Group 1 - The core point of the news is that China Electric Power Research Institute Co., Ltd. has applied for a patent for a system that evaluates the participation of flexible resources in the ancillary services market, addressing the need for real-time monitoring and assessment of market dynamics [1] - The patent application, titled "A System for Evaluating Ancillary Services Market Participation of Flexible Resources," was published under CN 119740782 A and was filed on November 2024 [1] - The system includes several modules: a market operation data collection module, a dynamic interaction analysis module, an adaptive analysis module, and an ancillary services optimization module, which collectively enhance the evaluation of market conditions following the participation of flexible resources [1] Group 2 - China Electric Power Research Institute Co., Ltd. was established in 2001 and is based in Beijing, focusing on research and experimental development [2] - The company has a registered capital of 335.2 million RMB and has made investments in 25 enterprises, participated in 5,000 bidding projects, and holds 58 trademark records and 5,000 patent records [2] - Additionally, the company possesses 179 administrative licenses, indicating a robust operational framework and engagement in various sectors [2]

Group 1: Aluminum Industry - The aluminum industry is experiencing a good destocking performance, but prices are under pressure due to tariffs and macroeconomic uncertainties [4][10]. - Domestic electrolytic aluminum production capacity has slightly increased, with average costs around 16,960 RMB/ton, down 103 RMB/ton week-on-week [5]. - Downstream aluminum processing enterprises are seeing a recovery in orders and operating rates, supported by demand from the photovoltaic sector and automotive aluminum [6]. Group 2: Power Industry - China Power reported a revenue of 54.21 billion RMB for 2024, a year-on-year increase of 22.5%, with a net profit of 3.86 billion RMB, up 25.2% [11][12]. - The company’s coal-fired power segment showed improved performance, while hydropower turned profitable due to favorable water conditions [13]. - The company plans to maintain a dividend payout ratio of 60% for the year [12]. Group 3: Beverage Industry - The food and beverage sector has seen a decline, with the beverage segment down 3.65% over the past two weeks, underperforming the Shanghai Composite Index [15]. - The liquor market is experiencing a seasonal downturn, with prices for premium brands like Moutai decreasing, indicating weaker demand [16]. - The overall performance of liquor companies varies, with some regional brands showing resilience amid macroeconomic pressures [17]. Group 4: Logistics Industry - SF Express reported a revenue of 15.746 billion RMB for 2024, a year-on-year increase of 27%, with a net profit of 132 million RMB, up 161.8% [21][22]. - The company’s last-mile delivery segment saw significant growth, particularly in county-level markets, with a 121% increase in revenue [24]. - The logistics sector is benefiting from network scale effects, leading to improved profit margins and cost reductions [25]. Group 5: Chemical Industry - The chemical sector is expected to enter a replenishment cycle in 2025, driven by low inventory levels and improving profitability [29]. - Phosphate rock supply remains tight, with companies like Baitian Co. expanding production capacity to meet growing demand [28]. - The industry is witnessing price increases for key products like urea and hexafluoropropylene, indicating a positive market sentiment [35].

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 1 附註： 一家主要從事風電項目開發和運營的前聯營公司，本公司於去年第二季度取得其控股權後，已 被重新分類為附屬公司，故其於本期的售電量已列示在本集團控股的發電廠類別下。 （在香港註冊成立的有限責任公司） （股份代號：2380） 二零二五年二月售電量 中國電力國際發展有限公司（「本公司」）宣佈，根據本公司的初步統計，本公司及其附 屬公司（統稱「本集團」）於二零二五年二月的合併總售電量為9,804,644兆瓦時，較去年 同期增加8.03%；而二零二五年首兩個月的合併總售電量為19,785,981兆瓦時，較去年同期 增加1.86%。 本集團於二零二五年二月及截至二零二五年二月二十八日止兩個月的總售電量，按發電廠 類型列示如下： | 全資擁有或控股 的發電廠 | 2025 ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of HKD 2.98 and a fair value of HKD 3.83 [7]. Core Views - The company's annual performance shows continuous improvement, with a special dividend yielding over 7%. In 2024, the company achieved a main revenue of RMB 54.213 billion (up 22.5% YoY) and a net profit attributable to shareholders of RMB 3.862 billion (up 25.2% YoY) [7][9]. - The company added 6GW of green electricity, with clean energy accounting for 80% of its installed capacity. The total electricity sold reached 1,280 billion kWh (up 23.9% YoY) [7][9]. - The report highlights the integration progress of hydropower platforms and anticipates both profit and dividend increases [7][9]. Summary by Sections 1. Performance Recovery Across Segments - The company reported a 25% YoY increase in overall performance, with a main revenue of RMB 54.213 billion and a net profit of RMB 3.862 billion [13][14]. - The revenue from various segments includes: thermal power (RMB 24.269 billion, +1.4%), hydropower (RMB 4.806 billion, +57.4%), wind power (RMB 11.737 billion, +34.6%), and solar power (RMB 9.492 billion, +57.9%) [17]. 2. New Clean Energy Installations - By the end of 2024, the company’s installed capacity reached 49.39GW, with clean energy installations increasing to 80.1%, up 4.7 percentage points YoY [39][41]. 3. Hydropower Platform Integration and Special Dividends - The company is accelerating capital operations, planning to inject hydropower assets into a new platform, which is expected to enhance shareholder value. The dividend payout ratio is projected to reach 68%, with a total cash dividend of RMB 2 billion [56][62]. 4. Asset Optimization and Stable Profitability - The company forecasts net profits of RMB 44.26 billion, RMB 50.49 billion, and RMB 56.03 billion for 2025 to 2027, with corresponding PE ratios of 7.69, 6.74, and 6.08 [66].

Investment Rating - The investment rating for the company is "Buy" (maintained) with an attractive dividend yield of 60% [5] Core Views - The company reported a revenue of 54.213 billion RMB for 2024, a year-on-year increase of 22.48%, but the profit attributable to equity holders was 3.862 billion RMB, a growth of 25.2%, which was below market expectations due to higher-than-expected depreciation in renewable energy and an impairment loss of approximately 500 million RMB [7] - The company aims to become a leading global clean energy supplier and is currently valued at a historically low level, with a price-to-book ratio of 0.63 [7] - The forecasted net profit for 2025-2027 is approximately 3.87 billion, 4.20 billion, and 4.57 billion RMB respectively, with corresponding price-to-earnings ratios of 9, 8, and 7 [7] Summary by Sections Market Performance - Closing price as of March 24, 2025, was 3.00 HKD with a market capitalization of 37,110.45 million HKD [3] Financial Data - Revenue projections for 2023 to 2027 are as follows: 44.262 billion, 54.213 billion, 57.498 billion, 61.614 billion, and 68.380 billion RMB, with respective growth rates of 1.3%, 22.5%, 6.1%, 7.2%, and 11.0% [6][8] - The company’s return on equity (ROE) is projected to increase from 5.7% in 2023 to 8.1% in 2027 [6] Operational Highlights - The company’s installed capacity reached 49.39 million kilowatts by the end of 2024, with a clean energy share of 80% [7] - The total electricity sold in 2024 was 1280 billion kilowatt-hours, with significant year-on-year increases in hydropower and coal power sales [7]

证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 03 月 25 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 03 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 3.00 | | | 一年内最高/最低（港 | | | | 4.27/2.81 | | | 元） | | | | | | | 总市值（百万港元） | | | | 37,110.45 | | | 流通市值（百万港元） | | | | 37,110.45 | | | 资产负债率（%） | | | | 68.42 | | | 资料来源：聚源数据 | | | | | | 中国电力(02380.HK) 投资评级 ...

第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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，概不對因 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國電力國際發展有限公司 | | 股份代號 | 02380 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二四年十二月三十一日止年度之末期股息 | | 公告日期 | 2025年3月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0.162 RMB | | 股東批准日期 | 2025年6月5日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.1754 ...

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） 暫停辦理股份過戶登記手續 關於代扣代繳非居民企業 2024 年度末期股息的企業所得稅 於 2025 年 3 月 20 日，中國電力國際發展有限公司（「本公司」）董事局 （「董事局」）已通過建議在 2025 年股東周年大會（定義見下文）上考慮並 宣派截至 2024 年 12 月 31 日止年度每普通股人民幣 0.162 元（稅前）（相等 於 0.1754 港元）的末期股息（「2024 年度末期股息」）。2024 年度末期股 息有待股東在本公司於 2025 年 6 月 5 日（星期四）舉行之應屆股東周年大會 （「2025 年股東周年大會」）上予以批准。召開 2025 年股東周年大會之通 告、隨附之通函及代表委任表 ...

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。 CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED 中國電力國際發展有限公司 （在香港註冊成立的有限責任公司） （股份代號：2380） 二 零 二 四 年 度 業 績 公 告 中 國 電 力 國 際 發 展 有 限 公 司（「本 公 司」）董 事 局（「董 事 局」）公 佈，本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」或「我 們」）截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 的 經 審 核 財 務 業 績。 | | | | | | | | | | | | | | | | | | | | 截 | | 十 | 二 | | 三 | 一 | 日 | 止 | ...

Investment Rating - The report maintains a "Buy" rating for the company, China Power (2380 HK), with a target price adjusted to HKD 3.72, reflecting a potential upside of 26.5% from the current price of HKD 2.94 [2][14]. Core Insights - The company is expected to see a 53% increase in net profit for the year 2024, despite a downward adjustment in earnings forecasts for 2024 and 2025 by 9.5% and 22.2% respectively due to lower-than-expected wind and solar generation [2][5]. - The dividend yield for 2024 and 2025 is projected to exceed 7%, making it an attractive investment opportunity despite the earnings adjustments [5][6]. Financial Performance Summary - Revenue for 2024 is forecasted at RMB 49,191 million, a decrease of 3.8% from previous estimates, while 2025 revenue is expected to be RMB 50,997 million, down 9.1% [4][16]. - Operating profit for 2024 is projected at RMB 12,438 million, reflecting a 6.4% decrease, and for 2025, it is expected to be RMB 14,012 million, down 16.3% [4][16]. - Net profit for 2024 is revised to RMB 4,072 million, a 9.5% reduction, and for 2025, it is expected to be RMB 4,857 million, down 22.2% [4][16]. Generation Capacity and Production Forecast - The company anticipates an 18.6% year-on-year increase in power generation for 2024, with hydropower generation significantly recovering by 52% [5][6]. - For 2025, the company expects a 3% decrease in unit fuel costs, but a 7% decline in the ignition price difference for thermal power due to changes in long-term electricity prices [5][6]. Valuation Summary - The target price of HKD 3.72 is derived from a sum-of-the-parts valuation, with contributions from various segments: thermal power at RMB 8,980 million, hydropower at RMB 7,787 million, wind power at RMB 24,997 million, and solar power at RMB 19,776 million [10][14].