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 ...

%% 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].