港股公司报告 | 公司点评 中国电力（02380） 证券研究报告 2024年03月27日 投资评级 水电承压影响业绩，新能源板块高速增长 行业 公用事业/公用事业 6个月评级 买入（维持评级） 事件 当前价格 3.2港元 目标价格 港元 公司发布 2023 年业绩公告，全年实现营业收入 442.62 亿元，同比增长 1.31%；权益持有人应占利润30.84亿元，同比增长16.48%；普通股股东应 基本数据 占利润26.60亿元，同比增长7.23%。 港股总股本(百万股) 12,370.15 燃料成本下降，火电盈利显著修复 港股总市值(百万港元) 39,584.48 收入端：受22年底出售部分资产影响，公司2023全年完成售电量549.87 每股净资产(港元) 3.43 亿千瓦时，同比降低18.97%，但存量煤电发电水平有所提高，年利用小时 资产负债率(%) 68.93 数达到 5246 小时，同比上升 563 小时。成本端：在煤价下降和高长协比 一 年内最高/最低(港元) 3.54/2.64 例的双重作用下，公司燃料成本明显降低，全年平均单位燃料成本为285.51 元/MWh，同比降低12.46%。公司202 ...

2024 年 03 月 26 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 水 火电业绩修复 风光装机，共筑 年成长 & + 2024 证券分析师： 钟琪 S0350523080002 zhongq@ghzq.com.cn ——中国电力（ ） 年年报点评 02380 2023 最近一年走势 事件 : 2024年3月21日，中国电力发布2023年年报：2023年公司实现收入 442.6亿元，同比+1.3%，实现归母净利润26.6亿元，同比+7.2%。2023H2 公司实现收入229.4亿元，同比-1.9%，实现归母净利润9.8亿元，同比 -42.2%。（注：除特别标注外，本文单位均为人民币） 分红：2023年末公司股息为0.132元/股，分红比例61.4%。 投资要点 : 相对恒生指数表现 2024/03/25 表现 1M 3M 12M  火电扭亏为盈+新能源业绩大增拉动公司业绩改善，水电来水偏枯+ 中国电力 0.3% 15.8% 6.8% 非经常性收益减少影响2023H2业绩。2023年公司归母净利润同比 恒生指数 -1.5% 0.8% -17.3% +7.2%，主要是因为火电 ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨中国电力（ ） 2380.HK [火Ta电b修le_复T水itle电] 承压，绿电助力业绩增长 报告要点 [2T0a2b3le年_S，um得m益a于ry煤] 价显著回落，公司火电业务盈利显著修复，2023年公司火电分部实现净利 润13.15亿元，较22年亏损13.91亿元大幅扭亏，控股火电度电净利润达到0.019元/千瓦时。 水电受偏枯来水影响，2023年净利润为亏损8.26亿元，同比减少10.88亿元。新能源实现优 异表现，风电分部净利润达到31.16亿元，同比增幅达82.50%；光伏分部净利润达到15.04亿 ...

Investment Rating - The report maintains a "Buy" rating for the company, China Power (2380 HK), with a target price of HKD 3.90, indicating a potential upside of 20.4% from the current price of HKD 3.24 [1][2][16]. Core Insights - The company's 2023 profit was below expectations, with a net profit of RMB 2.66 billion, a 7% year-on-year increase, but lower than market expectations by 31% and the report's expectations by 22%. This was primarily due to higher operational costs, including significant losses in the hydropower segment and increased labor costs [1][2]. - Despite the lower-than-expected profit, the company increased its dividend per share to RMB 0.132, a 20% increase year-on-year, with a payout ratio rising from 55% in 2022 to 61% in 2023 [1][2]. - The company plans to slow down its self-built projects slightly, with expected new installations of 7 GW in 2024, down from 13 GW in 2023, while maintaining a capital expenditure below RMB 30 billion [1][2]. - The management anticipates significant profit release from the wind and solar segments in 2024, with expected operating profit growth of 61% year-on-year, while the hydropower segment is expected to recover from losses [1][2]. - The report adjusts the earnings forecast for 2024 and 2025 downwards by 41% and 36%, respectively, but still expects net profit growth of 70% and 44% for those years [1][2]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported revenues of RMB 44.26 billion, a slight increase of 1.3% year-on-year, with a projected revenue of RMB 51.54 billion for 2024, reflecting a growth of 16.5% [2][17]. - The net profit for 2024 is estimated to be RMB 4.94 billion, with earnings per share expected to rise to RMB 0.36, marking a significant increase of 69.6% compared to 2023 [2][17]. - The company’s market capitalization is approximately HKD 40.08 billion, with an average daily trading volume of 47.13 million shares [4][17]. Operational Insights - The company has significantly increased its renewable energy capacity, with wind power installations rising by 67.1% and solar power installations increasing by 110.2% in 2023 [6][7]. - The management aims to achieve a target of 90% clean energy capacity by the end of 2025, indicating a strategic focus on renewable energy [1][2].

Financial Performance - For the year ending December 31, 2023, the total revenue was RMB 44,261,767, an increase of 1.31% compared to RMB 43,689,129 in 2022[2]. - Annual profit reached RMB 4,533,955, representing a significant increase of 68.84% from RMB 2,685,338 in the previous year[2]. - The profit attributable to equity holders of the company was RMB 3,084,469, up by 16.48% from RMB 2,648,051 in 2022[2]. - The operating profit for the year was RMB 8,715,187, compared to RMB 7,604,262 in 2022[4]. - The total comprehensive income for the year was RMB 4,121,211, significantly higher than RMB 1,916,634 in the previous year[6]. - The company reported a net income of RMB 2,319,566,000 for the year 2023, compared to RMB 747,050,000 in 2022, reflecting a significant growth[31]. - The operating profit for 2023 was RMB 2,660,322,000, an increase from RMB 2,480,840,000 in 2022, reflecting a growth of approximately 7.3%[39]. - The company’s net profit was RMB 4,533,955,000, an increase of RMB 1,848,617,000 or 68.84% compared to the previous year[97]. Revenue Breakdown - Revenue from electricity sales to regional and provincial power companies was 41,637,383 thousand RMB, compared to 42,582,596 thousand RMB last year, indicating a decline of about 2.2%[19]. - Energy storage revenue amounted to 2,548,183 thousand RMB, significantly up from 896,260 thousand RMB, reflecting an increase of approximately 184.5%[19]. - The company’s total operating income from various energy sources includes 23,923,362 thousand RMB from thermal power, 3,052,804 thousand RMB from hydropower, and 8,715,553 thousand RMB from wind power[24]. - The company’s income from energy storage increased by RMB 1,651,923,000, driven by rapid market growth[98]. Assets and Liabilities - Total assets increased to RMB 305.81 billion in 2023, up from RMB 211.40 billion in 2022, representing a growth of 44.5%[7]. - Total liabilities amounted to RMB 210.79 billion in 2023, compared to RMB 142.81 billion in 2022, indicating a rise of 47.5%[9]. - The company’s equity attributable to ordinary shareholders was RMB 38.47 billion in 2023, slightly up from RMB 38.33 billion in 2022, showing a growth of 0.4%[7]. - The company reported a total of RMB 292,416,995 thousand in equity, reflecting strong performance across various segments[26]. - The company has a total debt of RMB 197,162,393 thousand, highlighting a substantial leverage position[26]. Cash Flow and Investments - Cash and cash equivalents rose to RMB 5.74 billion in 2023, compared to RMB 4.23 billion in 2022, marking an increase of 35.7%[10]. - Net cash generated from operating activities was RMB 9.90 billion in 2023, up from RMB 5.73 billion in 2022, reflecting a growth of 72.5%[10]. - The company reported a net cash outflow from investing activities of RMB 26.84 billion in 2023, compared to RMB 20.08 billion in 2022, indicating an increase in investment expenditures[10]. - The company issued perpetual bonds worth RMB 5,008,740 thousand in 2023, slightly down from RMB 5,608,720 thousand in 2022[11]. Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.132 per share, a 20.00% increase from RMB 0.11 in the previous year[2]. - The company paid dividends amounting to RMB 1,384,828 thousand in 2023, compared to RMB 556,576 thousand in 2022, which is an increase of 148.5%[11]. Operational Highlights - The total electricity generation for the year was 107,582,860 MWh, a decrease of 4.75% from 112,942,437 MWh in 2022[2]. - The clean energy segment's profit increased by approximately RMB 1.89 billion, driven by wind and solar power generation[2]. - The installed capacity of the clean energy segment reached 33,938.8 GW, accounting for about 75.4% of the total installed capacity[3]. - The company successfully turned around its thermal power segment, achieving a profit increase of approximately RMB 2.71 billion[2]. Market and Industry Trends - In 2023, the national electricity consumption increased by 6.7% year-on-year, with total electricity generation rising by 5.2%[65]. - The company aims to promote the development of "salt-solar," "fishing-solar," and "agriculture-solar" projects in Shandong Province, enhancing land value and contributing to rural revitalization[78]. - The group plans to accelerate the establishment of overseas marketing teams and actively expand marketing channels in the international energy storage market[96]. Research and Development - The company’s research and development expenses increased to RMB 306,351,000 in 2023 from RMB 228,469,000 in 2022, indicating a focus on innovation[33]. - The company is focusing on technological innovation and increasing R&D investment to enhance its position in the new energy market[69]. Corporate Governance - The audit committee, composed of three independent non-executive directors, reviewed the annual performance and consolidated financial statements for the year ending December 31, 2023[137]. - The company is committed to enhancing its corporate governance as a part of value creation, ensuring compliance with governance standards and maintaining transparency and accountability[139].

智通财经APP获悉，据高工产研储能研究所（GGII）统计，2023年中国电力储能系统（交流侧）出货量达73GWh，其中国内市场出货量达64GWh，同比超200%。 2023年国内源网侧储能市场呈现以下特点： 1）中标规模创历年新高。据GGII储能数据库统计，2023年1-12月源网侧储能系统及EPC累计中标88.01GWh，同比增长148.9%，其中11月中标规模创全年新高，达16.67GWh； 2）中标价格一路走低。投/中标价格不断走低，2小时储能系统中标均价由年初的1.5元/Wh降至年底0.85元/Wh，降幅约45%； 3）竞争激烈程度加剧。以2023年华电集团第一批磷酸铁锂电化学储能系统框架采购为例，标段一、二报价中参与企业分别超50家、40家，同时业主方对于集成企业的要求也越来越高，如电芯/3S生产制造能力、出货量规模及项目经验要求等； 4）西北地区构网型储能项目招标增多。构网型技术是高比例可再生能源电力系统稳定的关键，当前新疆、西藏及福建等地出台相关政策，实际项目招标/并网也以宁夏、青海、西藏等西北地区为主； 5）央国企密集布局储能产业。参与设立基金的央国企管理人既有五大六小、两网等下游业主，如神华 ...

Core Viewpoint - The approval of the Shaanxi-Nanjing ±800 kV UHVDC transmission project marks a significant advancement in Anhui's energy supply strategy, facilitating the import of electricity from over 1,000 kilometers away, which is crucial for meeting the growing energy demands in the region [1][2]. Group 1: Project Significance - The project is a key initiative under the national strategy for building a new energy system and is one of the major cross-regional transmission channels planned for the 14th Five-Year Plan [2][3]. - It will serve as Anhui's first high-capacity UHVDC transmission channel that fully utilizes renewable energy, with at least 50% of the transmitted electricity coming from renewable sources [3][4]. Group 2: Energy Demand and Supply Analysis - Despite having coal resources, Anhui faces limitations in coal production capacity and struggles with the coordination of external coal purchases, necessitating the import of electricity [1][2]. - The province's electricity consumption reached 321.4 billion kWh in 2023, with a year-on-year growth of 7.4%, indicating a strong upward trend in energy demand [1][4]. Group 3: Project Details - The project will connect Yan'an in Shaanxi to Lujiang in Hefei, with a transmission capacity of 8 million kW over a distance of approximately 1,070 kilometers, involving an investment of around 200 billion yuan [3][4]. - It is expected to enhance Anhui's power supply capacity by 6.2 to 8 million kW and deliver over 36 billion kWh of electricity annually, significantly reducing coal consumption by approximately 14 million tons [4][5]. Group 4: Regional Cooperation - The project exemplifies mutual benefits between Shaanxi and Anhui, leveraging Shaanxi's rich energy resources to meet Anhui's growing electricity needs while promoting ecological restoration in mining areas [4][5]. - This inter-provincial energy collaboration is positioned as a win-win scenario, supporting both economic development and the transition to green energy [4][5].

转自：中国电力新闻网 为深入贯彻落实党中央国务院关于深化政务公开、强化数字政府建设的决策部署，进一步提升政务服务管理水平，国家能源局有序推进政府网站集约化改革，目前已实现各派出机构互联网门户网站集约化管理。国家能源局东北监管局已按要求完成互联网门户网站的迁移工作。 为了确保新旧门户网站转换过程中数据的安全性、准确性和完整性，东北能源监管局多措并举：一是加强原网站数据校验和备份，严防数据丢失；二是认真落实新网站平台相关要求，包括对数据库类型、栏目代码ID表和导入数据库的软件版本等信息分析，确保新旧门户网站的数据和栏目完整统一；三是周密部署积极配合制定详细导入方案，严格校核协助搭建新网站。 新网站实现了国家能源局统一部署、集中运维、统一安全防护、统一提升服务和集约化管理，提升了网站的界面设计、内容管理的水平，更加高效惠民。下一步，东北能源监管局将继续按照国家能源局的统一部署，加强新门户网站的管理，不断提升政务服务水平，充分发挥其政策宣传、在线服务的窗口作用。（陈叶） 责任编辑：闫弘旭 海量资讯、精准解读，尽在新浪财经APP ...

智通财经APP获悉，2月20日，港股电力股早盘继续走高，截至发稿，中国电力(02380)、华润电力(00836)、华电国际(01071)涨超4％，华能国际(00902)、大唐发电(00991)拉升上涨。消息面上，2月7日，国家发改委、国家能源局印发了《关于建立健全电力辅助服务市场价格机制的通知》，明确按照“谁服务、谁获利，谁受益、谁承担”的总体原则，不断完善辅助服务价格形成机制，推动辅助服务费用规范有序传导分担，充分调动灵活调节资源主动参与系统调节积极性。 德邦证券指出，根据国家能源局，2023年上半年，全国电力辅助服务费用共278亿元（2019年同期为130亿元），占上网电费1.9%（2019年同期为1.5%）；从辅助服务品种看，调峰补偿费用占比达到六成，为167亿元；调频补偿为54亿元，占比19.4%；备用补偿为45亿元，占比16.2%；火电企业是提供辅助服务的主力，共获补偿254亿元，占比达91.4%，该行测算23H1火电度电辅助服务补偿达8.62元/Mwh。预计随着辅助服务细则的逐步落地，辅助服务规模有望进一步扩大，叠加容量电价政策，火电运营的稳定性将持续增长，价值有望重塑，相关运营主体和灵活性改造技 ...

转自：中国电力新闻网 国家统计局发布消息，据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2024年2月上旬与1月下旬相比，20种产品价格上涨，25种下降，5种持平。 附注 1.指标解释 流通领域重要生产资料市场价格，是指重要生产资料经营企业的批发和销售价格。与出厂价格不同，生产资料市场价格既包含出厂价格，也包含有经营企业的流通费用、利润和税费等。出厂价格与市场价格互相影响，存在时滞，两者的变动趋势在某一时间段内有可能会出现不完全一致的情况。 2.监测内容 流通领域重要生产资料市场价格监测内容包括9大类50种产品的价格。类别与产品规格说明详见附表。 3.监测范围 监测范围涵盖全国31个省（区、市）300多个交易市场的近2000家批发商、代理商、经销商等经营企业。 4.监测方法 价格监测方法包括信息员现场采价，电话、即时通讯工具和电子邮件询价等。 5.涨跌个数的统计 产品价格上涨、下降、持平个数按照涨跌幅（%）进行统计。 海量资讯、精准解读，尽在新浪财经APP ...