Core Viewpoint - The company reported a projected increase in power generation for 2025, with a total of 1677.7 GWh, representing a 5.7% year-on-year growth compared to 2024 [1] Group 1: Power Generation Performance - For the year 2025, the company expects a significant increase in power generation from its Chinese wind and solar projects, with increases of 18.1% and 15.5% respectively [1] - Conversely, there is a notable decrease in power generation from hydro projects in China, which fell by 56.9%, and from projects in South Korea, which decreased by 11.4% [1] Group 2: Year-to-Date Performance - As of April 30, 2025, the company has achieved a cumulative power generation of 6448.7 GWh for the first four months, which is a 1.5% decrease compared to the same period in 2024 [1] - The year-to-date performance shows an increase in Chinese wind and solar projects by 3.4% and 10.3% respectively, while hydro projects in China decreased by 24.3% and South Korean projects decreased by 11.1% [1]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 04 月 20 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 市场表现： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 事件：1）公司公告 2024 年年度业绩，2024 年公司实现营业收入 19.51 亿美元，同比下滑 11%，实现归母净利润 2.48 亿美元，同比下滑 7.3%。2）派息公告：2024 年公司派发每股 股息 11.27 港仙/股，对应分红率 25%，与去年持平（派息金额/归母净利润），当前股息率 5%。 风电利润下滑为业绩下滑主要原因，光伏项目量增利降。2024 年国内煤电/国内风电/国内光 伏/韩国项目分别实现归母净利润 0.16、2.28、0.23、0.75 亿美元，同比分别变动 0.00、-0.32、 -0.05、0.03 亿美元，风 ...

Financial Performance - In 2024, profit attributable to equity shareholders of the Company was US$248.0 million, a decrease of 7.3% over the previous year[50]. - Basic earnings per share of the Company was 5.78 US cents (equivalent to 45.09 HK cents per share)[50]. - Revenue decreased by 11.0% compared to 2023, totaling US$1,951 million[73][74]. - Profit attributable to equity shareholders decreased by 7.3% compared to 2023, amounting to US$248 million[76]. - Operating profit for the year was US$528.3 million, down from US$552.5 million in the previous year[146]. - The segment revenue for power plants in the PRC decreased by 0.3% to US$1,009,907,000 in 2024 from US$1,012,714,000 in 2023[196]. - The segment results for power plants in the PRC decreased by 4.7% to US$289,510,000 in 2024, primarily due to increased impairment losses[197]. - The segment revenue for power plants in Korea decreased by 21.0% to US$909,788,000 in 2024, attributed to declines in both weighted average tariff and power generation[197]. - Profit before taxation decreased to US$337,252,000 in 2024 from US$352,528,000 in 2023[196]. Installed Capacity and Generation - As of December 31, 2024, the attributable installed capacity of the Company's power plants was 10,452.4 MW, representing a year-on-year increase of 8.6%[50]. - The total installed capacity of the Company reached 19,077 MW in 2024, with a year-on-year increase of 14.6% in the installed capacity of the PRC, amounting to 3,348.6 GW[77]. - The newly commissioned attributable installed capacity of solar power was 786.0 MW, with a 200 MW/400 MWh storage project also newly commissioned in Jiangsu Province[60]. - The Group's attributable installed capacity of gas-fired power increased by 45.0 MW in 2024[160]. - The total electricity generated by the Group's consolidated power generation projects amounted to 19,149.7 GWh, remaining basically constant compared to last year[178]. - Power generation from PRC wind projects reached 10,095.8 GWh, representing a year-on-year decrease of 2.6%[179]. - Power generation from PRC solar projects reached 2,121.8 GWh, representing an increase of 22.4% from last year, mainly due to an increase in installed capacity[179]. - Power generation from PRC hydro projects reached 282.8 GWh, representing a year-on-year increase of 24.6% due to increased water inflow[181]. Awards and Recognition - The company received nine titles at the 10th Investor Relations Awards from the Hong Kong Investor Relations Association, including "Overall Best IR Company (Hong Kong Small Cap)" and "Best ESG" awards[32]. - The company was awarded the "Listed Companies with the Most Growth Potential" by "China Financial Market" magazine in July 2024[33]. - The Company received multiple awards in 2024, including the highest honor for "Best Investor Relations Company" in the small-cap category from the Hong Kong Investor Relations Association[57]. - The Shengsi 56 Offshore Wind Power Project in Zhejiang Province received two outstanding achievements in the "Excellent Achievements in Quality Management" awards[25]. - The Beiba Wind Power Project and Jiuquan Micro-grid Photovoltaic Project in Gansu Province were awarded multiple honors for "China Quality Innovation and Quality Improvement Achievements" by China Quality magazine[28]. - The Anqiu Taipingshan Phase I Wind Power Project in Shandong Province won three third-class honors in the "Power Industry Quality Management Group" by the Shandong Province Electricity Association[31]. Energy Transition and Policy - The Company is committed to supporting the "dual-carbon" goal and developing the new energy sector amid global energy transition challenges[55]. - The Company aims to support the "dual-carbon" goal by focusing on the new energy sector and implementing a work style of "Stringency, Prudence, Meticulosity and Pragmatism"[62]. - The NEA emphasized the need to enhance peak-shaving capacity and promote the construction of energy storage systems, including pumped storage and various new energy storage technologies[84]. - The NEA's action plan for 2024-2027 includes nine key actions aimed at constructing a novel power system, focusing on stability, high new energy output, and intelligent dispatching systems[92]. - The NDRC and NEA issued a plan to support electrolytic aluminum enterprises in expanding the use of non-fossil energy and to cease new self-owned coal-fired units[91]. - The State Council's "Action Plan for Energy Conservation and Carbon Reduction in 2024-2025" aims to increase non-fossil energy development, focusing on large-scale wind and photovoltaic bases in deserts and gobi regions[121]. Market and Regulatory Developments - The "Power Market Regulatory Measures" implemented in June 2024 focus on regulating market participants' compliance with safety obligations and preventing unfair competition in the wholesale power market[103]. - The National Development and Reform Commission (NDRC) issued the "Basic Rules for the Operation of Power Market," promoting a market-based mechanism for capacity cost recovery to ensure adequate long-term capacity in the power system[107]. - The NDRC's "Key Points on Energy Regulation Work for 2024" emphasizes energy security and the promotion of green and low-carbon transformation, tracking progress on major projects of the national "14th Five-Year Plan"[115]. - The NDRC's notice on supporting Inner Mongolia's green, low-carbon development highlights the need for aggressive new energy development and the establishment of large-scale wind and photovoltaic bases[117]. Operational Challenges - The operating profit from PRC wind projects decreased to US$344.7 million due to a year-on-year increase in grid curtailment[149]. - Revenue from PRC solar projects increased, attributed to a rise in installed capacity, but operating profit decreased to US$56.7 million due to higher operating expenses[150]. - The average utilization hours for PRC wind projects decreased to 2,216 hours in 2024 from 2,285 hours in 2023[188]. - The average utilization hours for PRC solar projects decreased to 1,171 hours in 2024 from 1,407 hours in 2023[188]. - The segment results for power plants in Korea increased by 1.7% to US$92,811,000 in 2024, mainly due to compensation income from a fuel cell project[197].

1. 友邦保险(01299.HK)拟回购最高达16亿美元的股份。 2. 世茂集团(00813.HK)一季度累计合约销售总额约70.7亿元。 3. 富力地产(02777.HK)3月总销售收入共约11.9亿元，同比增长10.2%。 4. 紫金矿业(02899.HK)一季度归母净利润101.67亿元，同比增长62.39%。 5. 花旗集团增持中国人寿(02628.HK)约514.5万股，每股作价约12.83港元。 6. 中广核新能源(01811.HK)3月完成发电量1765.1吉瓦时，同比减少4.7%。 7. 众安在线(06060.HK)前三个月原保险保费收入约79.57亿元，同比增长12.29%。 8. 君实生物(01877.HK)主席熊俊认可公司长期投资价值，拟增持不低于1亿元的股份。 9. 如祺出行(09680.HK)联手高域科技战略合作，探索"飞行汽车+Robotaxi"智慧交通新场景。 10. 昭衍新药(06127.HK)可能因美国FDA拟取消单克隆抗体及其他药物的动物试验而导致股价异动。 11. 中国太保(02601.HK)：太平洋人寿保险一季度累计原保险保费收入1002.15亿元，同比增长9.3%。 ...

Core Viewpoint - The company reported a decrease in power generation for the year ending March 2025, with a total generation of 1,765.1 GWh, representing a 4.7% decline compared to 2024 [1] Summary by Category Power Generation Performance - For the year ending March 2025, the company's total power generation was 1,765.1 GWh, down 4.7% year-on-year [1] - The breakdown of power generation changes includes: - Chinese wind power projects increased by 2.2% - Chinese solar power projects decreased by 7.1% - Chinese combined heat and power and gas projects decreased by 37.3% - Chinese hydropower projects increased by 9.2% - South Korean projects decreased by 15.9% [1] Quarterly Performance - For the three months ending March 31, 2025, the company achieved a cumulative power generation of 4,771 GWh, a 3.7% decrease compared to the same period in 2024 [1] - The quarterly breakdown of power generation changes includes: - Chinese wind power projects decreased by 1.1% - Chinese solar power projects increased by 8.2% - Chinese combined heat and power and gas projects decreased by 22.1% - Chinese hydropower projects increased by 0.9% - South Korean projects decreased by 11.0% [1]

文 | 中关村储能产业技术联盟 公告原文如下： 中广核新能源公安铁基液流储能项目储能区EPC 招标公告 招标项目所在地区：湖北省,荆州市,公安县 一、招标条件 本项目 中广核新能源公安铁基液流储能项目储能区EPC，已通过审批，项目资金企业自筹，招 标人为中广核新能源公安县有限公司。本项目已具备招标条件，现进行公开招标。 二、项目概况、招标范围和计划工期 项目行业分类：能源电力 项目规模：中广核公安县50MW/100MWh铁基液流电池储能电站示范项目位于湖北省荆州市公安 县杨家厂镇境内，由中广核新能源公安县有限公司投资和开发建设。项目拟建设铁基液流储能电 站，总容量规划建设200MW/800MWh，本期建设容量为50MW/100MWh。电站位于湖北省荆州 市公安县杨家厂镇境内，场区距离杨家厂镇约5.0km，距离荆州市区约35km，项目站址周边交通 运输条件较便利。 招标内容与范围：中广核公安县50MW/100MWh铁基液流电池储能电站示范项目储能EPC。 4月3日，中广核公安县50MW/100MWh铁基液流电池储能电站示范项目储能EPC招标公布，项目 拟 建 设 铁 基 液 流 储 能 电 站 ， 总 容 量 ...

Core Viewpoint - China General Nuclear Power Corporation's (CGN) renewable energy subsidiary, CGN New Energy (01811.HK), reported a decline in net profit for the first time in seven years, primarily due to increased impairment losses and scrapping costs [2][3]. Financial Performance - For the fiscal year 2024, CGN New Energy's total revenue was $1.951 billion (approximately 14.16 billion RMB), a year-on-year decrease of 11.02% [2]. - The net profit attributable to equity shareholders was $248 million (approximately 1.8 billion RMB), down 7.35% year-on-year [2]. - The company experienced impairment losses and scrapping costs of $45.6 million (approximately 331 million RMB) in 2024, compared to $7.7 million (approximately 55.95 million RMB) in 2023 [4]. Operational Capacity - As of the end of 2024, CGN New Energy's installed capacity reached 10.4524 million kW, an increase of 8.6% year-on-year, with wind power capacity at 4.4364 million kW and solar power capacity at 2.545 million kW [4]. - The company’s revenue from its South Korean gas projects decreased by 21% year-on-year to approximately $910 million due to falling average electricity prices and reduced generation [4]. Market Dynamics - The average utilization hours for CGN's wind power projects in China decreased by approximately 3.1% due to increased power restrictions, while solar projects saw a decline of 16.8% despite a 44.7% increase in installed capacity [5]. - The weighted average electricity price for wind projects in China remained stable at 0.57 RMB/kWh, while the solar projects' price dropped significantly by 12.5% to 0.56 RMB/kWh due to competitive bidding pressures [5]. Strategic Positioning - CGN New Energy's operational assets represent only 12.3% of CGN Group's total renewable energy assets, highlighting competitive challenges within the sector [6]. - The company has maintained a high debt ratio, reported at 79.8% in 2024, which is significantly higher than other state-owned renewable energy companies [7]. Dividend Policy - Despite the performance challenges, CGN New Energy announced a dividend payout ratio of 25%, with a proposed final dividend of $0.01445 (approximately 0.1049 RMB) per share [8].

Financial Performance - For the year ended December 31, 2024, revenue was $1,951.3 million, a decrease of 11.0% compared to $2,193.0 million for the year ended December 31, 2023[3]. - Profit attributable to equity shareholders for the year ended December 31, 2024, was $248.0 million, down 7.3% from $267.7 million for the year ended December 31, 2023[3]. - The decline in profit was primarily due to increased impairment losses and write-off losses related to property, plant, and equipment[3]. - Excluding one-off adjustments, profit attributable to equity shareholders would have increased by 4.5% year-on-year[3]. - Earnings per share for the year ended December 31, 2024, was 5.78 cents, down 7.3% from 6.24 cents for the year ended December 31, 2023[3]. - The company reported a total comprehensive income of $143.98 million for the year ended December 31, 2024, compared to $228.51 million in 2023[7]. - Operating profit for 2024 was $528.3 million, down 4.4% from $552.5 million in 2023[26]. - Revenue from China wind power projects was $687.0 million, a decrease of 2.2% from $702.4 million in the previous year, primarily due to reduced electricity generation[23]. - Revenue from South Korea was $909.8 million, down 21.0% from $1,151.0 million, mainly due to a drop in average electricity prices and reduced generation[23]. Operating Expenses and Liabilities - Total operating expenses for the year ended December 31, 2024, were $1,423.0 million, down from $1,640.5 million in 2023, reflecting a decrease of 13.3%[5]. - Current liabilities rose to $2,431.69 million as of December 31, 2024, compared to $2,002.63 million in 2023, indicating an increase of 21.4%[9]. - Total liabilities increased to $6,958.2 million in 2024 from $6,661.6 million in 2023[14]. Assets and Equity - Non-current assets increased to $6,922.68 million as of December 31, 2024, from $6,582.17 million in 2023[8]. - The group's total assets as of December 31, 2024, were $8,717.7 million, an increase from $8,350.1 million in 2023[14]. - The net debt-to-equity ratio increased from 3.30 on December 31, 2023, to 3.49 on December 31, 2024, mainly due to an increase in bank borrowings[34]. Cash Flow and Financial Management - Cash and cash equivalents decreased from $287.5 million on December 31, 2023, to $158.4 million on December 31, 2024, primarily due to increased cash used in investment activities[33]. - Financial expenses decreased to $181.2 million in 2024, down by $31.6 million or 14.8% from $212.8 million in the previous year, mainly due to a reduction in the weighted average interest rate on bank borrowings[29]. - The share of profits from associates increased to $4.3 million in 2024, up from $3.0 million in the previous year, attributed to a decline in market coal prices[31]. Dividends and Shareholder Returns - The board proposed a final dividend of 1.445 cents per share, totaling approximately $62.0 million, which represents 25% of the profit attributable to equity shareholders for the fiscal year 2024[3]. - The board proposed a final dividend of USD 0.01445 per share, equivalent to HKD 0.1127 per share, subject to shareholder approval[167]. Regulatory and Market Environment - The company faces regulatory risks in its power projects in China and South Korea, which may impact operations, pricing, and compliance with environmental regulations[133]. - The company is exposed to fuel cost risks due to reliance on coal, oil, and natural gas, which significantly affect operating expenses and profitability[135]. - The company manages interest rate risks associated with floating-rate debt, regularly reviewing the ratio of floating to fixed-rate debt to mitigate potential impacts on profitability and cash flow[136]. Corporate Governance and Social Responsibility - The company has complied with all applicable corporate governance code provisions during the fiscal year ending December 31, 2024[163]. - The company engaged in various social responsibility initiatives, including emergency rescue points and environmental protection activities, demonstrating its commitment to corporate social responsibility[124]. - The company donated to the education bureau in Henan County to reward students with excellent results in the 2024 college entrance examination, aiming to inspire more students to pursue excellence[126]. Future Outlook and Strategic Initiatives - The company is focusing on the development of floating offshore wind power projects, which are anticipated to scale up during the 14th Five-Year Plan period[86]. - The company is exploring new strategies in energy storage, including long-duration storage and grid-connected storage development[91]. - The group plans to maintain stable growth in new installed capacity in 2025, focusing on high-quality development principles[103]. - The company is committed to fostering innovation and enhancing its core competitiveness through independent innovation and addressing key technological challenges[144].