average utilization hours for wind power reached 2,269 hours, an increase of 7 hours from the previous year[35]. - The average utilization hours for photovoltaic power improved to 1,537 hours, up 123 hours year-on-year[35]. Asset and Capital Structure - As of the end of 2023, the total assets of China Datang Corporation Renewable Power Co., Limited reached RMB 101.545 billion, with a total installed capacity of 15,418.72 MW[9]. - Total assets as of December 31, 2023, amounted to RMB 101,545,305 thousand, an increase from RMB 97,548,274 thousand in 2022[22]. - Non-current assets totaled RMB 79,037,119 thousand, slightly up from RMB 78,635,215 thousand in 2022[22]. - Current assets increased to RMB 22,508,186 thousand from RMB 18,913,059 thousand in 2022, marking a growth of 19.0%[22]. - The company's distributable reserves as of December 31, 2023, amounted to approximately RMB 4,271.30 million, an increase from RMB 2,412.99 million as of December 31, 2022[83]. - The group's total borrowings as of December 31, 2023, were RMB 57,254.99 million, an increase of 4.90% from RMB 54,578.92 million in 2022[55]. Strategic Initiatives and Future Plans - The company plans to focus on green low-carbon development and enhance its capabilities to become a leading clean energy supplier in the industry in 2024[10]. - The company plans to focus on expanding its renewable energy projects and enhancing operational efficiency in the upcoming year[20]. - The company aims to improve quality and efficiency while ensuring high-level safety in its operations moving forward[10]. - The company is actively investing in new energy projects across various regions, including Jiangsu, Guizhou, Ningxia, Hainan, and others, to accelerate the conversion of quality project resources[27]. - The company plans to enhance operational efficiency and revenue management in 2024, focusing on cost control and digital operations[64][65]. Corporate Governance and Compliance - The company has established a modern corporate governance structure to enhance governance levels and ensure effective checks and balances[142]. - The company has complied with the corporate governance code and has maintained a high level of corporate governance[133]. - The board consists of nine directors, with three being independent non-executive directors, complying with the listing rules requiring at least one-third of the board to be independent[165]. - The company has mechanisms in place to ensure the board receives independent views and opinions, with independent professional institutions being consulted when necessary[150]. - The company emphasizes the importance of corporate culture and governance reform to promote high-quality development[142]. Environmental, Social, and Governance (ESG) Efforts - The company is committed to promoting the integration of party building and core business operations to drive development and innovation[26]. - The ESG report covers the period from January 1, 2023, to December 31, 2023, and includes data from 19 subsidiaries, maintaining consistency with the previous reporting period[198]. - The company aims to enhance ESG data collection and reporting processes, reflecting ongoing improvements in its ESG initiatives[198]. - Stakeholders are encouraged to provide feedback on the ESG report through designated contact methods[200]. Shareholder Engagement - The company organized 84 investor meetings in 2023, engaging with 507 participants, reflecting a commitment to enhancing investor relations[42]. - The company emphasizes communication with shareholders through various channels, including performance announcements and investor roadshows[183]. - Shareholders holding more than 3% of voting shares can submit written proposals for consideration at shareholder meetings[184]. Related Party Transactions - The ongoing related party transaction limit for the year 2023 with Datang Group is set at RMB 600 million, with actual transaction amounting to RMB 480 million[120]. - Related party transactions during the year were reviewed and deemed to comply with Hong Kong Stock Exchange regulations, with prices being reasonable and fair[194].

Investment Rating - The report maintains a "Buy" rating for Datang Renewable (01798 HK) [2] Core Views - The cautious growth outlook and continuous improvement of the balance sheet are highlighted, with a downward revision of earnings per share (EPS) for 2024 and 2025 by 32.7% and 41.4% to RMB 0.348 and RMB 0.395 respectively, and a forecast of RMB 0.441 for 2026 [1][2] - The target price has been revised down to HK$2.30 from HK$3.10 based on a price-to-earnings (P/E) ratio of 6.0 times for 2024 [1][2] - Despite 2023's earnings falling short of expectations, the cautious expansion strategy has led to an improved balance sheet, with a net profit of RMB 2.753 billion, a decrease of 21.9% year-on-year [1][2] Financial Summary - In 2023, Datang Renewable recorded a total revenue of RMB 12.802 billion, with a net profit of RMB 2.753 billion and an EPS of RMB 0.308, reflecting a 23.6% decline [4] - The company plans to add 2.0 GW of new capacity in 2024, with a total of 1.8 GW under construction as of the end of 2023 [1] - Operating cash flow was robust at RMB 7.140 billion in 2023, with a continued decrease in leverage, as the net debt-to-equity ratio fell by 3.6 percentage points to 169.1% [1][4] Operational Insights - The report emphasizes the potential for upgrading old wind farms, with approximately 1.96 GW of capacity eligible for transformation, expected to reach around 4 GW by the end of 2025 [4] - The management anticipates that upgrading old wind farms could potentially double the installed capacity and triple the power generation [4]

交银国际研究 公司更新 新能源 收盘价 目标价 潜在涨幅 2024年3月28日 港元1.60 港元2.00↓ +25.0% 大唐新能源 (1798 HK) 自建项目执行力度仍有待提高，目前估值大致反映预期差  2023年盈利下跌幅度在预期之內，末期息同比上升40%。因2022年成本 个股评级 较低造成的高基数，大唐新能源 2023 年纯利同比下跌 24%至 22.4 亿元 买入 （人民币，下同），略低于我们预期3%。如扣除早前公告约2亿元的一 次性减值，核心利润同比仅下降4.8%。2023年经营利润略低于我们预期 3%，主要原因是除减值项以外的经营开支亦上升约30%。公司末期息大幅 1年股价表现 提升40% 至7分，派息比率提高10%至23%。 1798 HK 恒生指数 30%  在建项目充足，2024 年仍有望完成装机目标。公司去年新增 1.2 吉瓦装 20% 10% 机，风/光分别新增0.29/0.94吉瓦，略低于我们预期的1.5吉瓦，特别在 0% 风电装机的进展较预期慢。管理层仍预期2024年将新增超过2吉瓦装机。 -10% -20% 我们认为在公司在建项目1.8吉瓦的基础上仍有望完成。同时，管理层 ...

Financial Performance - For the year ended December 31, 2023, the operating revenue was RMB 12,802.29 million, an increase of 2.42% compared to the previous year[2]. - For the same period, the profit before tax was RMB 3,623.35 million, a decrease of 16.58% year-on-year[2]. - The net profit attributable to the owners of the parent company was RMB 2,753.23 million, down 21.00% from the previous year[2]. - Basic earnings per share attributable to ordinary shareholders was RMB 0.3079, a decline of 23.54% compared to last year[2]. - The company reported a net profit of RMB 2,239,635,000 for the year 2023, compared to RMB 2,753,227,000 in 2022, indicating a decrease of about 18.6%[10]. - The company’s total income tax expense included adjustments for prior year tax estimates, resulting in a net tax expense of RMB 570,121 thousand for 2023[57]. - The income tax expense for 2023 was RMB 529,646 thousand, an increase from RMB 452,471 thousand in 2022, reflecting a rise in corporate income tax due to higher pre-tax profits[57]. - The effective tax rate increased to 14.6% in 2023 from 10.4% in 2022, primarily due to reduced tax benefits as some subsidiaries reached the end of their tax holiday periods[57]. - The company's government subsidies amounted to RMB 338.91 million, up 15.39% from RMB 293.72 million in 2022[122]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 101,545.31 million, an increase from RMB 97,548.27 million in 2022[7]. - The total liabilities were RMB 65,587.32 million, compared to RMB 63,278.35 million in 2022[8]. - The net assets increased to RMB 35,957.98 million from RMB 34,269.93 million in the previous year[8]. - The total equity attributable to shareholders as of December 31, 2023, is RMB 32,039,107,000, an increase from RMB 30,186,896,000 in 2022, reflecting a growth of approximately 6.1%[9]. - The total amount raised from issuing bonds and short-term notes in 2023 was RMB 699,801 thousand, a significant decrease from RMB 5,098,262 thousand in 2022, indicating a reduction of approximately 86.3%[15]. - The company’s total borrowings as of December 31, 2023, amounted to RMB 54,150,005 thousand, up from RMB 52,034,374 thousand in 2022, indicating a growth of about 4.1%[98]. - The total cost of property, plant, and equipment as of December 31, 2023, was RMB 114,951,727 thousand, compared to RMB 109,831,030 thousand in 2022, indicating a growth of about 4.1%[66]. Cash Flow and Financing Activities - The net cash generated from operating activities decreased significantly to RMB 7,140,036 in 2023 from RMB 13,231,320 in 2022, indicating a decline of approximately 46.0%[13]. - The net cash flow from investing activities for 2023 was RMB (6,519,407) thousand, a decrease from RMB (6,848,812) thousand in 2022, indicating a reduction of approximately 4.8%[14]. - The net cash flow from financing activities in 2023 was RMB (5,614) thousand, significantly improved from RMB (7,066,699) thousand in 2022, reflecting a decrease of approximately 99.9%[15]. - The net increase in cash and cash equivalents for 2023 was RMB 615,015 thousand, compared to a decrease of RMB (684,191) thousand in 2022, showing a turnaround in cash flow[16]. - As of December 31, 2023, the group had unused bank credit facilities amounting to approximately RMB 83,176 million, with RMB 17,474.8 million not requiring renewal within the next 12 months[22]. Operational Performance - The company’s total power generation reached 31,607,760 MWh in 2023, with a construction target of 3,580 MWh and installed capacity of 15,418.72 MW[103]. - Wind power generation accounted for 12,981.20 million, with a year-on-year increase of 293.30 million or 2.31%[106]. - The company's installed photovoltaic capacity increased significantly to 2,437.52 million, representing a growth of 937.05 million or 62.45% from the previous year[107]. - The total power generation for the year was 31,607,760 MWh, reflecting a year-on-year growth rate of 9.80%[110]. - The average utilization hours for wind power reached 2,269 hours, an increase of 7 hours year-on-year, while photovoltaic average utilization hours increased by 123 hours to 1,537 hours[111]. - The company maintained a strong safety record with no production accidents reported throughout the year[109]. Governance and Compliance - The company has adhered strictly to the Corporate Governance Code and has confirmed that all directors and supervisors complied with the standards for securities trading during the reporting period[148]. - The financial statements for the year ending December 31, 2023, have been reviewed by the audit committee and prepared in accordance with international financial reporting standards[150]. - The company has engaged international and domestic auditors for the financial year ending December 31, 2023, ensuring the accuracy of the consolidated financial statements[149]. Future Outlook - In 2024, the company aims to enhance operational efficiency and revenue through improved management of electricity pricing and volume[141]. - The company anticipates a continued implementation of proactive fiscal and stable monetary policies in 2024, which may lead to further interest rate reductions[139]. - The company will focus on capital structure balance to meet the funding needs of new project developments, given the capital-intensive nature of its business[138]. - The company recognizes 2024 as a critical year for deepening state-owned enterprise reforms and enhancing management practices[140].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中国大唐集团新能源股份有限公司 China Datang Corporation Renewable Power Co., Limited* (於中華人民共和國註冊成立的股份有限公司) （ （股份代號：01798 ） 2023年第三季度財務資料 本公告乃根據香港法例第571章證券及期貨條例第XIVA部及香港聯合交 易所有限公司證券上市規則第13.09條及第13.10B條 而 作 出。 根 據 中 華 人 民 共 和 國（「中 國」）有 關 法 例 規 定，於 中 期 票 據 或 超 短 期 融 資 券 存 續 期 間，中 國 大 唐 集 團 新 能 源 股 份 有 限 公 司（「本公司」）須 在 每 年10月31日 或 之 前 披 露 第 三 季 度 財 務 報 表。隨 附 的 財 務 報 表 為 本 公 司 於 中 國 貨 幣 網（網 ...

Financial Performance - For the six months ended June 30, 2023, the company's operating revenue was RMB 6.976 billion, an increase of 12.06% compared to RMB 6.225 billion for the same period in 2022[19]. - The company's profit before tax for the same period was RMB 2.728 billion, reflecting a 7.44% increase from RMB 2.539 billion in 2022[20]. - The net profit attributable to the parent company was RMB 2.093 billion, up 2.78% from RMB 2.037 billion in the previous year[20]. - The company achieved a net profit attributable to the parent company of RMB 2.093 billion in the first half of 2023, an increase of RMB 57 million, representing a growth of 2.78% year-on-year[27]. - The total operating revenue reached RMB 6.976 billion, an increase of RMB 751 million, reflecting a strong growth momentum[27]. - Total revenue for the first half of 2023 reached RMB 17,123,574, representing a year-on-year increase of 19.16% compared to RMB 14,370,741 in 2022[36]. - Wind power revenue was RMB 15,937,212, up 16.87% from RMB 13,636,619 in the previous year[36]. - The company reported a profit of RMB 1,779,856 thousand for the current period, contributing to a total comprehensive income of RMB 2,349,435 thousand[105]. Capacity and Generation - The total installed capacity of the company as of June 30, 2023, was 14,329.67 MW, an increase of 1,152.65 MW or 8.75% year-on-year[26]. - The company's electricity generation for the first half of 2023 was 17,123,574 MWh, representing a year-on-year increase of 2,752,833 MWh or 19.16%[26]. - The cumulative installed capacity of wind power reached 12,781.20 MW, an increase of 684.65 MW, or 5.66% year-on-year[28]. - The cumulative installed capacity of photovoltaic power increased to 1,548.47 MW, up 473.00 MW, representing a growth of 43.98% year-on-year[28]. - The total installed capacity as of June 30, 2023, was 14,329.67 MW, an increase of 8.75% compared to 13,177.02 MW as of June 30, 2022[30]. Financial Health - The total assets of the company as of June 30, 2023, amounted to RMB 98.571 billion, compared to RMB 97.548 billion at the end of 2022[21]. - The total liabilities decreased to RMB 61.785 billion from RMB 63.278 billion at the end of 2022[21]. - Financial expenses decreased to RMB 877 million, down RMB 170 million, a reduction of 16.25%, indicating improved financial health[27]. - The asset-liability ratio improved to 62.68%, a decrease of 2.19 percentage points compared to the beginning of the year, indicating a more robust capital structure[42]. - The company's financial expenses decreased by 16.25% to RMB 877.43 million, compared to RMB 1,047.72 million in 2022, mainly due to lower interest rates[55]. - The company's net current assets increased significantly to RMB 4,366,741 thousand, compared to RMB 1,788,654 thousand at the end of 2022, reflecting a growth of 143.5%[101]. Operational Efficiency - The comprehensive average utilization hours increased by 88 hours to 1,209 hours, while the comprehensive power limitation rate decreased by 1.74 percentage points to 3.81%[26]. - The average utilization hours for wind power increased to 1,258 hours, up 97 hours, with a curtailment rate of 3.88%, down 1.83 percentage points year-on-year[32]. - The average utilization hours for photovoltaic power reached 781 hours, an increase of 99 hours, with a curtailment rate of 2.81%, remaining stable year-on-year[32]. - The company reported significant improvements in equipment utilization, with various regions showing increased performance metrics[34]. - The company continues to optimize its operational efficiency, contributing to a notable reduction in electricity loss[32]. Strategic Focus - The company plans to focus on accelerating the development of renewable energy and enhancing management and innovation capabilities[25]. - The company aims to leverage existing resources to drive incremental development and plans to invest in large-scale renewable energy bases, targeting a million-kilowatt-level new energy base construction[75]. - The company is accelerating offshore wind power development and promoting distributed photovoltaic and decentralized wind power projects, particularly in the southeastern regions[76]. - The group plans to enhance revenue by improving electricity pricing management and focusing on equipment efficiency to increase power generation capacity[77]. - The company intends to continuously reduce various costs and expenses, including financing costs, by optimizing financing channels and improving negotiation capabilities[78]. Governance and Management - Investor engagement increased significantly, with 47 investor meetings held and 291 participants by June 30, 2023[45]. - The company’s governance structure was enhanced, with 153 major decisions made in board meetings during the first half of 2023[43]. - Six loss-making subsidiaries turned profitable by June 30, 2023, demonstrating effective governance strategies[46]. - The group has established a comprehensive performance assessment system to motivate employees based on clear performance targets and standards[80]. - The company’s employee compensation consists of a base salary and performance-based pay, which is determined by overall performance assessment results[81]. Employee and Training - As of June 30, 2023, the group employed 4,076 people, with 13.4% aged 50 and above, and 35.16% aged 30 or below[79]. - The company has achieved a 100% training rate for all employees, with an average training duration of 45 hours per person for male and female employees[82]. - The average training hours for senior management is 50 hours per person, while department heads receive 45 hours[82]. - Key management personnel compensation for the first half of 2023 totaled RMB 1,474 million, a decrease of approximately 19.9% compared to RMB 1,842 million in the same period of 2022[197]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 3,344,202, a decrease of 66.8% compared to RMB 10,061,491 for the same period in 2022[108]. - Cash flows used in investing activities amounted to RMB (1,619,547), down from RMB (1,882,494) in the previous year, reflecting a 13.9% improvement[109]. - The net cash used in financing activities was RMB (1,717,735), significantly reduced from RMB (6,383,816) in the prior year, indicating a 73.1% decrease[109]. - The company issued perpetual bonds and notes, receiving cash of RMB 6,800,000, compared to RMB 1,000,003 in the previous year, marking a substantial increase[109]. - The company has unutilized bank financing commitments of approximately RMB 74,326 million as of June 30, 2023, ensuring liquidity for operational needs[113]. Assets and Liabilities - The total net value of assets pledged for loans as of June 30, 2023, was RMB 13,226.76 million[67]. - The group’s total assets as of June 30, 2023, were RMB 17,266,125 thousand, compared to RMB 14,468,273 thousand as of December 31, 2022, indicating a growth of approximately 19.4%[162]. - The total amount of project deposits increased significantly to RMB 34,054 thousand as of June 30, 2023, from RMB 11,846 thousand as of December 31, 2022, reflecting a growth of approximately 187.5%[158]. - The group’s total liabilities as of June 30, 2023, were not explicitly stated but are implied to have increased in line with asset growth, indicating potential leverage for future investments[162]. - The total amount of collateralized assets for bank loans was RMB 8,368,453 thousand as of June 30, 2023, compared to RMB 7,694,698 thousand as of December 31, 2022[184].

Financial Performance - For the six months ended June 30, 2023, the company's operating revenue was RMB 6.976 billion, an increase of 12.06% compared to RMB 6.225 billion for the same period in 2022[18]. - The company's profit before tax for the same period was RMB 2.728 billion, up 7.44% from RMB 2.539 billion in 2022[19]. - The net profit attributable to the owners of the parent company was RMB 2.093 billion, reflecting a 2.78% increase from RMB 2.037 billion in the previous year[19]. - Basic and diluted earnings per share attributable to ordinary shareholders of the parent company were RMB 0.2447, an increase of RMB 0.0018 compared to RMB 0.2429 in 2022[19]. - The company's net profit for the six months ended June 30, 2023, was RMB 2,349.12 million, an increase of RMB 68.61 million compared to the same period in 2022[47]. - Total revenue for the same period was RMB 6,976.24 million, representing a growth of 12.06% from RMB 6,225.44 million in 2022, primarily due to increased electricity sales[48]. - The company's operating profit for the six months was RMB 3,566.27 million, a slight increase of 0.52% from RMB 3,547.75 million in the same period last year[52]. - The profit attributable to the owners of the parent company was RMB 2,093.38 million, an increase of RMB 56.63 million compared to RMB 2,036.75 million in 2022[59]. - The company's net profit margin decreased from 36.63% in 2022 to 33.67% in 2023, influenced by changes in asset impairment provisions and one-time compensation income[58]. Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 98.571 billion, compared to RMB 97.548 billion as of December 31, 2022[20]. - The total liabilities were RMB 61.785 billion, a decrease from RMB 63.278 billion at the end of 2022[20]. - The total equity attributable to the owners of the parent company was RMB 32.445 billion, up from RMB 30.187 billion at the end of 2022[20]. - The asset-liability ratio improved to 62.68% as of June 30, 2023, a decrease of 2.19 percentage points from the beginning of the year[41]. - The net debt-to-capital ratio as of June 30, 2023, was 58.15%, a decrease of 2.21 percentage points from 60.34% as of December 31, 2022[64]. - The group’s borrowings as of June 30, 2023, amounted to RMB 53,572.20 million, a decrease of 1.84% from RMB 54,578.92 million as of December 31, 2022[62]. Revenue Generation - Electricity sales revenue reached RMB 6,948.98 million, up 12.21% from RMB 6,192.54 million in the previous year, driven by higher grid-connected electricity generation[48]. - The total power generation amounted to 17,123,574 MWh, reflecting a year-on-year growth of 2,752,833 MWh or 19.16%[25]. - Wind power generation accounted for 15,937,212 MWh, up 16.87% from 13,636,619 MWh in the previous year[35]. - The photovoltaic power generation surged to 1,186,363 MWh, marking a significant increase of 61.60% from 734,122 MWh in 2022[36]. Operational Efficiency - Operating expenses increased by 21.19% to RMB 3,580.53 million, compared to RMB 2,954.38 million in 2022, mainly due to increased depreciation and maintenance costs[51]. - Financial expenses decreased to RMB 877 million, a reduction of RMB 170 million or 16.25% year-on-year, indicating improved financial health[26]. - The average financing cost for the group decreased to 3.21% in the first half of 2023, down 17 basis points from the end of the previous year[40]. - The group has successfully reduced external financing costs by a total of RMB 8.987 billion since the beginning of the year[40]. Investments and Projects - The company acquired construction project indicators totaling 2,580.00 MW, distributed across various provinces including Xinjiang, Shandong, and Hebei[27]. - The group secured new renewable energy projects, including 900 MW in Shandong and 1,000 MW in Xinjiang[39]. - The company aims to leverage existing resources to drive incremental development and plans to invest in large-scale renewable energy bases[74]. - The company is accelerating offshore wind power development and promoting distributed photovoltaic and wind power projects[75]. Employee and Management - As of June 30, 2023, the total number of employees is 4,076, with 13.4% aged 50 and above, and 38.67% aged 30 to 39[78]. - The company has achieved a 100% training rate for all employees, with an average training duration of 45 hours per male and female employee[81]. - The average training hours for senior management is 50 hours per person, while department heads receive 45 hours[81]. - The company has established a comprehensive performance assessment system to motivate employees based on their performance[79]. Corporate Governance - The company has complied with the Corporate Governance Code, with no significant deviations noted, except for the roles of Chairman and CEO being held by the same individual[92]. - The audit committee has reviewed the interim financial statements for the six months ended June 30, 2023, ensuring adherence to accounting standards[95]. - The company has appointed three independent non-executive directors, ensuring compliance with the listing rules regarding board composition[94]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 3,344,202 thousand, a decrease of 66.8% compared to RMB 10,061,491 thousand for the same period in 2022[107]. - The cash flow from investing activities resulted in a net outflow of RMB 1,619,547 thousand, compared to RMB 1,882,494 thousand in the previous year, indicating a reduction in investment expenditure[108]. - The cash flow from financing activities showed a net outflow of RMB 1,717,735 thousand, significantly lower than the outflow of RMB 6,383,816 thousand in the same period last year[108]. - The company issued perpetual bonds and notes, receiving cash of RMB 6,800,000 thousand, compared to RMB 1,000,003 thousand in the previous year[108]. Market Engagement - The number of investors and analysts participating in the annual performance meeting reached a record high, with 127 attendees from 109 institutions[37]. - The company held 47 investor meetings and engaged with 291 participants by June 30, 2023, to enhance market value and investor relations[44]. Legal and Compliance - The company has no significant litigation or arbitration as of June 30, 2023, ensuring a stable legal environment for operations[92]. - The company believes it has sufficient resources to meet its liabilities for at least the next twelve months, supporting the appropriateness of preparing the financial statements on a going concern basis[114].