Investment Rating - The investment rating for the company is Neutral [2][8]. Core Views - The company's revenue for the first half of the year was HKD 1.22 billion, a decrease of 5.4% year-on-year, while net profit attributable to shareholders was HKD 395 million, down 30.4% year-on-year, primarily due to increased curtailment rates and a higher market electricity proportion leading to lower electricity prices for existing projects [1][2]. - The average electricity price decreased by approximately 8% year-on-year, and the gross profit margin fell by 6.0 percentage points to 64.2% [1]. - The company has increased its proportion of lower-interest RMB loans from 13% at the end of last year to 22% by mid-year, resulting in a decrease in average borrowing costs from 6.05% to 4.71% [1]. - Despite the challenges, the company is still evaluating new projects with a strict assessment of a 10% curtailment rate and a 10% decrease in electricity prices, indicating that potential acquisition projects still have relatively high returns [1][2]. Financial Summary - Revenue (in million HKD) is projected to be 2,432 in 2024, down 3.4% year-on-year, with a net profit of 822 million HKD, reflecting a decrease of 17.2% [3][9]. - The company’s dividend per share is expected to be HKD 0.050 in 2024, with a dividend yield of 5.6% [3][9]. - The average tax rate is projected to increase to 26.0% in 2024, up from 23.4% in 2023 [7][9]. Market Performance - The stock price has seen a year-to-date decline of 37.76%, with a 52-week high of HKD 2.00 and a low of HKD 0.88 [5][4]. - The target price has been adjusted to HKD 1.00, reflecting a potential upside of 12.4% from the current price [2][8]. Industry Context - The report indicates that the solar power generation utilization rate in mainland China has decreased by 1.2 percentage points to 97%, with the National Energy Administration lowering the renewable energy utilization target from 95% to 90% [1]. - The report highlights that the pressure on consumption is expected to increase due to a significant rise in new installations, which could lead to further increases in curtailment rates and a wider market electricity proportion [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][7]. Core Insights - The company reported a revenue of HKD 1.224 billion for the first half of 2024, a decrease of 5.3% year-on-year, and a net profit of HKD 395 million, down 30.4% year-on-year [2]. - The company's power generation increased by 7.4% year-on-year, reaching 2.024 billion kWh, but profitability was impacted by market-oriented trading leading to a decline in settlement electricity prices [2]. - The company completed the acquisition of 200 MW of photovoltaic projects in the first half of 2024, with the proportion of grid-parity projects rising to 55.2%, an increase of 7 percentage points year-on-year [2]. - Financing costs are expected to continue to decline, with the actual interest rate on bank loans decreasing to 4.7%, down 1.4 percentage points from the end of the previous year [2]. - The net profit forecasts for 2024-2026 have been adjusted to HKD 1.064 billion (-14%), HKD 1.241 billion (-13%), and HKD 1.342 billion (-13%) respectively [2]. Summary by Sections Financial Performance - Revenue for 2024 is projected at HKD 2.852 billion, with a growth rate of 13.28% [4]. - Net profit for 2024 is estimated at HKD 1.064 billion, reflecting a growth rate of 7.11% [4]. - The diluted earnings per share for 2024 is expected to be HKD 0.13 [4]. Operational Analysis - The gross profit margin for the first half of 2024 was 64.2%, a decrease of 6 percentage points year-on-year [2]. - The company plans to acquire an additional 700-1000 MW of large-scale grid-parity photovoltaic projects within 2024 [2]. Valuation Metrics - The current stock price corresponds to a 2024 P/E ratio of 6.9 times, a P/B ratio of 0.5 times, and a dividend yield of 6% [2].

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分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 XINYI ENERGY HOLDINGS LIMITED 信義能源控股有限公司 （於英屬處女群島註冊成立之有限公司） （股份代號：03868） 截至二零二四年六月三十日止六個月 中期業績公告 | --- | --- | --- | --- | --- | |--------|----------------------------------------------------------------------------------|------------------------|-----------------------|--------| | | | | | | | | 財務摘要 | | | | | | | 截至六月三十日止六個月 | | | | | | 二零二四年 百萬港元 | 二零二三年 百萬港元 | 變動 | | 收益 | | 1,218.4 | 1,288.6 | -5.4% | ...

X4F ® XINYI ENERGY HOLDINGS LIMITED 信 義 能 源 控 股 有 限 公 司 (於英屬處女群島註冊成立之有限公司) 股份代號：03868 0000 # 2023 目 7 25 43 錄 2 公司資料 主席報告 管理層討論及分析 董事及高級管理層履歷 17 企業管治報告 董事會報告 獨立核數師報告 51 綜合收益表 52 綜合全面收益表 綜合資產負債表 53 55 綜合權益變動表 57 綜合現金流量表 58 綜合財務報表附註 財務概要 128 13 4 信 義 能 源 控 股 有 限 公 司 | 2023 年 報 2 公司資料 | --- | --- | --- | |-------|-------------------------------------------|-------------------------------------------------------------------------| | | 執行董事 | 中國主要營業地點 | | | 李聖潑先生（銅紫荊星章） （主席） ø~ | 中國 | | | 丹斯里拿督董清世 | 安徽省 | | | P. ...

公司研究 信义能源(3868.HK)： 发电量稳步增长，新增电站收益率有望提升 香港 新能源/电力 公司2023年实现营收 25.17亿港元，同比+8.7%；股东应占 溢利 9.93 亿港元，同比+2.2%。每股盈利 0.13 港元，每股拟 2024年03月13日 买入 派末期股息0.026港元，派息比例为20.7%。 目标价 1.46 成本上升拖累盈利增长。受益于公司近两年收购的太阳能发电场项目的贡 收盘价 (12 Mar 24) 1.16 献，公司 2023年太阳能发电场项目生产的电力较上年增长10.9%，收入同 上升/下降 25.86% 比增长 8.7%至 25.17亿港元。归母净利润同比增长2.2%至9.93亿港元， 恒生指数 17093.50 归母净利润增长低于我们此前的预期。期内公司销售成本上升18.7%至6.81 总市值 (HKD亿) 95 亿港元（主要由于公司资产折旧费用同比上升 11.3%至 6.34 亿港元），成 52周最高/最低 (HKD) 2.63/0.98 资料来源: Wind，国信证券（香港）研究部整理 本涨幅超过收入提升幅度，致使公司2023年整体毛利率较上年同期下滑2.7 个百 ...

更新报告 持有 电站资产规模稳步增长，加大境内融资比例 信义能源（3868.HK） 2024-03-13 星期三 投资要点 目标价： 1.32 港元 ➢ 2023年盈利9.93亿港元，同比增长2.2%： 现 价： 1.17港元 2023 年公司实现收入 25.17 亿港元，同比增长 8.7%；归属股东净利润 预计升幅: 13% 9.93 亿港元，同比增长 2.2%，基本每股盈利 12.56 港仙，全年派息 6 港仙。公司收入增长主要来自新收购电站贡献带来发电量增长，期内公 重要数据 司全年售电量3,817.6 GWH，同比增长19.6%；盈利仅小幅增长，主要 由于境外利率上升导致融资成本增加，以及所得税开支增加所致。 日期 2023-03-12 收盘价（港元） 1.17 ➢ 2024年目标收购电站700-1000MW，规模稳健增长： 总股本（亿股） 82.57 2023年，公司完成收购母公司信义光能4个核准容量为636.5MW的平 总市值（亿港元） 97 价项目。截至2023年12月31日，公司共持有及运营太阳能电站总核 净资产（百万港元） 13,307 准容量为 3,650.5 兆瓦，其中平价项目占比约 5 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Viewpoints - The company achieved a revenue of HKD 2.517 billion in 2023, representing an 8.7% year-on-year growth, primarily driven by new project acquisitions contributing to power generation [3][4]. - The net profit attributable to shareholders for 2023 was HKD 993 million, reflecting a 2.2% increase year-on-year, with basic earnings per share at HKD 0.1256, a decrease of 5.6% [3][4]. - The company plans to distribute a final dividend of HKD 0.026 per share, totaling HKD 0.06 for the year [4][7]. - The company has a robust project reserve, having acquired four photovoltaic power station projects with a total approved capacity of 636.5 MW in 2023, bringing the total operational capacity to 3,650.5 MW by the end of 2023 [5][6]. - The company’s power generation increased by 10.9% year-on-year, with subsidy recoveries amounting to RMB 485 million in 2023 [7]. - High financing costs have impacted the company's performance, with financing costs rising by 34% to HKD 360 million in 2023, and the company aims to expand its financing channels in mainland China to reduce overall costs [7]. Financial Summary - Revenue projections for 2024-2026 are estimated at HKD 2.850 billion, HKD 3.183 billion, and HKD 3.517 billion, with year-on-year growth rates of 13.21%, 11.70%, and 10.47% respectively [3][7]. - Net profit projections for the same period are HKD 1.097 billion, HKD 1.205 billion, and HKD 1.345 billion, with growth rates of 10.50%, 9.86%, and 11.56% respectively [3][7]. - The net profit margin for 2023 was 39.45%, with a return on equity of 7.92% [3][7].

信义能源（3868 HK） | 2024年2月29日 香港股市 | 新能源 | 光伏发电 更新报告 信义能源（3868 HK） 评级：中性 目标价：1.19 港元 FY23 业绩逊预期 股票资料（更新至2024年2月28日） 去年股东净利润同比上升2.2% 现价 1.10港元 2023年股东净利润同比上升2.2%至9.9 亿元(港元，下同)，较我们及市场预测的11.3 亿 及 11.7 亿元，分别低 12.2%及 15.3%，主因：(一)部份因发电量同比上升 10.9%所产生的 总市值 9,082.25百万 港元 收入被人民币贬值因素抵消，最终公司总收入同比增长 8.7%至 25.2 亿元；(二)港元借贷 流通股比例 24.57% 利率上升导致财务开支同比增长33.8%%至3.6亿元。截至2023年12月底，港币及人民 已发行总股本 8,256.59百万 币借贷占比分别为86.7%及13.3%。 52周价格区间 0.98-2.68港元 电费补贴收款金额同比下跌74.1%至4.9亿元人民币。公司财务情况略逊预计，净负债率 3个月日均成交额 8.72百万 港元 由2022年的26.9%上升至2023年的42.3% ...

交银国际研究 公司更新 新能源 收盘价 目标价 潜在涨幅 2024年2月29日 港元1.09 港元1.16↓ +6.4% 信义能源 (3868 HK) 业绩低于预期，弃光和电价风险加大，维持中性  天气、弃光导致售电量欠佳，业绩低于预期：公司去年实现归母净利9.93 个股评级 亿港元，同比增长2.2%，其中下半年4.26亿港元，同比/环比+22.3%/-24.8% 中性 ，低于我们/市场预期25%/27%，主要是由于售电量因天气、弃光等因素低 于预期。售电量同比增长19.6%至3817吉瓦时，其中下半年仅同比/环比增 长14.1%/2.7%，全年平均利用小时下降2.5%。市场电量占比13%，综合考 1年股价表现 虑绿电交易溢价和市场化交易折价，相比标杆电价仍有溢价。毛利率同比 下降2.7个百分点至67.9%，其中下半年同比/环比下降2.6/4.7个百分点至 3868 HK 恒生指数 10% 65.5%。全年每股股息减少60%至0.06港元，派息比例50%。 0% -10%  收购规模不及预期，融资利率继续上升。公司去年仅从母公司收购637兆 -20% 瓦项目，低于此前0.7-1吉瓦的指引。公司今年计划收购 ...

智通财经APP获悉，瑞银发布研究报告称，维持信义能源(03868)"中性"评级，下调2024年至2026年每股 盈利预测8%、11%及12%，反映慢于预期的产能增长、更高利息成本及更低利用率，部分被单位资本开 支下降所补偿，目标价由1.3港元下调至1.2港元。 该行指，撇除一次性项目，公司去年经常性净利同比跌15%，较该行及市场预期低11%及14%，全年派 息减少六成，亦差于预期。该行指出业绩有三项事项值得留意，包括利率上升导致净融资成本同比升 40%，去年发电产能利用时数同比跌2.5%及部分省分项目面临被削减影响EBIT率下降1个百分点至 66%，以及全年新产能增长达636.5兆瓦。 ...