Financial Performance - The company's revenue for 2023 was RMB 44,261,767 thousand, representing a growth of 1.31% from RMB 43,689,129 thousand in 2022[10]. - Net profit attributable to equity holders for 2023 was RMB 3,084,469 thousand, an increase from RMB 2,648,051 thousand in 2022[4]. - Operating profit for 2023 was RMB 8,715,187 thousand, up 14.61% from RMB 7,604,262 thousand in 2022[10]. - The total operating costs for the group were RMB 38,544,960,000, a decrease of 2.04% from RMB 39,347,562,000 in the previous year[134]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 15% year-over-year growth[66]. - The company reported a net profit margin of 12%, which is an improvement from 10% in the previous year[66]. - The net profit attributable to equity holders of the group for the year ended December 31, 2023, was RMB 3,084,469,000, compared to RMB 2,648,051,000 in 2022, marking an increase of approximately 16.4%[78]. Asset and Capacity Growth - The company's total assets increased by 44.65% to RMB 305,806,779 thousand in 2023 from RMB 211,404,964 thousand in 2022[10]. - The installed capacity of the company reached 45,018.8 MW in 2023, a 42.47% increase from 31,599.2 MW in 2022[9]. - The total installed capacity of the group's clean energy plants is 317.0 MW, with specific contributions from regions such as Hainan (125.0 MW) and Heilongjiang (80.0 MW)[24]. - The total installed capacity of the company's coal-fired power plants is 11,080.0 MW, with major contributions from Anhui (5,860.0 MW) and Shanxi (2,000.0 MW)[24]. - By the end of 2023, the company's consolidated installed capacity reached 45,018.8 MW, with the clean energy installed capacity ratio reaching 75.39%, exceeding the strategic target by 5 percentage points[50]. Debt and Financial Structure - The total debt of the company rose by 44.69% to RMB 168,714,840 thousand in 2023 from RMB 116,606,464 thousand in 2022[9]. - The company's debt-to-equity ratio, calculated as net debt divided by total capital, was approximately 63% as of December 31, 2023, compared to 62% in the previous year[154]. - The net cash inflow from operating activities for the year was RMB 9,903,018,000, significantly up from RMB 5,725,614,000 in the previous year[152]. - The company secured approximately RMB 11.268 billion through perpetual debt instruments from its ultimate controlling shareholder, enhancing its cash flow and financial structure[160]. Clean Energy Initiatives - The group has expanded its business to include hydropower, wind power, photovoltaic power, natural gas power, environmental protection power, energy storage, green transportation, and integrated energy services[13]. - The company aims to be a world-class green and low-carbon energy supplier, focusing on low-carbon empowerment for a better life[13]. - The company is currently constructing clean energy projects with a total capacity of 6,975.7 MW, including 5,615.9 MW from photovoltaic power and 1,329.8 MW from wind power[27]. - The company has been recognized as a benchmark enterprise in the "Double Hundred Enterprises" by the State-owned Assets Supervision and Administration Commission[36]. - The company launched its first overseas photovoltaic energy storage project in Mexico, marking a significant step in internationalizing its energy storage business[35]. Technological Innovation - The company launched six technological innovations at the Energy Security Technology Innovation Forum, including a "Digital Twin Energy Storage Control Platform" and "AI-Powered Energy Intelligent Operation and Maintenance" solutions[41]. - The CTB battery system developed by the company's subsidiary has received approval for commercial use, showcasing advancements in battery management and efficiency[38]. - The company has successfully launched a smart energy storage platform with a capacity of 100 MW, marking a significant achievement in energy storage technology[85]. Sustainability and ESG Commitment - The company is committed to sustainable development and innovation in the energy sector[13]. - The company has been recognized as a leader in ESG development and was listed among the "Top 100 ESG Listed Companies in China," reflecting its commitment to sustainable practices[181]. - The establishment of a "Strategic and Sustainable Development Committee" in the board aims to improve ESG governance and operational efficiency[53]. - The company aims for "zero fatalities, zero accidents" in its safety production goals and has implemented various action measures to enhance safety management in emerging energy industries[173]. Market Expansion and Strategic Acquisitions - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential mergers and acquisitions[66]. - China Power acquired clean energy assets from State Power Investment Corporation for a total cash consideration of approximately RMB 10.7 billion, involving a total installed capacity of about 9,300 MW, significantly increasing the company's clean energy capacity ratio[40]. - The company is actively expanding its energy storage projects, with operations in 33 cities in China and international markets including Mexico and Chile[128]. Operational Efficiency and Cost Management - The average on-grid electricity price for coal power in 2023 was RMB 396.80 per MWh, a decrease of RMB 11.27 per MWh compared to the previous year, primarily due to structural impacts from coal power disposal[120]. - The average unit fuel cost for coal power operations was RMB 285.51 per MWh, down 12.46% from RMB 326.16 per MWh in the previous year[136]. - The group’s financial expenses were RMB 4,273,867,000, an increase of RMB 12,906,000 or 0.30% from the previous year[142]. Employee and Talent Management - As of December 31, 2023, the company employed a total of 14,254 full-time employees, an increase from 10,829 in 2022, reflecting a focus on attracting and retaining core talent to support strategic transformation and long-term development[177]. - The company emphasizes the importance of market-oriented talent recruitment and management to support green development and innovation[53].

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company's net profit for 2023 was 2.66 billion RMB, a year-on-year increase of 7.23%, slightly below the expected 3.2 billion RMB. The dividend per share is 0.132 RMB, resulting in a current dividend yield of 4.4% [2] - The primary reason for the underperformance was historically low water levels, leading to a rare loss in the hydropower segment, which reported a loss of 826 million RMB in 2023 compared to a profit of 261 million RMB in 2022 [2] - The coal power segment exceeded expectations, achieving a profit of 1.315 billion RMB, benefiting from the divestment of underperforming assets [2] - The renewable energy segment saw rapid expansion, with wind power capacity reaching 15.149 million kW and solar power capacity at 12.016 million kW by the end of 2023, resulting in net profits of 3.116 billion RMB and 1.504 billion RMB respectively [2] - The company is expected to add approximately 4.5 million kW of wind power and 2.5 million kW of solar power in 2024, primarily focusing on wind power to ensure project profitability [2][3] Summary by Sections Financial Performance - The company reported total revenue of 44.262 billion RMB in 2023, with a projected increase to 56.189 billion RMB in 2024 [4] - The net profit forecast for 2024 and 2025 is 4.801 billion RMB and 6.930 billion RMB respectively, with a projected PE ratio of 8 and 5 for these years [4] Strategic Positioning - The company is positioned as a flagship platform within the State Power Investment Corporation, with a clear alignment between the group's strategy and the company's development direction [3] - The dual carbon strategy is expected to resonate with the national reform context, enhancing the company's growth prospects [3]

Investment Rating - The report assigns a "Buy" rating for the company [1]. Core Views - The company is experiencing a continuous recovery in coal power profitability while accelerating the installation of renewable energy [1]. - The company achieved a revenue of 44.262 billion RMB in 2023, representing a year-on-year growth of 1.3%, with a net profit attributable to shareholders of 2.660 billion RMB, up 7.2% year-on-year [1]. - The coal power segment has significantly improved profitability, with a net profit of 928 million RMB, while hydropower faced a loss of 530 million RMB due to reduced water inflow [1]. - The company plans to distribute a dividend of 0.132 RMB per share, maintaining a high payout ratio [1]. - The company’s renewable energy capacity reached 13 GW in 2023, with a significant increase in wind and solar power sales [1]. - The average on-grid electricity price for new installations decreased by 1.5% for wind and 6.3% for solar [1]. - The target price for the company's stock is set at 4.64 HKD, indicating a potential upside of 44% from the current price [1]. Financial Summary - The company’s total revenue is projected to grow from 44.262 billion RMB in 2023 to 49.893 billion RMB in 2024, reflecting a growth rate of 12.7% [2]. - The net profit attributable to shareholders is expected to increase from 2.660 billion RMB in 2023 to 4.523 billion RMB in 2024, representing a growth of 70.0% [2]. - The company’s gross profit margin is forecasted to improve from 41.5% in 2023 to 47.7% in 2024 [2]. - The company’s total assets are projected to grow from 305.807 billion RMB in 2023 to 329.186 billion RMB in 2024 [2]. - The debt-to-equity ratio is expected to remain stable around 68.9% in 2023 and 70.7% in 2024 [2].

股 票 研 究 [Table_Title] Peter Shao 邵俊樨 Company Report: China Power International (02380 HK) 中文版 (852) 2509 5464 公司报告： 中国电力 (02380 HK) Chinese version peter.shao@gtjas.com.hk 17 April 2024 2[T0ab2le4_年Sum盈ma利ry]前 景稳健，“买入” Chinese version 公  2023年盈利不及预期。中国电力（“公司”）公布2023年利润为人民币26.6亿 [RTaabtlien_gR:a nk] Buy 元，低于我们预期，主要是由于录得人民币6.5亿元的资产摊销以及水电部门亏 司 Maintained 损人民币8.26亿元所致，两者均高于我们预期。公司宣布2023年每股股息DPS 报 为人民币0.13元（2022年为人民币0.11元）。中国电力将2023年派息率提高 评级： 买入 (维持) 告 至61%（高于2022年的55%），每股股息为人民币0.13元（高于2022年的人 民币0.11元）。我们认为，这反映 ...

转自：中国电力新闻网 大庆葡萄花油田应用化学吞吐技术治理低产井，截至4月15日，首批4口试验井平均单井初期日产油1.9吨，比试验前提高了114.9%，阶段累计增油达468.5吨。 化学吞吐技术是将配制好的混溶剂注入地层，补充地层能量、改善地层渗透性、降低原油黏度，从而提高油井采收率的一项新型单井提高采收率技术。 葡萄花油田部分地区储层渗透性差，原油黏度高，水敏、酸敏、盐敏现象突出，导致地层堵塞问题严重，注水效果差，地层能量补充困难，进而造成单井产量下降快、采收率低。化学吞吐技术使用的混溶剂主要成分为表面活性剂。混溶剂注入地层后，在地面柱塞泵注入剪切力的作用下，会产生泡沫，有效扩大波及体积、补充地层能量。台20-4井是较早采用化学吞吐技术治理的一口试验井。经过治理，目前这口井日产量恢复到1.9吨，比试验前提升了111.1%，阶段增油达138.6吨。 化学吞吐技术不仅增产效果好，而且其使用的混溶剂化学性质稳定，不会与地层岩石发生反应，对储层无伤害，受温度、压力、酸、碱等影响小，与地层配伍性高，具有良好的适应性。（徐立志 李雪梅） 责任编辑：江蓬新 海量资讯、精准解读，尽在新浪财经APP ...

h 股 c r 票 a e s e R 研 y [Table_Title] Peter Shao 邵俊樨 究 tiu Company Report: China Power International (02380 HK) (852) 2509 5464 q E 公司报告： 中国电力 (02380 HK) peter.shao@gtjas.com.hk 17 April 2024 S[Ttarbolen_Sgu mFmYa2ry4] Earnings Outlook, "Buy"  2023 earnings missed. CPID (the "Company") reported 2023 earnings of 公 tr o RMB2,660 mn, missing our expectation, primarily due to asset amortisation of [RTaabtlien_gR:a nk] Buy p e RMB650 mn and loss of RMB 826 mn booked by the hydro segment, both Maintained 司 R 报 y ...

Investment Rating - The investment rating for China Power (2380.HK) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on the company's performance and growth potential [4]. Core Views - China Power's 2023 operating performance was below market expectations, primarily due to significant losses in the hydropower segment, which reported a loss of approximately 800 million RMB due to lower water inflow [1][2]. - The coal-fired power segment turned profitable due to declining coal prices, while wind and solar projects continued to grow, contributing to overall profit increases [1][2]. - The company aims to increase its clean energy installed capacity to over 78% by the end of 2024, with a target of 90% by the end of the 14th Five-Year Plan [1][2]. Summary by Sections Financial Performance - In 2023, China Power's revenue increased by 1.3% to 44.26 billion RMB, with operating profit rising by 14.6% to 8.72 billion RMB and net profit attributable to shareholders growing by 7% to 2.66 billion RMB [2]. - The hydropower segment saw a 35% drop in electricity sales, leading to a historic loss of over 800 million RMB [2]. - The wind and solar segments contributed an additional profit of 1.89 billion RMB, while the coal-fired segment's profit increased by 2.71 billion RMB due to improved operational efficiency and lower fuel costs [2]. Clean Energy Development - By the end of 2023, the company's clean energy installed capacity reached 75.4%, a year-on-year increase of 10.5 percentage points, with a total installed capacity of 45 GW [2]. - The company plans to add approximately 7 GW of self-built clean energy capacity in 2024, further increasing the clean energy proportion [1][2]. Hydropower Outlook - The hydropower segment is expected to recover in 2024, with improved water inflow conditions observed in early 2024, leading to an anticipated increase in electricity sales by 84% [2]. - The company expects the hydropower segment to return to profitability in 2024 [2]. Coal-fired Power Segment - The coal-fired power segment achieved a profit of 1.32 billion RMB in 2023, with a 12.5% reduction in unit fuel costs to 285.5 RMB/MWh [2]. - The company anticipates continued profitability in the coal-fired segment due to effective cost control [2]. Energy Storage Business - The energy storage segment is rapidly growing, with 2023 revenues reaching 2.55 billion RMB, a year-on-year increase of 16.5% [3]. - The segment includes sales of storage equipment, integrated power station development, and capacity leasing services [3]. Investment Recommendation - The projected net profit for 2024 is approximately 5 billion RMB, with a price-to-earnings ratio of 7.4 times based on current stock prices [3]. - The dividend yield is estimated at 6.9%, indicating potential for stock price appreciation [3].

[Table_MainInfo] 公司研究/公用事业 证券研究报告 中国电力（2380）公司研究报告 2024年04月10日 [Table_InvestInfo] 首次 国电投绿电核心平台，能源转型提速 投资评级 优于大市 覆盖 股票数据 [Table_Summary] 投资要点： 0[4T月ab0l9e日_S收t盘oc价（kI港nf元o]） 3.14 52周股价波动（港元） 2.68-3.46 总股本/流通盘（亿股） 124/124  国电投旗下新能源核心平台，能源转型持续推进。公司为国家电投集团旗下新 总市值/流通市值（亿港元） 388/388 能源核心平台，截至23年底，国家电投集团控股61.06%。截至2023年末， 公司合并装机共4502万千瓦，YOY+42.5%。其中煤电/气电/水电/风电/光伏/ 市场表现 环 保 装 机 分 别 为 1108/50.5/595.1/1202/1515/31.7 万 千 瓦 ， [Table_QuoteInfo] YOY+0%/6.31%/+9.17%/+67.1%/+110.2%/+60.91%。2023年公司主营业务 收入442.6亿元，YOY+1.31%； ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [1]. Core Views - The company's performance has been impacted by hydroelectric power generation, while the new energy sector is experiencing rapid growth [1]. - In 2023, the company achieved a total operating revenue of 44.262 billion yuan, a year-on-year increase of 1.31%, and a profit attributable to equity holders of 3.084 billion yuan, up 16.48% year-on-year [1]. - The company has seen a significant recovery in thermal power profitability due to a decrease in fuel costs, with an average unit fuel cost of 285.51 yuan/MWh, down 12.46% year-on-year [1]. - The new energy installed capacity has rapidly expanded, contributing significantly to the company's growth, with a total clean energy installed capacity of 33.9388 million kilowatts by the end of 2023, accounting for approximately 75.39% of the total [1]. Summary by Sections Financial Performance - The company reported a total electricity sales volume of 54.987 billion kWh in 2023, a decrease of 18.97% year-on-year, but the utilization hours for existing coal-fired power generation improved, reaching 5,246 hours, an increase of 563 hours year-on-year [1]. - The thermal power segment achieved a net profit of 1.315 billion yuan in 2023, marking a turnaround from losses, with a profit per kWh of approximately 0.023 yuan [1]. New Energy Development - The company completed a series of clean energy project acquisitions under the State Power Investment Corporation, with a total installed capacity of 9.1378 million kilowatts, including 3.7431 million kilowatts of wind power and 5.2997 million kilowatts of photovoltaic power [1]. - The wind and solar power segments achieved net profits of 3.116 billion yuan and 1.504 billion yuan respectively in 2023, with the new energy segment contributing approximately 101.90% to the total net profit [1]. Hydropower Challenges - The hydropower segment faced significant pressure due to a decrease in rainfall, resulting in a net profit of -826 million yuan in 2023, with a total electricity sales volume of 11.711 billion kWh, down 35.49% year-on-year [1]. - However, there are signs of recovery in early 2024, with January's electricity sales volume increasing by 36.90% year-on-year [1]. Profit Forecast and Valuation - The profit forecast has been adjusted, with expected net profits of 5.112 billion yuan and 6.526 billion yuan for 2024 and 2025 respectively, representing year-on-year growth of 92.14% and 27.66% [2].

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 ...