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].

Financial Performance - For the year ending December 31, 2023, the total revenue was RMB 44,261,767, an increase of 1.31% compared to RMB 43,689,129 in 2022[2]. - Annual profit reached RMB 4,533,955, representing a significant increase of 68.84% from RMB 2,685,338 in the previous year[2]. - The profit attributable to equity holders of the company was RMB 3,084,469, up by 16.48% from RMB 2,648,051 in 2022[2]. - The operating profit for the year was RMB 8,715,187, compared to RMB 7,604,262 in 2022[4]. - The total comprehensive income for the year was RMB 4,121,211, significantly higher than RMB 1,916,634 in the previous year[6]. - The company reported a net income of RMB 2,319,566,000 for the year 2023, compared to RMB 747,050,000 in 2022, reflecting a significant growth[31]. - The operating profit for 2023 was RMB 2,660,322,000, an increase from RMB 2,480,840,000 in 2022, reflecting a growth of approximately 7.3%[39]. - The company’s net profit was RMB 4,533,955,000, an increase of RMB 1,848,617,000 or 68.84% compared to the previous year[97]. Revenue Breakdown - Revenue from electricity sales to regional and provincial power companies was 41,637,383 thousand RMB, compared to 42,582,596 thousand RMB last year, indicating a decline of about 2.2%[19]. - Energy storage revenue amounted to 2,548,183 thousand RMB, significantly up from 896,260 thousand RMB, reflecting an increase of approximately 184.5%[19]. - The company’s total operating income from various energy sources includes 23,923,362 thousand RMB from thermal power, 3,052,804 thousand RMB from hydropower, and 8,715,553 thousand RMB from wind power[24]. - The company’s income from energy storage increased by RMB 1,651,923,000, driven by rapid market growth[98]. Assets and Liabilities - Total assets increased to RMB 305.81 billion in 2023, up from RMB 211.40 billion in 2022, representing a growth of 44.5%[7]. - Total liabilities amounted to RMB 210.79 billion in 2023, compared to RMB 142.81 billion in 2022, indicating a rise of 47.5%[9]. - The company’s equity attributable to ordinary shareholders was RMB 38.47 billion in 2023, slightly up from RMB 38.33 billion in 2022, showing a growth of 0.4%[7]. - The company reported a total of RMB 292,416,995 thousand in equity, reflecting strong performance across various segments[26]. - The company has a total debt of RMB 197,162,393 thousand, highlighting a substantial leverage position[26]. Cash Flow and Investments - Cash and cash equivalents rose to RMB 5.74 billion in 2023, compared to RMB 4.23 billion in 2022, marking an increase of 35.7%[10]. - Net cash generated from operating activities was RMB 9.90 billion in 2023, up from RMB 5.73 billion in 2022, reflecting a growth of 72.5%[10]. - The company reported a net cash outflow from investing activities of RMB 26.84 billion in 2023, compared to RMB 20.08 billion in 2022, indicating an increase in investment expenditures[10]. - The company issued perpetual bonds worth RMB 5,008,740 thousand in 2023, slightly down from RMB 5,608,720 thousand in 2022[11]. Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.132 per share, a 20.00% increase from RMB 0.11 in the previous year[2]. - The company paid dividends amounting to RMB 1,384,828 thousand in 2023, compared to RMB 556,576 thousand in 2022, which is an increase of 148.5%[11]. Operational Highlights - The total electricity generation for the year was 107,582,860 MWh, a decrease of 4.75% from 112,942,437 MWh in 2022[2]. - The clean energy segment's profit increased by approximately RMB 1.89 billion, driven by wind and solar power generation[2]. - The installed capacity of the clean energy segment reached 33,938.8 GW, accounting for about 75.4% of the total installed capacity[3]. - The company successfully turned around its thermal power segment, achieving a profit increase of approximately RMB 2.71 billion[2]. Market and Industry Trends - In 2023, the national electricity consumption increased by 6.7% year-on-year, with total electricity generation rising by 5.2%[65]. - The company aims to promote the development of "salt-solar," "fishing-solar," and "agriculture-solar" projects in Shandong Province, enhancing land value and contributing to rural revitalization[78]. - The group plans to accelerate the establishment of overseas marketing teams and actively expand marketing channels in the international energy storage market[96]. Research and Development - The company’s research and development expenses increased to RMB 306,351,000 in 2023 from RMB 228,469,000 in 2022, indicating a focus on innovation[33]. - The company is focusing on technological innovation and increasing R&D investment to enhance its position in the new energy market[69]. Corporate Governance - The audit committee, composed of three independent non-executive directors, reviewed the annual performance and consolidated financial statements for the year ending December 31, 2023[137]. - The company is committed to enhancing its corporate governance as a part of value creation, ensuring compliance with governance standards and maintaining transparency and accountability[139].

Core Insights - In 2023, China's power storage system (AC side) shipment reached 73 GWh, with domestic market shipments at 64 GWh, reflecting a year-on-year increase of over 200% [1] Group 1: Market Trends - The bidding scale for source network-side energy storage systems reached a record high in 2023, with a cumulative bid of 88.01 GWh, up 148.9% year-on-year, and November marked the highest monthly bid at 16.67 GWh [1] - The average bidding price for 2-hour energy storage systems dropped from 1.5 yuan/Wh at the beginning of the year to 0.85 yuan/Wh by year-end, a decrease of approximately 45% [1] - The competition intensified, with over 50 and 40 companies participating in the first batch of lithium iron phosphate energy storage system procurement by Huadian Group for different segments [1] - There has been an increase in bidding for grid-structured energy storage projects in the northwest regions, with policies supporting such projects in Xinjiang, Tibet, and Fujian [1] Group 2: Industry Participation - Central state-owned enterprises are actively investing in the energy storage industry, with over 180 enterprises involved in various aspects of the energy storage supply chain by the end of 2023 [1] - These enterprises are expanding their focus from EPC to upstream battery, PACK, and integration segments, covering various technologies including lithium, lead-carbon, flow, and sodium batteries [1] Group 3: Technological Developments - The 1500V high-voltage energy storage system has become mainstream, facilitating larger capacity developments in centralized wind and solar power plants [1] - The introduction of 300Ah+ 5MWh container products is expected to replace existing 3MWh+ products in 2024 [1] Group 4: Competitive Landscape - The competitive landscape has shifted significantly in 2023, with CRRC Zhuzhou Institute and Haibosi leading in shipment volumes, while BYD and Envision Energy have improved their rankings [1] - New entrants to the top shipment list include Ruiyuan Electric, Haide New Energy, and Yunda Co., Ltd. [1] - The market share of pure integration companies is declining due to the entry of central state-owned enterprises and component suppliers, with integrated companies possessing core component technology expected to gain an advantage in 2024 [3]

Core Viewpoint - The approval of the Shaanxi-Nanjing ±800 kV UHVDC transmission project marks a significant advancement in Anhui's energy supply strategy, facilitating the import of electricity from over 1,000 kilometers away, which is crucial for meeting the growing energy demands in the region [1][2]. Group 1: Project Significance - The project is a key initiative under the national strategy for building a new energy system and is one of the major cross-regional transmission channels planned for the 14th Five-Year Plan [2][3]. - It will serve as Anhui's first high-capacity UHVDC transmission channel that fully utilizes renewable energy, with at least 50% of the transmitted electricity coming from renewable sources [3][4]. Group 2: Energy Demand and Supply Analysis - Despite having coal resources, Anhui faces limitations in coal production capacity and struggles with the coordination of external coal purchases, necessitating the import of electricity [1][2]. - The province's electricity consumption reached 321.4 billion kWh in 2023, with a year-on-year growth of 7.4%, indicating a strong upward trend in energy demand [1][4]. Group 3: Project Details - The project will connect Yan'an in Shaanxi to Lujiang in Hefei, with a transmission capacity of 8 million kW over a distance of approximately 1,070 kilometers, involving an investment of around 200 billion yuan [3][4]. - It is expected to enhance Anhui's power supply capacity by 6.2 to 8 million kW and deliver over 36 billion kWh of electricity annually, significantly reducing coal consumption by approximately 14 million tons [4][5]. Group 4: Regional Cooperation - The project exemplifies mutual benefits between Shaanxi and Anhui, leveraging Shaanxi's rich energy resources to meet Anhui's growing electricity needs while promoting ecological restoration in mining areas [4][5]. - This inter-provincial energy collaboration is positioned as a win-win scenario, supporting both economic development and the transition to green energy [4][5].

转自：中国电力新闻网 为深入贯彻落实党中央国务院关于深化政务公开、强化数字政府建设的决策部署，进一步提升政务服务管理水平，国家能源局有序推进政府网站集约化改革，目前已实现各派出机构互联网门户网站集约化管理。国家能源局东北监管局已按要求完成互联网门户网站的迁移工作。 为了确保新旧门户网站转换过程中数据的安全性、准确性和完整性，东北能源监管局多措并举：一是加强原网站数据校验和备份，严防数据丢失；二是认真落实新网站平台相关要求，包括对数据库类型、栏目代码ID表和导入数据库的软件版本等信息分析，确保新旧门户网站的数据和栏目完整统一；三是周密部署积极配合制定详细导入方案，严格校核协助搭建新网站。 新网站实现了国家能源局统一部署、集中运维、统一安全防护、统一提升服务和集约化管理，提升了网站的界面设计、内容管理的水平，更加高效惠民。下一步，东北能源监管局将继续按照国家能源局的统一部署，加强新门户网站的管理，不断提升政务服务水平，充分发挥其政策宣传、在线服务的窗口作用。（陈叶） 责任编辑：闫弘旭 海量资讯、精准解读，尽在新浪财经APP ...

Core Viewpoint - The recent policy changes and market dynamics are expected to enhance the profitability and operational stability of power companies, particularly in the thermal power sector, as the auxiliary service market evolves and renewable energy continues to grow in importance [1][2]. Group 1: Policy and Market Developments - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the pricing mechanism for auxiliary power services, emphasizing a principle of "who serves, who profits" [1]. - In the first half of 2023, the total auxiliary service fees reached 27.8 billion yuan, a significant increase from 13 billion yuan in the same period of 2019, indicating a growing market for auxiliary services [1]. - The share of thermal power companies in providing auxiliary services is substantial, with compensation reaching 25.4 billion yuan, accounting for 91.4% of the total [1]. Group 2: Company Performance and Projections - The total installed power capacity in China reached 2.9 billion kilowatts in 2023, with a year-on-year growth of 12.9%, driven by the rapid expansion of renewable energy sources [2]. - Many power companies are expected to report increased earnings in 2023 due to internal reforms and external market demand, particularly in wind and solar energy [2]. - The coal price is anticipated to remain low in 2024, which will further improve the profitability of thermal power companies [2]. Group 3: Company-Specific Updates - China Resources Power reported a 4.7% increase in electricity sales in 2023, with significant growth in both wind and solar energy sales [3]. - Huadian International's earnings per share estimates for 2023-2025 have been revised upward, reflecting stable coal power operations and expected growth in equity capacity [4]. - Huaneng International achieved a total electricity generation of 447.86 billion kilowatt-hours in 2023, with a slight decrease in average settlement price [4].

转自：中国电力新闻网 国家统计局发布消息，据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2024年2月上旬与1月下旬相比，20种产品价格上涨，25种下降，5种持平。 附注 1.指标解释 流通领域重要生产资料市场价格，是指重要生产资料经营企业的批发和销售价格。与出厂价格不同，生产资料市场价格既包含出厂价格，也包含有经营企业的流通费用、利润和税费等。出厂价格与市场价格互相影响，存在时滞，两者的变动趋势在某一时间段内有可能会出现不完全一致的情况。 2.监测内容 流通领域重要生产资料市场价格监测内容包括9大类50种产品的价格。类别与产品规格说明详见附表。 3.监测范围 监测范围涵盖全国31个省（区、市）300多个交易市场的近2000家批发商、代理商、经销商等经营企业。 4.监测方法 价格监测方法包括信息员现场采价，电话、即时通讯工具和电子邮件询价等。 5.涨跌个数的统计 产品价格上涨、下降、持平个数按照涨跌幅（%）进行统计。 海量资讯、精准解读，尽在新浪财经APP ...

转自：中国电力新闻网 1月28日，由张北艾郎风电科技发展有限公司生产的首支108米长的风电叶片成功下线，标志着该县陆上风电叶片制造进入“百米级”。 据介绍，张北艾郎风电科技发展有限公司专注于研发生产大型风电机组叶片，为国内外兆瓦级海上和陆地风电机组装机配套设备。该公司于2018年初建成投产，现有大型风电叶片生产线4条，年生产能力300套，自投产以来，已累计生产兆瓦级风电叶片近千套。 近年来，张北县以建设国家可再生能源示范区的核心区为引领，全县新能源装机总规模突破1000万千瓦。作为该县成熟的装备制造企业，艾郎风电叶片的扩模提质，将为全县高端装备制造业发展增添新动力、积蓄新动能。目前，张北已经拥有较为完善的风电装备制造产业链，一个集发、储、输、用、检测、制造于一体的新能源全产业链条已逐步形成。（翁晓静李艳红） 责任编辑：杨娜 海量资讯、精准解读，尽在新浪财经APP ...