[Table_Page] 跟踪研究|公用事业Ⅱ 证券研究报告 [【Table_T广itle] 发公用事业&海外】中国电力 [公Tab司le_I评nves级t] 买入 当前价格 3.55港元 （02380.HK） 合理价值 3.96港元 前次评级 买入 中信金融资产举牌，引入战投优化股东结构 报告日期 2024-05-21 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 事件：根据联交所信息，5月17日中信金融资产举牌公司（以每股均 20% 12% 价 3.52 港元增持 1265 万股、占总股本 0.1%，涉资 4458 万港元）， 3% 目前持有公司股权比例达 5%。公司大股东国电投集团此前亦持续增 -5%05/23 07/23 09/23 11/23 01/24 03/24 05/24 持，2023年末国电投持有公司股权比例63.7%。股权结构持续优化。 -14% ⚫ 国电投旗下最大电力平台，资产结构持续优化。公司为国电投旗下装 -22% 中国电力 恒生指数 机规模最大电力上市公司，2023 年末控股装机达 45GW（权益装机 38GW），其中清洁能 ...

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 ...

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].

公用事业|电力 公司点评 2024年03月25日 中国电力 (2380.HK) 买入 ——来水偏枯拖累业绩 其余板块稳步增长 （维持） 投资要点： 证券分析师 ➢ 事件：公司公告2023年度业绩，全年实现归母净利润26.6亿元人民币，同比增长7.23%， 刘晓宁 S1350523120003 略低于我们预期的32亿元。每股分红0.132元人民币，当前股价对于股息率4.4%。 liuxiaoning@huayuanstock.com ➢ 来水历史性偏枯为业绩不及预期主因，水电出现罕见亏损。公司水电所在流域2023年呈现历 研究支持 史性偏枯，全年水电发电量同比减少35.49%，而2022年水电发电量已经较2021年同比减 少-12.97%。受此影响，公司水电板块出现罕见亏损，全年亏损8.26亿元（含少数股东损益， 下同），而2022年同期为盈利2.61亿元，2021年为盈利9.46亿元。从历史情况来看，公 联系人 刘晓宁 司水电板块年均盈利在8-10亿元左右，2023年水电亏损系公司业绩不及预期主因。 S1350523120003 liuxiaoning@huayuanstock.com ➢ 煤电业绩超预期，老 ...

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 ...

Table_Title Table_BaseInfo 2024 年 4 月 12 日 公司动态报告 中国电力（2380.HK） 证券研究报告 火电实现盈利，风光持续增长 新能源 中国电力2380.HK近期公布2023年经营业绩，业绩增速低于市场预期，派息比例 投资评级： Xx 未有 xx 提升至超 60%。业绩增速低于市场预期，主要受水电板块拖累，2023 年水电来水 大幅低于历史平均，板块出现亏损约8亿元，拖累整体业绩表现。煤炭价格下降， 目标价格： 未有 火电板块实现盈利，风电及光伏项目装机增长，利润增长，整体推动公司业绩增长。 现价(2024-4-11)： 3.25港元 预期 2024 年，公司自建新增风电光伏装机 7GW，2024 年底清洁能源装机占比超 78%。公司力争完成2025年底清洁能源装机占90%的目标。2024年，根据1-2月 来水情况表现，水电来水预期提升，新能源装机推动下预期发电量提升，我们认为 目前股价对应2024年预测PE7.4倍，股息率6.9%，估值有提升空间。 总市值(百万港元) 40,202.99 流通市值(百万港元) 40,202.99 报告摘要 总股本(百万股) 12,3 ...

[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%； ...