[Financial Summary and Performance Highlights](index=1&type=section&id=Financial%20Summary) [Financial Summary](index=1&type=section&id=Financial%20Summary) The Group reported RMB 26.47 billion in revenue and RMB 4.59 billion in profit for the period, with strong growth in power generation, electricity sales, and basic earnings per share Key Financial Indicators for H1 2024 | Indicator | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue (Thousand Yuan) | 26,471,527 | 21,317,030 | +24.18% | | Profit for the Period (Thousand Yuan) | 4,591,763 | 2,549,571 | +80.10% | | Profit Attributable to Equity Holders of the Group (Thousand Yuan) | 2,802,197 | 1,849,653 | +51.50% | | Basic Earnings Per Share (Yuan) | 0.21 | 0.14 | +50.00% | | Total Power Generation (MWh) | 66,842,047 | 50,442,852 | +32.51% | | Total Electricity Sales (MWh) | 64,344,154 | 48,259,373 | +33.33% | [Performance Highlights](index=1&type=section&id=Performance%20Highlights) Profit growth was driven by all segments, with clean energy, hydropower (turning profitable), and thermal power (due to lower coal costs) showing significant increases - Clean energy generation is a key driver of profit growth, with **wind power** and **photovoltaic power** segments' profits increasing by **34.87%** and **46.47%** year-on-year, respectively[5](index=5&type=chunk) - The **hydropower** segment turned losses into profits due to abundant rainfall, with profit significantly increasing by **621.90%** year-on-year[5](index=5&type=chunk) - The **thermal power** segment's profit increased by **97.23%** year-on-year due to reduced fuel costs from lower average coal procurement prices[5](index=5&type=chunk) [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue reached RMB 26.47 billion, with operating profit surging 66.7% to RMB 7.47 billion and profit for the period increasing 80.1% to RMB 4.59 billion Summary of Consolidated Statement of Profit or Loss | Indicator | H1 2024 (RMB Thousand) | H1 2023 (RMB Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 26,471,527 | 21,317,030 | +24.2% | | Fuel Costs | (7,922,234) | (8,473,766) | -6.5% | | Operating Profit | 7,466,308 | 4,478,416 | +66.7% | | Profit Before Tax | 5,468,812 | 2,979,659 | +83.5% | | Profit for the Period | 4,591,763 | 2,549,571 | +80.1% | | Profit Attributable to Ordinary Equity Holders of the Company | 2,569,879 | 1,679,854 | +53.0% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period significantly increased to RMB 5.01 billion, driven by strong profit growth and fair value gains on equity instruments - Total comprehensive income for the period was **RMB 5,009,325 thousand**, a year-on-year increase of **82.8%**, primarily due to the strong growth in profit for the period[7](index=7&type=chunk) - Other comprehensive income was **RMB 417,562 thousand**, a year-on-year increase of **119.3%**, mainly from increased fair value gains on equity instruments at fair value through other comprehensive income[7](index=7&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets grew to RMB 325.58 billion, total liabilities to RMB 225.31 billion, and total equity to RMB 100.27 billion, reflecting business expansion Summary of Statement of Financial Position | Indicator | As of June 30, 2024 (RMB Thousand) | As of December 31, 2023 (RMB Thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 325,580,796 | 305,806,779 | +6.5% | | Total Liabilities | 225,309,682 | 210,786,067 | +6.9% | | Total Equity | 100,271,114 | 95,020,712 | +5.5% | - Non-current assets increased from **RMB 260.16 billion** to **RMB 272.75 billion**, primarily driven by an increase in property, plant and equipment[9](index=9&type=chunk) - Net current liabilities expanded from **RMB 29.53 billion** to **RMB 33.83 billion**, indicating increased liquidity pressure[11](index=11&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities increased to RMB 5.42 billion, while investing activities used RMB 14.06 billion, and financing activities generated RMB 9.16 billion, leading to a net cash increase of RMB 0.53 billion Summary of Cash Flow Statement | Indicator | H1 2024 (RMB Thousand) | H1 2023 (RMB Thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 5,422,743 | 3,248,977 | | Net Cash Used in Investing Activities | (14,055,098) | (7,526,899) | | Net Cash Generated from Financing Activities | 9,160,067 | 8,183,082 | | Net Increase in Cash and Cash Equivalents | 527,712 | 3,905,160 | [Notes to the Interim Condensed Consolidated Financial Information](index=9&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [Revenue and Segment Information](index=10&type=section&id=3%20Revenue%20and%20Segment%20Information) Electricity sales to grid companies account for 94% of revenue; thermal power is the largest revenue source, while wind and PV power show rapid revenue and profit growth, collectively contributing over RMB 3 billion in profit H1 2024 Revenue by Segment (RMB Thousand) | Segment | Revenue | Year-on-Year Change | | :--- | :--- | :--- | | Thermal Power | 11,642,580 | -0.6% | | Hydropower | 2,688,047 | +81.3% | | Wind Power | 5,872,111 | +47.6% | | Photovoltaic Power | 4,740,803 | +88.3% | | Energy Storage | 1,527,986 | -6.1% | H1 2024 Profit for the Period by Segment (RMB Thousand) | Segment | Profit for the Period | Year-on-Year Change | | :--- | :--- | :--- | | Thermal Power | 1,107,884 | +97.2% | | Hydropower | 766,476 | +621.9% (Turned Loss to Profit) | | Wind Power | 1,960,215 | +34.9% | | Photovoltaic Power | 1,135,216 | +46.5% | | Energy Storage | 40,063 | +14.2% | [Dividends](index=20&type=section&id=11%20Dividends) The Board resolved not to declare an interim dividend for H1 2024 but declared a special dividend post-period to celebrate the 20th listing anniversary - The Board resolved not to declare an interim dividend for the six months ended **June 30, 2024**[57](index=57&type=chunk) - On **August 22, 2024**, the Board resolved to declare a special dividend of **RMB 0.05 per ordinary share**[80](index=80&type=chunk) [Assets Held for Sale](index=22&type=section&id=13%20Assets%20and%20Liabilities%20Classified%20as%20Held%20for%20Sale) The Company plans to sell its 11% equity in Pingwei Power Generation, classifying related assets (RMB 3.8 billion) and liabilities (RMB 2.19 billion) as held for sale - The Company intends to sell an **11% equity interest** in Anhui Huainan Pingwei Power Generation Co., Ltd., with related assets and liabilities classified as held for sale[66](index=66&type=chunk) Assets and Liabilities Held for Sale (RMB Thousand) | Item | Amount | | :--- | :--- | | Assets Classified as Held for Sale | 3,802,048 | | Liabilities Classified as Held for Sale | 2,187,532 | [Business Review and Outlook](index=29&type=section&id=Business%20Review%20and%20Outlook) [Operating Performance Overview](index=29&type=section&id=Operating%20Performance%20Overview) H1 2024 saw strong performance driven by economic recovery and electricity consumption growth, with clean energy assets contributing significantly and profit attributable to ordinary equity holders increasing 53.0% - Clean energy companies acquired in **September 2023** contributed net profit of **RMB 628 million** during the reporting period[82](index=82&type=chunk) - As of **June 30, 2024**, the Group's consolidated installed capacity was **48,327.8 MW**, with clean energy accounting for **77.07%**, a significant year-on-year increase of **10.71 percentage points**[84](index=84&type=chunk) - Profit attributable to ordinary equity holders of the Company was **RMB 2,569,879,000**, a year-on-year increase of **53.0%**; basic earnings per share was **RMB 0.21**[83](index=83&type=chunk) [Business Segment Performance](index=31&type=section&id=Business%20Segment%20Performance) Total electricity sales grew 33.33%, with hydropower, wind, and PV power sales surging over 50%; clean energy on-grid tariffs declined due to grid-parity projects, while energy storage profit grew despite revenue decline H1 2024 Electricity Sales Volume | Category | Electricity Sales (MWh) | Year-on-Year Change | | :--- | :--- | :--- | | Total Electricity Sales | 64,344,154 | +33.33% | | Hydropower | 10,675,021 | +89.85% | | Wind Power | 13,147,946 | +57.54% | | Photovoltaic Power | 11,830,577 | +96.67% | | Coal Power | 26,805,724 | +0.39% | - Average on-grid tariffs for **wind power** and **photovoltaic power** decreased to **RMB 446.62/MWh** and **RMB 400.72/MWh**, respectively, mainly due to the commissioning or integration of grid-parity projects[97](index=97&type=chunk)[98](index=98&type=chunk) - Energy storage business revenue decreased by **6.1%** year-on-year, but net profit increased by **14.19%** year-on-year, mainly due to cost control and optimized procurement models[99](index=99&type=chunk)[100](index=100&type=chunk) [Financial Position Analysis](index=36&type=section&id=Financial%20Position%20Analysis) The Group maintains a stable financial position with 24.18% revenue growth, controlled operating costs, increased finance costs due to expansion, a 64% gearing ratio, and ample undrawn financing facilities - The average unit fuel cost for **thermal power** business was **RMB 274/MWh**, a year-on-year decrease of **8.01%**, mainly due to lower coal prices and optimized procurement structure[107](index=107&type=chunk) - Finance costs increased by **29.63%** year-on-year to **RMB 2.58 billion**, primarily due to increased borrowings from clean energy acquisitions in the second half of last year[114](index=114&type=chunk) - As of **June 30, 2024**, the gearing ratio (net debt/total capital) was approximately **64%**, remaining stable. The Group had undrawn financing facilities of **RMB 45.25 billion**[125](index=125&type=chunk)[138](index=138&type=chunk) - Capital expenditure in the first half was **RMB 11.50 billion**, with approximately **85% (RMB 9.78 billion)** invested in the clean energy segment[132](index=132&type=chunk) [Outlook](index=44&type=section&id=Outlook) The Group aims to become a "world-class clean energy supplier" by optimizing assets, ensuring energy security, and fostering new productive forces, further demonstrating confidence with a special dividend for its 20th listing anniversary - The Group will continue to promote high-quality transformation and development, striving to become a **"world-class clean energy supplier"**[146](index=146&type=chunk) - To celebrate its **20th listing anniversary**, the Board declared a special dividend of **RMB 0.05 per ordinary share** to thank shareholders and demonstrate confidence in the future[146](index=146&type=chunk)[147](index=147&type=chunk) [Other Corporate Information](index=45&type=section&id=Other%20Corporate%20Information) [Corporate Governance](index=45&type=section&id=Corporate%20Governance) The Company maintains high corporate governance standards, complying with the Corporate Governance Code and its internal model code for directors' securities transactions - For the six months ended **June 30, 2024**, the Company complied with all applicable provisions of the Corporate Governance Code[152](index=152&type=chunk) - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[149](index=149&type=chunk)

Investment Rating - The report suggests a positive outlook for the company, indicating a strong performance in electricity sales and recommending close attention to the company's diverse power generation portfolio [4]. Core Insights - The company reported a significant increase in total electricity sales for July 2024, with a year-on-year growth of 29.22%, and a cumulative increase of 32.65% for the first seven months of 2024 [2][4]. - Hydropower sales saw a remarkable year-on-year increase of 197.44% in July, while wind power and solar power also experienced substantial growth of 51.35% and 88.05%, respectively [4]. - The report highlights that despite a decline in coal-fired power generation by 16.31%, the overall performance of the company remains strong due to the growth in renewable energy sources [4]. Summary by Category Electricity Sales Performance - Total electricity sales for July 2024 reached 12,243,061 MWh, up from 9,474,895 MWh in July 2023, marking a 29.22% increase [3]. - For the first seven months of 2024, total electricity sales amounted to 76,587,215 MWh, compared to 57,734,268 MWh in the same period of 2023, reflecting a 32.65% increase [3]. Generation by Type - Hydropower generation in July 2024 was 2,693,092 MWh, a 197.44% increase from 905,415 MWh in July 2023 [3]. - Wind power generation reached 2,221,998 MWh in July 2024, up 51.35% from 1,468,106 MWh in July 2023 [3]. - Solar power generation was 2,277,473 MWh in July 2024, an increase of 88.05% from 1,211,096 MWh in July 2023 [3]. - Coal-fired power generation decreased to 4,687,710 MWh in July 2024, down 16.31% from 5,601,084 MWh in July 2023 [3].

Investment Rating - The report maintains an "Outperform" rating for China Power International Development (2380 HK) with a target price of HKD 4.72, while the current price is HKD 3.83 [3][12]. Core Insights - The company experienced lower-than-expected performance in 2023 due to a historically dry season affecting hydropower generation, resulting in a loss of RMB 830 million from hydropower operations. However, profits from new energy and thermal power have significantly increased [9][11]. - The installed capacity of new energy has grown significantly, reaching 45.02 GW by the end of 2023, with clean energy accounting for nearly 75% of the total. The company plans to further increase its wind and solar capacity in 2024 [10][11]. - The thermal power sector's profitability has improved due to a decrease in coal prices and effective coal-fired power joint ventures, leading to a net profit of RMB 1.32 billion in 2023 [11]. Financial Summary - In 2023, the company reported operating income of RMB 44.262 billion, a year-on-year increase of 1.31%, and a net profit attributable to the parent company of RMB 2.66 billion, a year-on-year increase of 7.23% [9][12]. - The forecast for revenue from 2024 to 2026 is RMB 52.319 billion, RMB 57.702 billion, and RMB 62.180 billion, respectively, with net profit attributable to shareholders projected at RMB 5.033 billion, RMB 6.601 billion, and RMB 7.685 billion [12][11]. - The company plans to maintain a high dividend payout ratio of 61% for 2023, with a proposed dividend of RMB 0.132 per share [9][12].

Investment Rating - The report maintains a "Buy" rating for China Power (2380 HK) with a target price raised to HKD 4.75 from HKD 3.90, indicating a potential upside of 27.0% from the current price of HKD 3.74 [1][2][11]. Core Views - The report highlights that new policies for renewable energy consumption are favorable for the advancement of new wind and solar projects, leading to an upward revision of the target price [1]. - Hydropower is recovering as expected, with a significant year-on-year increase in generation, and the forecast for hydropower utilization hours for 2024 has been adjusted from 2,750 to 2,900 hours [1][2]. - The report notes that while the utilization hours for wind and solar power are expected to remain stable, the company has seen substantial increases in generation due to acquisitions and new projects [2]. - The adjustment in the renewable energy consumption policy is expected to support the growth in new installations, ensuring reasonable utilization rates for new projects [2]. Financial Summary - Revenue is projected to grow from RMB 43,689 million in 2022 to RMB 61,756 million by 2026, with a compound annual growth rate (CAGR) of approximately 8.8% [3][12]. - Net profit is expected to increase significantly from RMB 2,648 million in 2022 to RMB 8,791 million in 2026, reflecting a strong growth trajectory [3][12]. - Earnings per share (EPS) are forecasted to rise from RMB 0.20 in 2022 to RMB 0.68 in 2026, indicating a robust increase in profitability [3][12]. - The report anticipates a dividend payout ratio of 50%, resulting in an attractive dividend yield of 7.7% in 2025 [2][3]. Generation Capacity Forecast - The total generation capacity is expected to increase from 52,019 million kWh in 2024E to 67,019 million kWh by 2026E, with significant contributions from hydropower, wind, and solar energy [5][6]. - The report projects that the share of renewable energy in the company's generation mix will rise from 78.7% in 2024E to 83.5% by 2026E, reflecting a strategic shift towards cleaner energy sources [5][6].

Investment Rating - The report assigns a "Buy" rating to the company, China Power (2380 HK), with a target price of HKD 4.75, indicating a potential upside of 27.0% from the current closing price of HKD 3.74 [1][11]. Core Views - The report highlights that new policies for renewable energy consumption are favorable for the advancement of new wind and solar projects, leading to an upward revision of the target price [1]. - Hydropower is recovering as expected, with a significant year-on-year increase in generation, and the forecast for hydropower utilization hours has been slightly raised for 2024 [1][2]. - The report anticipates that the company's new installed capacity in wind and solar will contribute positively to profit growth, supported by national policies [2]. Summary by Sections Financial Performance - Revenue is projected to grow from RMB 43,689 million in 2022 to RMB 61,756 million by 2026, with a notable increase of 16.2% expected in 2024 [3][12]. - Net profit is expected to rise significantly from RMB 2,648 million in 2022 to RMB 8,791 million in 2026, with a substantial growth rate of 73.4% in 2024 [3][12]. - Earnings per share (EPS) is forecasted to increase from RMB 0.20 in 2022 to RMB 0.68 in 2026, reflecting a strong growth trajectory [3][12]. Power Generation Forecast - The report provides a detailed forecast for power generation, with total generation expected to reach 133,468 GWh by 2026, showing a steady increase across various energy sources [6]. - Hydropower generation is expected to recover to 17,258 GWh in 2026, while wind and solar generation are projected to grow significantly, with solar expected to reach 36,877 GWh by 2026 [6]. Valuation Metrics - The report uses a sum-of-the-parts valuation approach, resulting in a target price of HKD 4.75, based on various valuation multiples for different energy segments [7]. - The projected dividend yield for 2025 is estimated at 7.7%, making the stock attractive for income-focused investors [2][11]. Installed Capacity and Utilization - The report anticipates a total installed capacity of 67,019 MW by 2026, with a significant portion coming from renewable sources [5]. - The utilization hours for wind and solar are expected to stabilize, with adjustments made to previous estimates based on recent performance data [2].

Investment Rating - The report maintains a "Buy" rating for China Power (2380.HK) [7] Core Views - Recent increase in shareholding by CITIC Financial Assets, now holding approximately 619 million shares, representing 5% of the company, indicates strong confidence in the company's long-term value [5][6] - The major shareholder has also significantly increased their stake, raising it by 2.61% in 2023, reflecting a commitment to the company's long-term development strategy [5][6] - The company's operational performance has shown remarkable improvement, with electricity sales reaching a historical high, and a 33.45% year-on-year increase in total electricity sales to 40.817 billion kWh in the first four months of 2024 [5][6] - The company is expected to benefit from a favorable coal supply environment, with coal prices decreasing by 20.15% year-on-year, which will alleviate cost pressures on thermal power operations [5][6] - The company has a strong dividend commitment, with a payout ratio of 61.38% in 2023, enhancing its investment appeal [5][6] Summary by Sections Shareholding Changes - CITIC Financial Assets has become the first major shareholder above 5% in 2023, reflecting confidence in the company's value [5][6] - The major shareholder's stake increased to 63.67% by the end of 2023, up 2.61 percentage points from the end of 2022 [5][6] Operational Performance - The company achieved a record high in electricity sales, with significant growth in clean energy generation [5][6] - The first four months of 2024 saw total electricity sales of 40.817 billion kWh, a 33.45% increase year-on-year [5][6] - Clean energy sales, including hydropower, wind, and solar, showed substantial growth rates of 79.64%, 52.10%, and 88.03% respectively [5][6] Future Growth Potential - The company aims for over 90% of its installed capacity to come from clean energy by 2025, necessitating the addition of over 38 million kW of clean energy capacity [6] - The company has acquired 9.2683 million kW of new energy assets, reinforcing its position as a key player in the clean energy sector [6] Financial Projections - Expected earnings for 2024-2026 are projected at 5.005 billion, 6.048 billion, and 7.159 billion yuan, with corresponding EPS of 0.40, 0.49, and 0.58 yuan [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that CITIC Financial Asset Management has increased its stake in China Power to 5%, indicating market recognition of the company's value. The company is seen as having both high growth and high dividend attributes at the current stock price, making it a valuable investment in the context of a recovering Hong Kong stock market [3] - The company aims to become a world-class clean energy supplier, supported by its parent group, which has committed to enhancing the company's asset base through multiple rounds of asset operations since its listing [3] - The company has a strong dividend record, with a projected dividend yield of 5.5% if it maintains a 50% payout ratio in 2024 [3] Summary by Sections Investment Highlights - CITIC Financial Asset Management increased its holdings in China Power by acquiring 12.65 million shares at an average price of HKD 3.5243, totaling approximately HKD 44.58 million [3] - The company has undergone significant asset optimization, including the divestment of old coal power units and the expansion of its renewable energy portfolio, which has led to improved asset quality [3] Financial Performance - In 2023, the company faced challenges due to historically low water levels, resulting in a 35.49% decrease in hydropower sales volume and a loss of CNY 826 million in the hydropower segment [4] - However, operational indicators improved significantly in the first four months of 2024, with hydropower sales volume increasing by 79.64%, wind power by 52.1%, and solar power by 88.03% [4] - The company forecasts a substantial improvement in performance for 2024, with net profit estimates of CNY 4.801 billion, CNY 6.930 billion, and CNY 8.029 billion for 2024, 2025, and 2026 respectively [4][6] Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 8, 6, and 5 for the years 2024, 2025, and 2026 respectively [4] - The company’s total revenue is projected to grow from CNY 44.262 billion in 2023 to CNY 56.189 billion in 2024, reflecting a year-on-year growth rate of 26.9% [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [3]. Core Insights - The recent increase in shareholding by CITIC Financial Asset Management to 5% reflects market recognition of the company's value, highlighting its high growth and high dividend attributes in the context of a recovering Hong Kong stock market [3]. - The company has a strong dividend record, with a projected dividend yield of 5.5% if it maintains a 50% payout ratio in 2024 [3]. - The company is undergoing a significant transformation towards clean energy, with successful divestments of old coal power units and rapid expansion in renewable energy capacity, which is expected to enhance profitability [3][4]. - The company faced challenges in 2023 due to historically low water levels affecting hydroelectric output, but early 2024 indicators show a strong recovery across all operational metrics [4]. - Profit forecasts for 2024-2026 indicate a substantial increase in net profit, with projected figures of 48.01 billion, 69.30 billion, and 80.29 billion RMB respectively, suggesting a favorable valuation with PE ratios of 8, 6, and 5 times [4]. Summary by Sections Shareholding and Market Recognition - CITIC Financial Asset Management increased its stake in the company to 5%, purchasing 12.65 million shares at an average price of 3.5243 HKD per share, totaling approximately 44.58 million HKD [3]. Financial Performance and Projections - The company reported a net profit of 2.648 billion RMB in 2023, with projections for 2024 showing a significant increase to 4.801 billion RMB, reflecting a growth rate of 80.49% [5]. - The total revenue for 2024 is expected to reach 56.189 billion RMB, marking a year-on-year growth of 26.9% [5]. Operational Improvements - The company has optimized its asset quality by divesting from loss-making coal power units and expanding its renewable energy portfolio, with operational capacity in solar and wind energy reaching 15.149 million kW and 12.016 million kW respectively by the end of 2023 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.96 HKD per share based on a 10x PE ratio for 2024 [4][12]. Core Insights - The company has seen a significant improvement in its shareholder structure, with CITIC Financial Assets increasing its stake to 5% and the major shareholder, State Power Investment Corporation, holding 63.7% as of the end of 2023 [2]. - The company is the largest power platform under State Power Investment, with a total installed capacity of 45 GW (equity capacity of 38 GW) as of the end of 2023, of which clean energy accounts for 34 GW, representing 75.4% of the total [2]. - The company reported a main revenue of 44.3 billion RMB and a net profit attributable to shareholders of 3.08 billion RMB in 2023, reflecting a year-on-year increase of 16.5% [2]. - The net profit from wind and solar energy reached 4.6 billion RMB in 2023, a significant increase of 69.7% year-on-year [2]. - The company is transitioning from coal-fired power to clean energy, with plans to add 4.5 GW of wind and 2.5 GW of solar capacity in 2024, which will increase the clean energy proportion to over 78% [2]. - The hydropower segment is expected to recover significantly in 2024, with a projected 79.6% year-on-year increase in electricity sales in the first four months [2]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 4.49 billion RMB, 5.68 billion RMB, and 7.02 billion RMB, respectively, with corresponding PE ratios of 8.91, 7.05, and 5.71 [3][9]. - The expected revenue growth rates for the years 2024 to 2026 are 30.4%, 16.1%, and 14.8%, respectively [3][10]. - The company’s EBITDA is projected to grow from 18.47 billion RMB in 2023 to 29.33 billion RMB by 2026 [3][9]. - The return on equity (ROE) is expected to improve from 5.8% in 2023 to 11.3% by 2026 [3][10].

本次会议为中国国际金融股份有限公司中金公司闭门会议仅限受邀嘉宾参会 未经中金公司和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中金公司保留追究相关方法律责任的权利This meeting is a closed-door meeting of China International Capital Corporation Limited, CICC,and only invited guests allowed to attend. 没有CICC和评论员的写作允许,无许组织或人员允许处罚、推进、重新印刷、分拆、複製、改编或改编相同内容和相关资讯的任何形式。CICC有权依法调查相关的法律责任。 大家好,我是中金的研究员刘嘉尼,非常感谢大家能够拨入今天早上我们的中国电力一季度后的近况交流会。今天我们也是很荣幸地邀请到了公司的IR邵帅邵总来帮我们做一下行业,包括公司的一些情况的更新。 首先我们可能先把时间交给邵总然后来帮我们做一个简要的开场介绍然后我们再开始问答的环节麻烦邵帅谢谢佳妮感谢各位投资者今天早上抽空参加我们的会议也感谢中银公司提供这么一 ...