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，概不就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 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 關連交易 儲能系統設備採購合同 於二零二 五 年 五 月 三 十 日 ， 新源智儲 （本公司 一家非全資擁有的附屬公 司），作為供應方，與海西能源訂立了一份 BESS 採購合同，據此新源智儲 將 為 托素項目 提供儲能系統 設備和組件以 及其相關服務， 代 價 人民幣 89,200,000 元（約相等於 96,957,000 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 65 .2 4%。由於國家電投 為本公司的最終控股股東，根據上市規則定義，國家電投、其附屬公司及 聯繫人均為本公司的關連人士。 海西能源為國家電投的間接附屬公司。因此，海西能源為本公司的關連人 士，而訂立 BESS 採購合同根據上市 ...

Investment Rating - The report maintains a "Buy" rating for China Power (02380) and raises the target price by 7.4% from HKD 3.51 to HKD 3.77 [1] Core Insights - The report indicates an increase in the earnings forecast for 2025 and 2026 by 1% and 1.4% respectively, highlighting an attractive dividend yield of 6% and 7% for these years [1] - Total power generation from January to April showed a slight year-on-year increase of 0.3%, with wind and solar power generation rising significantly by 32.1% and 13.6% respectively [1] - The report notes a decline of over 7% in domestic coal prices (both at ports and inland) compared to the end of March this year, suggesting that the company's thermal power price differential for the first half of the year may exceed the analyst's expectations by approximately 2% [1]

Group 1 - The core viewpoint of the article is a comprehensive analysis of the Chinese power industry, including its entire value chain, regional distribution, and representative companies' business layouts [1][4][6] - The power industry value chain consists of three main segments: upstream (generation), midstream (transmission and distribution), and downstream (end-users) [1][3] - Key players in the upstream generation segment include companies like China XD Group, XJ Electric, and Dongfang Cable, while major midstream players include Huaneng International, State Power Investment, and China Datang [3] Group 2 - The regional distribution of the power industry shows that provinces like Guangdong, Beijing, and Jiangsu have a high concentration of listed power companies, indicating a robust industry presence [4] - Huaneng International leads in several key performance indicators for 2024, including operating revenue of 245.55 billion, power business revenue of 237.55 billion, generation volume of 479.86 billion kWh, and total installed capacity of 145,125 MW [6][8] - Other notable companies include Datang Power with 123.47 billion in revenue and 28.52 million kWh in generation, and Huadian International with 112.99 billion in revenue and 22.26 million kWh in generation [8] Group 3 - Future investment trends indicate a shift towards renewable energy, with companies like Huaneng International planning to invest over 50 billion in renewable projects by 2025 [9] - Datang Power is set to invest approximately 5.969 billion in a coal power project, while Huadian International is undergoing a major asset restructuring to enhance its market share [9] - State Power Investment plans to invest around 19.2 billion in hydropower and photovoltaic projects, reflecting a broader industry trend towards integrating renewable energy sources [9]

Core Viewpoint - The company reported a slight year-on-year increase in total power generation of 0.3% for the first four months of the year, with significant growth in wind and solar power generation, while thermal power generation declined due to asset sales [1][2] Group 1: Power Generation Performance - Total power generation for the company in January to April remained stable, with a year-on-year increase of 0.3% [1] - Wind and solar power generation saw substantial increases of 32.1% and 13.6% respectively [1] - Thermal power generation decreased by 14.2% due to the sale of equity at the end of last year [1] - Hydropower generation experienced a significant drop in April, with a year-on-year decline of 53.3% and a month-on-month decline of 26.5% due to fluctuations in water inflow [1] Group 2: Fuel Costs and Profitability - The price of thermal coal weakened in the second quarter, leading to an expected improvement in the price differential for thermal power generation in the first half of the year [1] - The company anticipates a 2% higher price differential for thermal power generation than previously expected due to a more than 7% drop in domestic thermal coal prices since the end of March [1] - The fuel cost forecast for the thermal power segment has been reduced by 1% to RMB 0.249 per kilowatt-hour, reflecting an approximate 8% year-on-year decrease [1] Group 3: Financial Adjustments and Valuation - The company has adjusted its 2025 water power utilization hours down by about 1% to reflect weaker generation in April [2] - Following adjustments to the financial model, the profit forecasts for 2025 and 2026 have been increased by 1.0% and 1.4% respectively [2] - The valuation standard for the water power segment has been raised to 1.9 times the 2025 book value, up from 1.5 times, based on the asset injection valuation [2] - The target price for the company has been revised upward to HKD 3.77 from HKD 3.51 based on a segmented valuation approach [2] Group 4: Shareholder Confidence and Dividends - The parent company has increased its stake in the company, indicating confidence in its development, with a total increase of 1% over the past 12 months [2] - The current dividend yield of 6% for 2025 and 7% for 2026 remains attractive to investors despite market fluctuations [2] - The company maintains a "buy" rating based on these factors [2]

Group 1 - The company's total electricity sales volume for the first four months of 2025 increased by 0.33% year-on-year, with hydroelectric power decreasing by 17.1%, wind power increasing by 32.13%, photovoltaic power increasing by 13.57%, and coal-fired power decreasing by 14.22% [1] - In April, the consolidated total electricity sales volume decreased by 5.94% year-on-year, with hydroelectric power decreasing by 53.33%, wind power increasing by 37.48%, photovoltaic power increasing by 9.96%, and coal-fired power decreasing by 13.54% [1] - The integration of hydroelectric assets is progressing smoothly, with China Power expected to hold a 55.13% stake in Yuanda Environmental Protection after the transaction, ensuring long-term control over the company [1] Group 2 - The company has a commitment to a dividend payout ratio of no less than 50%, with a projected dynamic dividend yield of approximately 6% for 2025 [2] - The company aims to increase the dividend payout ratio of Yuanda Environmental Protection to no less than 50% [2] - A target price of HKD 3.9 per share has been set, corresponding to a 10x PE and 0.9x PB for 2025, indicating a potential upside of 22% from the current price [2]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 3.9 per share, indicating a potential upside of 22% from the current price of HKD 3.2 [5][10]. Core Insights - The company's total electricity sales volume for the first four months of 2025 increased by 0.33% year-on-year, with significant growth in wind and solar power generation, while hydropower saw a decline due to seasonal factors [7][8]. - The integration of hydropower assets is progressing smoothly, with the company expected to hold a 55.13% stake in Yuanda Environmental Protection post-restructuring, enhancing asset value and ensuring long-term control [3][8]. - The company has committed to a dividend payout ratio of no less than 50%, with a projected dynamic dividend yield of approximately 6% for 2025, reflecting a strong focus on shareholder returns [4][9]. Summary by Sections Financial Performance - For FY2023, the company reported revenues of RMB 44,262 million, with projections of RMB 54,213 million for FY2024 and RMB 55,346 million for FY2025, indicating a growth rate of 1.3% in FY2023 and 22.5% in FY2024 [6][16]. - The net profit attributable to shareholders is expected to grow from RMB 2,660 million in FY2023 to RMB 4,338 million in FY2025, reflecting a compound annual growth rate of 28.9% [6][16]. - The basic earnings per share are projected to increase from RMB 0.22 in FY2023 to RMB 0.35 in FY2025, with a corresponding decrease in the price-to-earnings ratio from 13.6 to 8.4 [6][16]. Asset Management - The restructuring plan includes a significant increase in the company's stake in hydropower assets, with the National Power Investment Corporation planning to complete the integration of additional hydropower assets within three years [3][8]. - The transaction's price-to-book ratio is estimated at 1.87, with a projected price-to-earnings ratio of approximately 20 for 2024, indicating favorable valuation metrics [3][8]. Dividend Policy - The company has a history of generous dividend payouts, achieving a payout ratio of 60% in 2024 and committing to maintain a minimum payout ratio of 50% in the future [4][9]. - The recent increase in shareholding by major stakeholders further underscores the long-term investment value of the company [4][9].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 3.9 per share, indicating a potential upside of 22% from the current price of HKD 3.2 [5][10]. Core Insights - The company's total electricity sales volume for the first four months of 2025 increased by 0.33% year-on-year, with significant growth in wind and solar power generation, while hydropower saw a decline due to seasonal factors [7][8]. - The integration of hydropower assets is progressing smoothly, with the company expected to hold a 55.13% stake in Yuanda Environmental Protection post-restructuring, enhancing asset value and ensuring long-term control [3][8]. - The company has committed to a dividend payout ratio of no less than 50%, with a projected dynamic dividend yield of approximately 6% for 2025, reflecting a strong focus on shareholder returns [4][9]. Summary by Sections Financial Performance - For FY2023, the company reported revenues of RMB 44,262 million, with projections of RMB 54,213 million for FY2024 and RMB 55,346 million for FY2025, indicating a growth rate of 1.3% and 22.5% respectively [6][16]. - The net profit attributable to shareholders is expected to grow from RMB 2,660 million in FY2023 to RMB 4,338 million in FY2025, reflecting a compound annual growth rate of 28.9% [6][16]. Asset Management - The restructuring plan includes a significant increase in the company's stake in hydropower assets, with the National Power Investment Corporation planning to complete further asset integrations within three years [3][8]. - The estimated price-to-book (PB) ratio for the hydropower and new energy assets is 1.87, with a projected price-to-earnings (PE) ratio of approximately 20 for 2024 [3][8]. Dividend Policy - The company has a historical commitment to shareholder returns, achieving a dividend payout ratio of 60% in 2024 and aiming for a minimum of 50% in the future [4][9]. - The recent increase in shareholding by major stakeholders indicates confidence in the company's long-term investment value [4][9].

Group 1 - The report provides a comprehensive overview of the global power load management system market, including sales forecasts and market share analysis from 2020 to 2031 [2][3][4] - Different product types within the power load management system are analyzed, including demand-side management systems, peak load management systems, and automatic load management systems [2][3] - The report includes sales revenue comparisons for various product types in the global market for the years 2020, 2024, and 2031, highlighting growth trends [2][3][4] Group 2 - The application analysis section categorizes the power load management systems into industrial facilities, commercial buildings, residential buildings, and public infrastructure [3][4] - Sales revenue and market share predictions for different applications of power load management systems in China are also provided for the years 2020 to 2031 [3][4] - The report outlines the market size and sales forecasts for major regions, including North America, Europe, China, Japan, Southeast Asia, and India from 2020 to 2031 [3][4] Group 3 - The competitive landscape of the power load management system market is detailed, including market share and sales revenue of major global companies [4][5] - The report identifies the top companies in the power load management system industry and analyzes their market positions and competitive dynamics [4][5] - A SWOT analysis of leading companies in the power load management system market is included, providing insights into their strengths, weaknesses, opportunities, and threats [4][5][6]

Core Viewpoint - The Huadian (Indonesia) Boya project has been awarded the "Excellent Engineering Design First Prize" by the China Electric Power Planning and Design Association for 2024, marking it as the only overseas power project to receive this honor [1] Group 1: Project Overview - The Huadian (Indonesia) Boya project is located in Muratara County, South Sumatra, Indonesia, with a total installed capacity of 1.32 million kilowatts, making it the largest power project invested by China Huadian in Indonesia [2] - It is recognized as a national strategic project in Indonesia and the largest and most advanced power generation enterprise in the Sumatra power grid [2] Group 2: Design and Innovation - The project emphasizes safety, efficiency, environmental protection, and smart plant design, adhering to national and industry standards while integrating research and engineering design [2] - It has achieved 14 key technological breakthroughs, 16 systematic design optimizations, and 57 refined process innovations, setting 12 records as "firsts in Indonesia" [2] - The project has established a comprehensive technological innovation system through the application of 54 proprietary patents, 82 specialized studies, and 18 exclusive software copyrights [2] Group 3: Recognition and Awards - The innovative achievements of the project have received national recognition in Indonesia, including two technological awards from the National Science and Technology Progress Award [2] - The project has also won four significant honors from the Indonesian National Electricity Company, including the Unit Stable Operation Award and Outstanding Contribution Award [2] - The company has maintained over 600 days of "zero non-stop" safety production, leading the industry and receiving the National Safety Production Zero Accident Outstanding Contribution Award [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 3.77, indicating a potential upside of 18.2% from the current price of HKD 3.19 [2][12]. Core Views - The report highlights that the company's coal-fired power price differential is expected to outperform expectations in the first half of the year, and the current dividend yield remains attractive. The target price has been raised due to adjustments in financial forecasts and valuation methods [2][6]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 44,262 million - 2024: RMB 54,213 million (22.5% YoY growth) - 2025E: RMB 55,711 million (2.8% YoY growth) - 2026E: RMB 59,410 million (6.6% YoY growth) - 2027E: RMB 65,201 million (9.7% YoY growth) [5][13] - Net profit estimates are: - 2023: RMB 3,084 million - 2024: RMB 3,862 million (25.3% YoY growth) - 2025E: RMB 4,767 million (23.4% YoY growth) - 2026E: RMB 5,670 million (18.9% YoY growth) - 2027E: RMB 7,395 million (30.4% YoY growth) [5][13]. Operational Performance - The company's total power generation for January to April remained stable, with a slight increase of 0.3% YoY. Wind and solar power generation saw significant increases of 32.1% and 13.6% respectively, while coal power generation decreased by 14.2% due to asset sales [6][7]. - The report notes that the company plans to prioritize wind power projects with good grid connection resources before June, which is expected to support stable growth in overall power generation [6]. Valuation Adjustments - The report adjusts the valuation of the company's hydropower assets to 1.9 times the 2025 estimated book value, up from 1.5 times, leading to an increase in the target price to HKD 3.77 from HKD 3.51 [6][9]. - The report also notes a decrease in fuel costs for the coal-fired segment, which is expected to support profit forecasts [6]. Shareholder Confidence - The parent company has increased its stake in the company, indicating confidence in its future performance. The current dividend yield of 6% for 2025 and 7% for 2026 is considered attractive for investors [6][12].