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。 ...

年 月 日 信义能源 买入 维持评级 公司点评 新 能源与电力设备组 平价项目占比过半，拟通过境内融资 分析师：姚遥（执业 降本 分析师：宇文甸（执业 业绩简评 2月 28 日，公司发布 2023 年年报，实现收入 25.17 亿港元，同比 增长8.7%，归属上市公司股东净利润9.93亿港元，同比增长2.2%， 市 价（港币）： 元 每股派发末期股息 0.026 港元，全年派息占可分派收入比例为 46%。 相关报告： 经营分析 信义能源：组件降价储备项目收益率提升，调整派息政 全年发电量同比增长 19.6%，毛利率小幅下降2.7pct：公司2023 策助力项目收 年发电量 38.18 亿 kWh，同比增长 19.6%，实现收入 25.17 亿港 信义能源公司点评：历史欠补加速发放，电站收购能力 元，同比增长 8.7%，收入增幅较低主要是因为部分未被纳入第一 提 升》， 批合规清单的国补项目上网电价调整，以及受人民币兑港币贬值 影响。2023 年公司毛利率67.9%，同比下降2.7pct，主要是受会 港币(元) 成交金额(百万元) 计调整及2023 年光伏利用小时数下降影响。 3.00 200 母公司储备项目充 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 2,517.4 million, representing an increase of 8.7% compared to HKD 2,315.3 million in 2022[2] - Profit attributable to equity holders of the company was HKD 993.0 million, up 2.2% from HKD 971.5 million in the previous year[2] - Basic and diluted earnings per share decreased by 5.6% to HKD 12.56 compared to HKD 13.30 in 2022[2] - Gross profit for the year was HKD 1,709.2 million, with a gross margin of approximately 67.8%[4] - Operating profit increased to HKD 1,653.1 million, compared to HKD 1,540.9 million in 2022[4] - The company reported a total comprehensive income of HKD 666.9 million for the year, compared to a total comprehensive loss of HKD 722.5 million in 2022[5] - Revenue from electricity sales was HKD 1,419,092,000, up from HKD 1,279,205,000 in the previous year, indicating an increase of about 10.9%[12] - The company reported a net loss of HKD 4,898,000 in other losses for 2023, an improvement from a loss of HKD 18,988,000 in 2022[16] - EBITDA for the year was HKD 2,327.0 million, an increase of 8.6% from HKD 2,142.0 million, with an EBITDA margin of 92.4%[58] Dividends - Proposed final dividend per share was HKD 2.6, a decrease of 64.9% from HKD 7.4 in the previous year[2] - The interim dividend per share for 2023 was 3.4 HK cents, significantly lower than 7.7 HK cents in 2022[25] - The proposed final dividend per share for 2023 is 2.6 HK cents, down from 7.4 HK cents in 2022, with a total proposed amount of HKD 214,671,000[26] Assets and Liabilities - Total assets as of December 31, 2023, were HKD 21,133.6 million, up from HKD 19,939.9 million in 2022[6] - Non-current assets increased to HKD 16,163.1 million from HKD 14,740.2 million in the previous year[6] - Total liabilities decreased to HKD 7,826.2 million from HKD 8,177.7 million in 2022[7] - The current ratio improved to 1.2 as of December 31, 2023, compared to 1.0 a year earlier, driven by increases in trade and other receivables[60] - The net debt-to-equity ratio increased to 42.3% as of December 31, 2023, up from 26.9% the previous year, primarily due to a decrease in cash and cash equivalents and an increase in bank borrowings[61] Cash Flow and Expenditures - Cash and cash equivalents stood at HKD 645.0 million as of December 31, 2023, with net cash generated from operating activities at HKD 753.1 million, down from HKD 2,899.4 million in 2022[61] - Capital expenditures for the year amounted to HKD 2,630.2 million, mainly for the acquisition and improvement of solar power projects[62] - The net proceeds from the rights issue in June 2023 amounted to HKD 1,627.8 million, fully utilized by December 31, 2023, primarily for refinancing bank borrowings and general working capital[67] Financing and Borrowings - The group’s bank borrowings amounted to HKD 6,270.5 million as of December 31, 2023, compared to HKD 4,953.8 million in 2022, with a significant portion being unsecured[36] - The actual annual interest rate for bank borrowings increased to 6.05% in 2023 from 5.56% in 2022[37] - The company incurred financing costs totaling HKD 361,728,000, which increased from HKD 270,343,000 in the previous year, representing a rise of approximately 33.8%[18] Customer and Revenue Insights - The company’s major customer A generated revenue of HKD 553,524,000 in 2023, up from HKD 498,958,000 in 2022, an increase of about 10.9%[15] - Revenue from solar power plant operation and management services amounted to HKD 10.2 million, representing 0.4% of total revenue[50] - The revenue generated from solar power projects acquired in 2022 and 2023 contributed HKD 259.8 million, accounting for 10.4% of total solar power business revenue[40] Government Subsidies and Taxation - The company received government subsidies amounting to HKD 3,636,000, a decrease from HKD 17,313,000 in the previous year, indicating a decline of approximately 78.9%[12] - The immediate income tax expense for 2023 was HKD 320,775,000, slightly down from HKD 338,856,000 in 2022, a decrease of about 5.3%[19] - The company has a corporate income tax rate of 25%, with certain subsidiaries benefiting from reduced rates of 15% and 9%[20] Operational Developments - The group completed the acquisition of four solar power projects from Xinyi Solar during the fiscal year ending December 31, 2023[64] - The group plans to exercise a call option for the acquisition of eight solar power plants with a total approved capacity of 790 MW in February 2024[70] - The group expects the full performance of the 2023 portfolio to gradually reflect in its 2024 results following the completion of acquisitions in the second half of 2023[40] Market and Industry Trends - The competitive environment in the solar power sector is intensifying, necessitating stricter quality development and cost control for solar power project operators[46] - The establishment of a standard green certification system and the promotion of green electricity trading are key initiatives to support renewable energy consumption in China[44] - In 2023, China's newly installed photovoltaic capacity reached a historical high of 217 GW, significantly exceeding initial market expectations[44] Governance and Compliance - The audit committee was established on November 22, 2018, consisting of three independent non-executive directors, with the main responsibility of reviewing the accounting principles and internal control procedures of the group[73] - The auditor, PwC, confirmed that the financial data in the preliminary announcement aligns with the audited consolidated financial statements for the year ending December 31, 2023[76] - The annual general meeting is scheduled for May 31, 2024, with a suspension of share transfer registration from May 28 to May 31, 2024[77]

Financial Performance - For the first half of 2023, Xinyi Energy Holdings reported revenue of HKD 1,288.6 million, a slight increase of 2.4% compared to HKD 1,257.8 million in the same period of 2022[6]. - The profit attributable to equity holders decreased by 9.0% to HKD 566.9 million, down from HKD 623.1 million in the first half of 2022[9]. - Basic earnings per share for the first half of 2023 were HKD 7.49, compared to HKD 8.66 in the same period of 2022[6]. - The company’s dividend for the first half of 2023 was HKD 278.3 million, down from HKD 562.0 million in the same period of 2022[6]. - The group’s gross profit decreased from HKD 914.5 million in the first half of 2022 to HKD 904.6 million in the first half of 2023, a decline of 1.1%[21]. - The overall gross profit margin fell by 2.5 percentage points from 72.7% in the first half of 2022 to 70.2% in the first half of 2023, primarily due to a higher increase in sales costs compared to revenue growth[21]. - EBITDA for the first half of 2023 was HKD 1,208.9 million, a slight increase of 0.4% from HKD 1,204.3 million in the first half of 2022[27]. - The operating profit for the first half of 2023 was HKD 886,017 thousand, slightly down from HKD 888,133 thousand in the previous year[40]. - The net profit for the period was HKD 567,709 thousand, compared to HKD 624,097 thousand in the same period of 2022, reflecting a decrease of approximately 9.0%[40]. Revenue Sources - In the first half of 2023, the company's revenue from electricity sales increased by 17.2% to HKD 727.5 million, while revenue from electricity price adjustments decreased by 12.0% to HKD 556.2 million[16]. - The total revenue for the first half of 2023 was HKD 1,288.6 million, representing a 2.4% increase compared to HKD 1,257.8 million in the same period of 2022[16]. - The company recorded a revenue of HKD 4.9 million from solar power plant operation and management services, accounting for 0.4% of total revenue in the first half of 2023[19]. - Electricity sales revenue reached HKD 727,536, up 17.1% from HKD 620,921 in the previous year[54]. Capacity and Projects - The total approved capacity of solar power projects operated and owned by the company increased to 3,314 MW as of June 30, 2023, up from 3,014 MW as of December 31, 2022[9]. - The total electricity generation from solar power projects increased significantly by 26.1% compared to the first half of 2022, primarily due to the operation of new solar power projects[10]. - The company acquired a large solar power project in Hainan Province with an approved capacity of 300 MW from Xinyi Solar Holdings during the first half of 2023[11]. - The company completed the acquisition of a solar power project in Hainan with an approved capacity of 300 MW, accounting for 30% of the annual acquisition target[14]. - The company plans to continue identifying additional high-return solar power projects in the Chinese market to achieve stable growth in total approved capacity and revenue for the remainder of the year[11]. Financial Position - As of June 30, 2023, the group's total assets increased by 1.6% to HKD 20,262.7 million, while net assets rose by 8.0% to HKD 12,706.5 million[31]. - Total liabilities decreased from HKD 8,177,728 thousand as of December 31, 2022, to HKD 7,556,213 thousand as of June 30, 2023, representing a reduction of approximately 7.6%[43]. - Non-current liabilities decreased from HKD 3,079,134 thousand to HKD 2,585,301 thousand, a decline of about 16.1%[43]. - Current liabilities slightly decreased from HKD 5,098,594 thousand to HKD 4,970,912 thousand, a reduction of approximately 2.5%[43]. - The company reported a net cash inflow from operating activities of HKD 175,967 thousand for the six months ended June 30, 2023, compared to HKD 597,874 thousand for the same period in 2022, indicating a decrease of about 70.5%[46]. - Cash and cash equivalents decreased from HKD 1,213,238 thousand as of June 30, 2022, to HKD 780,226 thousand as of June 30, 2023, a decline of approximately 35.7%[47]. - The company’s bank borrowings increased from HKD 2,892,469 thousand to HKD 3,599,573 thousand, an increase of approximately 24.5%[43]. - The total equity increased from HKD 19,939,880 thousand as of December 31, 2022, to HKD 20,262,743 thousand as of June 30, 2023, reflecting an increase of approximately 1.6%[43]. Shareholder Information - Major shareholders include Xinyi Energy (BVI) Limited, holding 4,164,683,379 shares, which accounts for approximately 50.885% of the issued share capital[109]. - The largest individual shareholder, Dr. Li Xianyi, holds a total of 554,468,753 shares, representing approximately 6.774% of the issued share capital[109]. - The company has established agreements among major shareholders to grant preemptive rights on shares during potential sales, ensuring control over share distribution[105]. - The company’s share options are valued based on the Black-Scholes option pricing model, which incorporates various subjective assumptions that can significantly affect the estimated fair value[101]. - The company has a diverse shareholder base, with various individuals holding significant stakes through controlled corporations[112]. Governance and Compliance - The company confirmed compliance with the corporate governance code during the first half of 2023[95]. - The audit committee consists of three independent non-executive directors, ensuring governance and oversight of financial reporting[114]. - The company emphasizes the importance of independent oversight in its financial reporting process[114]. - The company has not disclosed any other individuals or entities with interests in shares that require notification under the Securities and Futures Ordinance as of June 30, 2023[113].

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） 截至二零二三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 二零二三年 | 二零二二年 | 變動 | | | 百萬港元 | 百萬港元 | | | 收益 | 1,288.6 | 1,257.8 | +2.4% | | 本公司權益持有人應佔溢利 | 566.9 | 623.1 | -9.0% | | 每股盈利 | | | | | －基本及攤薄 | 7.49 ...

KUE 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 # | 2022 | --- | --- | |-------|----------------------| | 目 | 錄 | | | 公司資料 | | 2 4 | 主席報告 | | 8 | 管理層討論及分析 | | 16 | 董事及高級管理層履歷 | | | 企業管治報告 | | 20 | | | 28 | 董事會報告 | | 45 | 獨立核數師報告 | | 53 | 綜合收益表 | | 54 | 綜合全面收益表 | | 55 | 綜合資產負債表 | | 57 | 綜合權益變動表 | | 59 | 綜合現金流量表 | | 60 | 綜合財務報表附註 | | 130 | 財務概要 | 信 義 能 源 控 股 有 限 公 司 | 2022 年 報 2 公司資料 | --- | --- | --- | |-------|-------------------------------------------|------------------ ...