Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - In October 2024, the company's total electricity sales volume reached 9,750,483 MWh, representing a year-on-year increase of 20.59%. For the first ten months of 2024, the total sales volume was 108,220,668 MWh, up 30.56% compared to the same period last year [2][3]. - The performance of different power generation types in October 2024 showed significant growth in wind and coal power, with wind power increasing by 39.89% and coal power by 30.42%. In contrast, hydropower experienced a seasonal decline of 25.15% [3]. - The overall electricity sales data indicates strong performance, with wind, coal, and natural gas generation all achieving high growth rates. The growth in wind power is attributed to improved wind resources and the acquisition of assets from the parent company, as well as the increase in self-built wind and solar capacity [3]. Summary by Category Electricity Sales Volume - Total electricity sales volume for October 2024 was 9,750,483 MWh, a 20.59% increase year-on-year. The first ten months of 2024 saw a total of 108,220,668 MWh, up 30.56% from the previous year [2]. - Breakdown by generation type for October 2024: - Hydropower: 825,616 MWh, down 25.15% year-on-year - Wind power: 2,292,301 MWh, up 39.89% year-on-year - Photovoltaic: 1,824,368 MWh, up 12.83% year-on-year - Coal power: 4,467,964 MWh, up 30.42% year-on-year - Natural gas: 203,777 MWh, up 28.10% year-on-year [2]. Future Outlook - The company is expected to maintain stable growth in performance and dividends in the medium to long term. The restructuring of hydropower assets is anticipated to enhance overall valuation, making it a key area of focus [3].

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - In October 2024, the company's total electricity sales volume reached 9,750,483 MWh, representing a year-on-year increase of 20.59%. For the first ten months of 2024, the total sales volume was 108,220,668 MWh, up 30.56% compared to the same period last year [2][3]. - The performance of different power generation types in October 2024 showed significant growth in wind and coal power, with wind power increasing by 39.89% and coal power by 30.42%. However, hydropower experienced a seasonal decline of 25.15% [2][3]. - The overall electricity sales data indicates strong performance, with wind, coal, and natural gas generation all achieving high growth rates. The growth in wind power is attributed to improved wind resources and the acquisition of assets from the parent company, as well as the increase in self-built wind and solar capacity [3]. Summary by Category Electricity Sales Volume - Total electricity sales volume for October 2024 was 9,750,483 MWh, a 20.59% increase from October 2023. The first ten months of 2024 saw a total of 108,220,668 MWh, up 30.56% year-on-year [2]. - Breakdown of sales volume by generation type for October 2024: - Hydropower: 825,616 MWh, down 25.15% year-on-year - Wind power: 2,292,301 MWh, up 39.89% - Photovoltaic: 1,824,368 MWh, up 12.83% - Coal power: 4,467,964 MWh, up 30.42% - Natural gas: 203,777 MWh, up 28.10% [2]. Performance Comparison - The company demonstrated superior performance compared to peers in terms of electricity sales growth, highlighting the stability provided by its diversified power generation portfolio [3]. - The impact of anticipated declines in long-term electricity prices in Guangdong is minimal, as the company's capacity in that region accounts for only 10% of its total installed capacity [3]. Future Outlook - The report maintains a positive long-term outlook for the company's performance and dividend stability, with expectations for overall valuation improvement following the restructuring of hydropower assets [3].

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。 本集團於二零二四年十月及截至二零二四年十月三十一日止十個月的總售電量，按發電 廠類型列示如下： | 全資擁有或控股 的發電廠 | 2024 年 | 2023 年 | 售電量（兆瓦時） 同比變化 | 2024 年 | 2023 年 | 同比變化 | | --- | --- | --- | --- | --- | --- | --- | | | 10 月 | 10 月 | 首十個月 | | | | | 水力發電 | 825,616 | 1,103,027 | -25.15% | 16,803,774 | 10,333,290 | 62.62% | | 風力發電 | 2,292,301 | 1,638,679 | 39.89% | 21,147,054 | 13,464,838 | 57.05% | | 光伏發電 | 1,824,368 | 1,616,923 | 12.83% | 20,110,273 | ...

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） 董事名單及其角色與職能 中國電力國際發展有限公司董事局（「董事局」）成員載列如下。 董事局主席兼執行董事 賀徙 李方 邱家賜 許漢忠 董事局已成立五個委員會，董事在各委員會擔任的職位如下。 | | 委員會 | 審核 | 薪酬及提名 | 風險管理 | 戰略與 可持續發展 | 執行 | | --- | --- | --- | --- | --- | --- | --- | | 董事 | | 委員會 | 委員會 | 委員會 | 委員會 | 委員會* | | 賀徙 | | | | C | C | C | | 高平 | | | | M | M | M | | 胡建東 | | | | | | | | 周杰 | | | | | M | | | 黃青華 | | | | | | | | 陳鵬君 | | | | | | | | 李方 | | M | C | M | M | | | 邱家賜 | | C | M | M | M | | | ...

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） 委任非執行董事 董事局欣然宣佈，胡建東先生及陳鵬君先生已獲委任為本公司非執行董事， 自二零二四年十一月十八日起生效。 二零二四年是中國電力國際發展有限公司（「本公司」）在香港聯合交易所 有限公司（「香港聯交所」）主板上市二十周年。在過去二十年間，本公司 經歷了快速增長及重大擴展，已從一家傳統的燃煤發電商轉型為業務架構更 複雜、專注於各種清潔能源供應及提供綜合能源相關服務的公司，業務遍及 中國內地多個省市。本公司董事局（「董事局」）已決議增加董事局人數， 以吸納更多專家，滿足組織架構的需求、應對電力行業的廣泛變化及未來挑 戰。 非執行董事的委任 胡建東先生（「胡先生」） 胡先生，61 歲，為正高級工程師，擁有華 ...

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） 根據上市規則第 14A.35 條進行的披露 應 收 賬 款轉讓協議的條款變更 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。 1 除本公告所披露者外，根據補充協議，應收賬款轉讓協議的所有其他主要條 款及條件將維持不變。 為免存疑，根據補充協議，項目公司概無任何新的應收賬款轉讓。訂立補充 協議的目的僅為允許項目公司繼續參與資產支持票據交易。倘若項目公司有 任何新的應收賬款轉讓予國家電投或進一步修訂應收賬款轉讓協議，本公司 將適時遵守上市規則項下的規定。 資產支持票據交易為本集團提供傳統銀行融資方式以外的另一種融資方式， 使本集團得以維持多元化的籌資渠道。董事認為，補充協議項下應付的安排 服務費及其條款均不遜於獨立第三方提供予本集團的收費及條款。 董事（包括獨 ...

Core Viewpoint - Recently, China Electric (Jingmen) Energy Co., Ltd. was established, indicating a strategic move into renewable energy and electric vehicle infrastructure by China Electric [1] Company Summary - The company is fully owned by China Electric, showcasing its commitment to expanding its portfolio in the energy sector [1] - The registered capital of the new company is 136 million yuan, reflecting a significant investment in renewable energy technologies [1] Industry Summary - The operational scope includes solar power generation technology services, wind power generation technology services, and electric vehicle charging infrastructure operations, highlighting a focus on sustainable energy solutions [1] - The company also engages in the sales of hydrogen production and storage facilities, indicating a diversification into hydrogen energy, which is gaining traction in the energy market [1]

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。 本公告乃中國電力國際發展有限公司（「本公司」，並連同其附屬公司，統 稱「本集團」）根據香港聯合交易所有限公司證券上市規則第13.09條及香 港法例第571章《證券及期貨條例》第 XIVA 部內幕消息條文而作出。 茲提述本公司日期為二零二四年九月四日之公告，內容有關五凌電力有限 公司（「五凌電力」，為本公司擁有63%權益的附屬公司）在中華人民共和 國（「中國」）境內發行金額為人民幣4億元的資產擔保債務融資工具（科創 票據）。 根據中國有關法例法規，於資產擔保債務融資工具存續期間，五凌電力須 披露其本年第三季度的財務報表。上述報表已在中國貨幣網和上海清算所 網站披露，網址分別為www.chinamoney.com.cn及www.shclearing.com.cn。 以下提供的財務資料僅基於五凌電力依據中國當前會計準則編製的初步管 理賬目，並未經五凌電力及本公司的核數師確認或審閱。下表載列為五凌 電力的主要未 ...

Investment Rating - The report maintains a "Buy" rating for China Power (2380.HK) with a target price of HKD 4.50, representing a potential upside of 23% from the current price of HKD 3.65 [1][7]. Core Insights - The restructuring of hydropower assets back to A-shares positions Yuanda Environmental Protection as the direct integration platform for State Power Investment Corporation's hydropower assets, enhancing China Power's role as a comprehensive clean energy flagship [5][9]. - The integration of hydropower assets is expected to elevate the overall valuation of both State Power Investment Corporation and China Power, leveraging the high valuation of hydropower assets in the A-share market [6][10]. - The report outlines projected revenue growth, with expected revenues of RMB 51.67 billion in 2024, reflecting a year-on-year increase of 16.7% [8][14]. Summary by Sections Investment Rating - Target Price: HKD 4.50 - Current Price: HKD 3.65 - Expected Increase: 23% [1] Key Financial Data - Total Shares: 12.4 billion - Total Market Capitalization: HKD 45.2 billion - Net Assets: RMB 100,271 million - Total Assets: RMB 325,581 million - 52-week High/Low: HKD 4.51 / HKD 2.58 - Earnings per Share (EPS) for 2024E: RMB 0.22 [2][8] Major Shareholders - China Power International Co., Ltd. (22.91%) - China Power Development Co., Ltd. (21.52%) - China Power (Renewable Energy) Holdings Co., Ltd. (14.85%) [3] Financial Projections - Revenue for 2024E: RMB 51,673 million, with a year-on-year growth of 16.7% - Net Profit for 2024E: RMB 4,944 million, with a year-on-year growth of 85.9% - Projected PE ratios: 10x for 2024 and 8x for 2025 [8][14]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [3][6]. Core Insights - The company is initiating a significant asset restructuring, aiming to enhance its position as a clean energy leader by acquiring shares in Yuanda Environmental through its hydroelectric assets [3]. - The restructuring aligns with national policies promoting state-owned enterprise reforms and capital market improvements, capitalizing on a favorable regulatory environment [3]. - Following the restructuring, the company will establish a red-chip structure, with Yuanda Environmental serving as the platform for integrating hydroelectric assets, while the company will operate as a comprehensive clean energy platform [3][4]. - The company’s valuation is currently at a low price-to-book (PB) ratio of 0.76, suggesting potential undervaluation in the market, especially in light of recent capital increases from institutional investors [4][3]. - The earnings forecast for the company remains strong, with projected net profits of 48.1 billion, 56.6 billion, and 64.1 billion RMB for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 10, 8, and 7 [4]. Summary by Sections Company Overview - The company is part of the State Power Investment Corporation and is focused on integrating its coal, hydro, and renewable energy assets to create a leading clean energy platform [3][4]. Financial Data - As of September 30, 2024, the company's closing price is HKD 3.71, with a market capitalization of HKD 459 billion and a PB ratio of 0.76 [2]. - The total assets amount to 325,581 million RMB, with net assets of 100,271 million RMB, translating to a net asset value per share of 4.46 RMB [2]. Earnings Forecast - The company’s total revenue is projected to grow from 44,262 million RMB in 2023 to 58,543 million RMB by 2026, with a compound annual growth rate (CAGR) of approximately 7.2% [5]. - The net profit is expected to increase significantly, with a forecasted growth rate of 80.8% in 2024 compared to 2023 [5].