Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.76 CNY per share and 8.27 HKD per H-share based on a 20x PE valuation for 2024 [3][56]. Core Insights - The company's operating profit remains stable despite significant asset impairment impacting performance. In 2023, the company achieved revenue of 37.642 billion CNY (down 5.6% year-on-year) and a net profit attributable to shareholders of 6.249 billion CNY (up 22.3% year-on-year) [1][9]. - The company added 4.5 GW of new renewable energy capacity in 2023, with total generation increasing by 7.9%. Wind power generation rose by 5.2% due to new installations, while solar power saw a significant increase of 160% [1][36]. - The company has a robust growth outlook, with plans to start 10 GW of new energy projects in 2024 and a total of 22.75 GW of development indicators acquired in 2023 [1][50]. Summary by Sections 1. Operating Profit Stability and Asset Impairment Impact - The company reported a stable total operating profit despite a 49.5% decline in revenue from coal sales. The wind and solar segments showed revenue growth of 1.1% and 114.4%, respectively [1][9]. - Financial expenses decreased by 4.0 billion CNY, while investment income increased by 4.9 billion CNY, contributing to profit growth [1][9]. 2. New Installations and Generation Growth - In 2023, the company added 4.5 GW of new capacity, bringing total controlled capacity to 35.6 GW, with wind power accounting for 27.75 GW [1][36]. - The total electricity generation reached 762.26 billion kWh, with wind power contributing 613.53 billion kWh [1][39]. 3. Resource Reserves and Growth Potential - The company secured 54 GW of new resource reserves in 2023, with a focus on wind and solar energy. The company plans to accelerate installation growth due to favorable resource locations [1][50]. - The company aims to start 10 GW of new energy projects in 2024, with expectations of significant growth in the coming years [1][50]. 4. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is 7.86 billion CNY, 8.93 billion CNY, and 10.07 billion CNY, respectively, with corresponding PE ratios of 19.8, 17.4, and 15.5 [1][56]. - The report emphasizes the company's growth potential in renewable energy installations and maintains a "Buy" rating based on favorable valuations compared to peers [1][56].

Investment Rating - The report maintains a "Buy" rating for Longyuan Power [3][5]. Core Views - Longyuan Power's 2023 annual report shows a revenue of 37.642 billion RMB, a decrease of 5.57% year-on-year, while net profit attributable to shareholders increased by 22.27% to 6.249 billion RMB, slightly below expectations [2]. - The company plans to distribute a dividend of 0.2225 RMB per share, resulting in a dividend yield of 4.40% based on the closing price on March 29 [2]. - The growth in installed capacity supports a significant increase in wind power generation, despite challenges in electricity pricing and operational efficiency [2]. - The company has a robust project reserve, with a total installed capacity of 35.69 GW by the end of 2023, including 27.75 GW from wind power [2]. Financial Performance and Forecast - Financial expenses decreased to 3.403 billion RMB in 2023 from 3.806 billion RMB in the previous year, reflecting lower loan interest rates [3]. - The forecast for net profit attributable to shareholders is adjusted to 7.635 billion RMB for 2024 and 8.266 billion RMB for 2025, with a new estimate of 9.338 billion RMB for 2026 [3][4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 5.5 for 2024, 5.0 for 2025, and 4.5 for 2026 [3][4].

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨龙源电力（ ） 001289.SZ [加Ta回b减le_值T符itle合] 预期，老旧改造提升未来 报告要点 [2T0a2b3le年_S公u司mm实a现ry实] 现归母利润62.49亿元，同比增长22.27%，虽然公司累计完成发电量762.26 亿千瓦时，同比增加 7.92%，但平均上网电价同比减少 0.025 元/千瓦时，导致营收同比下滑 5.57%。公司2023年资产减值20.86亿元，连续2年减值超过20亿元，在加回减值后全年业 绩符合预期，减值意味着“老旧风场”改造的正式启动，公司早期抢占的优质资源禀赋将在改 ...

证券研究报告 | 2024年03月31日 龙源电力（001289.SZ） 增持 资产减值影响盈利增长，新能源装机持续增长 核心观点 公司研究·财报点评 营业收入有所下降，归母净利润实现增长，资产减值影响盈利增长。2023 公用事业·电力 年，公司实现营收376.42亿元（-5.57%），归母净利润62.49亿元（+22.27%）， 证券分析师：黄秀杰 证券分析师：郑汉林 扣非归母净利润62.43亿元（+8.68%）。公司营业收入同比下降的原因在于 021-61761029 0755-81982169 huangxiujie@guosen.com.cn zhenghanlin@guosen.com.cn 煤炭销售收入下降，2023年公司煤炭销售收入32.42亿元（-48.69%）；公 S0980521060002 S0980522090003 司归母净利润同比增长的原因在于公司风光新能源装机规模提升使得发电 证券分析师：李依琳 联系人：崔佳诚 量增加，电力业务收入增长，2023 年公司电力业务收入 327.33 亿元 010-88005029 021-60375416 liyilin1@guosen.com.c ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 37.64 billion yuan in 2023, a year-on-year decrease of 5.6%, while the net profit attributable to the parent company was 6.25 billion yuan, an increase of 22.3% year-on-year [5] - The company's performance was slightly below expectations, primarily due to a 2.19 billion yuan asset impairment provision and a slight decrease in electricity prices [5][6] - The company achieved a stable growth in wind and solar power generation, with total electricity generation reaching 76.23 billion kWh, a year-on-year increase of 7.9% [5] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 37.64 billion yuan and a net profit of 6.25 billion yuan, with a non-recurring net profit of 6.24 billion yuan, reflecting an 8.7% year-on-year increase [5][6] - The average on-grid electricity price for the company was 443 yuan per MWh, a decrease of 25 yuan per MWh year-on-year [5] Capacity and Resource Reserves - As of the end of 2023, the company's installed capacity reached 35.6 GW, an increase of 4.5 GW year-on-year, with wind power capacity at 27.8 GW, up by 1.6 GW [6] - The company added 54 GW of new resource reserves in 2023, including 24.65 GW of wind power and 23.95 GW of solar power [6] Future Projections - The company is expected to achieve revenues of 39.88 billion yuan, 43.76 billion yuan, and 47.32 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 5.9%, 9.7%, and 8.1% [6][8] - The net profit projections for the same years are 7.79 billion yuan, 8.42 billion yuan, and 9.01 billion yuan, with growth rates of 24.7%, 8.0%, and 7.0% [6][8]

Investment Rating - The report maintains a "Buy" rating for Longyuan Power, with a target price adjusted to 21.50 yuan, down from the previous forecast of 23.73 yuan [5][9]. Core Views - The company's performance in 2023 was below expectations, with revenue of 37.642 billion yuan, a year-on-year decrease of 5.6%, and a net profit attributable to shareholders of 6.249 billion yuan, an increase of 22.2% [3][4]. - The fourth quarter of 2023 saw a revenue of 9.54 billion yuan, a year-on-year decrease of 1.1%, and a net profit of 140 million yuan, indicating a turnaround from losses in the previous year [3]. - The company plans to distribute dividends totaling 1.92 billion yuan, representing 30.7% of net profit, which is an increase of 11.5 percentage points year-on-year [3]. - Longyuan Power added 4.5 GW of new installed capacity in 2023, with 1.6 GW from wind power and 2.9 GW from solar power [3]. - The report highlights the company's significant project reserves, with 54 GW of new resource reserves and 23 GW of development indicators acquired in 2023, indicating broad growth potential in the long term [3]. Financial Summary - Revenue for 2023 was 37,642 million yuan, with projections for 2024 and 2025 at 41,609 million yuan and 46,826 million yuan, respectively [4]. - The net profit for 2023 was 6,249 million yuan, with expected growth to 7,967 million yuan in 2024 and 9,462 million yuan in 2025 [4]. - The earnings per share (EPS) for 2023 was 0.75 yuan, projected to increase to 0.95 yuan in 2024 and 1.13 yuan in 2025 [4]. - The company’s gross margin for 2023 was 36.4%, with expectations for improvement to 37.2% in 2024 [4]. Valuation Metrics - The report assigns a price-to-earnings (PE) ratio of 19x for 2025, reflecting a premium for being a leading player in the industry [3]. - The company's current PE is 24.79, with projections of 19.44 for 2024 and 16.37 for 2025 [4][5]. - The dividend yield for 2023 is noted at 0.6%, expected to rise to 1.2% in 2024 and 1.5% in 2025 [4].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 新能源发电 ＃investSuggestion＃ ＃ ＃d龙yCo源mpa电ny＃力 （ 001289 ） investSug 增持 ( 维ges持tionC）h 0000 减09 值计提压制业绩＃ ，title＃ 看好资产扩张潜力 ange＃ ＃createTime1＃ 2024 年3月29 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：龙源电力发布2023年报，公司全年实现营业收入376.42亿元，同比-5.57%， 日期 2024-3-27 归母净利润62.49亿元，同比+22.27%。公司全年完成发电量762.26亿度，同比+7.9%， 收盘价（元） 18.20 其中风电613.53亿度，同比+5.2%，光伏等可再生能源45.53亿度，同比+159.8%， 火电103.20亿度，同比-2.39%。截至2023年底，公司控股装机容量为35.59GW，其 总股本（百万股） 8,381.96 中风电27.75GW（新增1.56GW），光伏等可再生能源5.96GW（光伏新增2.95GW）， 流通股本（百万股） 13 ...

Financial Performance - The net profit attributable to shareholders for 2023 is RMB 6,200,378,263, with a proposed cash dividend of RMB 1,860,113,479, representing 30% of the net profit[2]. - The planned cash dividend per share is RMB 0.2225 (before tax), based on a total of 8,359,816,164 shares issued[2]. - The profit distribution proposal is subject to approval at the shareholders' meeting[2]. - The company's operating revenue for 2023 was approximately ¥37.64 billion, a decrease of 5.57% compared to ¥39.86 billion in 2022[15]. - Net profit attributable to shareholders for 2023 reached approximately ¥6.25 billion, representing an increase of 22.27% from ¥5.11 billion in 2022[15]. - The net cash flow from operating activities was approximately ¥13.88 billion, a significant decrease of 53.10% compared to ¥29.61 billion in 2022[16]. - Basic and diluted earnings per share for 2023 were both ¥0.7272, reflecting a 24.54% increase from ¥0.5840 in 2022[16]. - The total assets of the company at the end of 2023 were approximately ¥229.26 billion, an increase of 2.67% from ¥222.90 billion at the end of 2022[16]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥77.09 billion, an increase of 3.07% from ¥68.81 billion at the end of 2022[16]. - The company's return on equity (ROE) for 2023 was 9.11%, up from 8.10% in 2022[16]. Operational Highlights - The company's operating revenue for the fourth quarter was CNY 9,533,265,683.10, with a total annual revenue of CNY 37,682,913,685.70, reflecting a year-on-year increase of approximately 5.2%[22]. - The net cash flow from operating activities for the fourth quarter was CNY 7,893,465,269.34, showing a significant recovery compared to a negative cash flow of CNY -2,038,280,879.22 in the third quarter[22]. - The company reported a total of CNY 36,818,764.51 in government subsidies for the current year, an increase from CNY 26,798,416.82 in the previous year, indicating a growth of approximately 37.5%[24]. - The total non-operating income for the current year amounted to CNY 6,483,088.63, a significant recovery from a loss of CNY -633,224,850.27 in the previous year[24]. - The company recorded a total electricity consumption of 92,241 billion kWh in 2023, representing a year-on-year growth of 6.7%[26]. - The average utilization hours of power generation equipment in large power plants decreased by 101 hours year-on-year to 3,592 hours, with coal-fired power generation increasing by 92 hours to 4,685 hours[26]. Renewable Energy Development - The newly added power generation capacity in 2023 was 370 million kilowatts, with wind power and solar power accounting for 58.5% of the total new capacity[27]. - By 2030, the goal is for renewable energy to account for over 40% of installed capacity and over 20% of power generation[27]. - The National Energy Administration aims for annual new solar thermal power installations to reach approximately 3 million kilowatts during the 14th Five-Year Plan period[28]. - The renewable energy power consumption responsibility weight for 2023 is set as a binding indicator, with provinces required to ensure compliance[29]. - The issuance of green certificates for renewable energy will cover all renewable energy projects, with one certificate corresponding to 1,000 kilowatt-hours of renewable energy[29]. - The company achieved a significant increase in renewable energy generation, with other renewable sources generating 4,553,052 MWh, a year-on-year increase of 159.83%[33]. Market and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[12]. - The company is focusing on digital transformation and has built the largest digital platform for renewable energy production globally, managing over 580 billion data points daily[49]. - The company is actively pursuing new energy and hydrogen-based energy projects, leveraging the trend in hydrogen industry development[47]. - The company plans to enhance operational efficiency, targeting a 5% reduction in operational costs through process optimization[120]. - The company is considering strategic acquisitions to enhance its portfolio, with potential targets identified in the renewable energy sector[120]. Governance and Management - The company has a clear and independent governance structure, ensuring compliance with relevant laws and regulations, and maintaining operational independence from its controlling shareholder[104]. - The company has established a robust investor communication mechanism, including monthly power generation announcements and annual performance briefings[100]. - The company has maintained a strong focus on corporate governance, with all directors fulfilling their duties diligently and in accordance with legal requirements[133]. - The company reported a significant increase in user data, with a year-over-year growth of 25% in active users, reaching a total of 5 million[120]. - The company has experienced a significant management turnover, with multiple appointments and resignations in 2023[115]. Environmental Responsibility - The company adheres to strict environmental regulations, ensuring that all major pollutants meet the standards set by Jiangsu Province[156]. - The company has completed ultra-low emission transformations for sulfur dioxide, nitrogen oxides, and particulate matter across all its coal-fired units, passing environmental inspections[159]. - The company is committed to green and low-carbon development, aligning with national environmental protection policies[156]. - The company has established a comprehensive environmental management system to fulfill its environmental responsibilities and improve data quality[161]. - The company conducted effective monitoring of various environmental parameters in compliance with national and industry standards[162]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[120]. - The company plans to enhance its support for Youyu County in 2024, focusing on rural infrastructure and agricultural quality improvement[164]. - The company anticipates that the installed capacity of renewable energy will exceed 200 million kilowatts in 2024, indicating a strong growth trajectory[86]. - The company plans to start new renewable energy projects with a total capacity of 10 million kW and to put into operation 7.5 million kW in 2024[94].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company, with a target price of 23.75 CNY per share based on a PE valuation of 25.0 times for 2024 [5][3]. Core Views - The company reported a revenue of 37.642 billion CNY in 2023, a decrease of 5.57% year-on-year, while the net profit attributable to shareholders increased by 22.27% to 6.249 billion CNY [2][4]. - The company plans to distribute a cash dividend of 0.2225 CNY per share, totaling 1.86 billion CNY, representing a cash dividend payout ratio of approximately 30.60% [2]. - The wind power segment faced challenges due to cost expansion and impairment losses, with a revenue of 27.361 billion CNY, a year-on-year increase of 2.1%, but operating profit decreased by 5.3% to 11.011 billion CNY [2][3]. - The company has significant growth potential in the solar energy sector, with installed capacity reaching 5.9643 million kW and a generation increase of 159.8% year-on-year [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 37.642 billion CNY, with a year-on-year growth rate of -5.57% [4]. - The net profit attributable to shareholders was 6.249 billion CNY, reflecting a growth rate of 22.27% [4]. - The company expects EPS of 0.95 CNY for 2024 and 0.99 CNY for 2025, with corresponding PE ratios of 24.4 and 19.1 [4][9]. Operational Highlights - The company added 1.5626 million kW of wind power capacity in 2023, with total wind power generation reaching 61.353 billion kWh, a growth of 5.2% [2][3]. - The average on-grid electricity price for wind power decreased by 0.024 CNY/kWh to 0.457 CNY/kWh, a decline of 5.0% [2]. - The solar energy segment saw a significant increase in generation and revenue, with a total generation of 4.553 billion kWh and revenue of 1.408 billion CNY, representing growth rates of 159.8% and 114.4%, respectively [3][4]. Future Outlook - The company has secured new energy development indicators totaling 19.84 GW, with significant reserves in both wind and solar resources [3]. - The report anticipates continued improvements in profitability for the fire power segment due to declining fuel costs and increased market trading volumes [2][3].

Financial Performance - For the year ended December 31, 2023, revenue was RMB 37.638 billion, a decrease of 5.6% compared to the previous year[2]. - For the same period, profit before tax was RMB 8.398 billion, an increase of 9.3% year-on-year[4]. - Net profit attributable to equity holders was RMB 6.355 billion, reflecting a growth of 23.9% compared to last year[2]. - Earnings per share for the year was RMB 0.7398, an increase of RMB 0.1536 from the previous year[2]. - Total comprehensive income for the year was RMB 6.891 billion, compared to RMB 6.096 billion in 2022[6]. - The company reported a net financial expense of RMB 3.437 billion, down from RMB 3.800 billion in the previous year[4]. - The company’s coal sales cost decreased significantly to RMB 3.119 billion from RMB 6.275 billion in 2022[4]. - The company’s total revenue from technical service fees increased to RMB 387,004,000 in 2023, up from RMB 249,129,000 in 2022, representing a growth of approximately 55.41%[49]. - The company reported a net loss of RMB 28,596 thousand from the disposal of subsidiaries, indicating challenges in this area[44]. - The company achieved a net profit of RMB 6.868 billion in 2023, representing a 12.1% increase from RMB 6.128 billion in 2022[104]. Assets and Liabilities - Non-current assets increased to RMB 184.907 billion from RMB 170.707 billion in 2022[7]. - Current assets decreased to RMB 45.008 billion from RMB 52.905 billion in 2022[7]. - Total current liabilities decreased to RMB 71,254,606 thousand in 2023 from RMB 74,279,570 thousand in 2022, representing a reduction of approximately 2.8%[8]. - Total non-current liabilities increased to RMB 76,634,457 thousand in 2023 from RMB 69,536,675 thousand in 2022, reflecting an increase of about 10.1%[8]. - Total assets minus current liabilities rose to RMB 158,660,533 thousand in 2023, up from RMB 149,331,785 thousand in 2022, indicating an increase of approximately 6.8%[8]. - The company's total equity increased to RMB 82,026,076 thousand in 2023 from RMB 79,795,110 thousand in 2022, marking a growth of about 2.8%[8]. - The company's total liabilities increased to RMB 147,889,063 thousand in 2023 from RMB 143,816,245 thousand in 2022, reflecting an increase of approximately 2.9%[8]. - The company's reserves increased to RMB 60,232,203 thousand in 2023 from RMB 55,008,230 thousand in 2022, representing an increase of about 9.9%[8]. - The company's borrowings decreased from RMB 53,279,235 thousand in 2022 to RMB 49,498,691 thousand in 2023, a decline of approximately 7.5%[8]. - The company's total borrowings increased to RMB 72,780,016 thousand in 2023 from RMB 66,445,183 thousand in 2022, reflecting an increase of about 9.4%[8]. Segment Performance - The group reported total revenue of RMB 38,405,434,000 for the year ending December 31, 2023, with significant contributions from the wind power segment at RMB 27,496,401,000, thermal power at RMB 8,418,208,000, and photovoltaic power at RMB 1,408,072,000[26]. - The operating profit for the group was RMB 12,033,730,000, with the wind power segment contributing RMB 11,010,584,000, thermal power RMB 394,869,000, and photovoltaic power RMB 627,146,000[26]. - The profit from reportable segments increased to RMB 12,033,730,000 in 2023, compared to RMB 11,450,511,000 in 2022, reflecting a growth of 5.1%[30]. - The wind power segment's revenue for 2023 was RMB 27.496 billion, a growth of 0.9% from RMB 27.248 billion in 2022, attributed to increased installed capacity and electricity sales[124]. - The thermal power segment's revenue decreased by 28.1% to RMB 8.418 billion from RMB 11.716 billion in 2022, mainly due to reduced coal sales volume and average selling price[126]. - The photovoltaic segment's revenue surged by 114.3% to RMB 1.408 billion from RMB 0.657 billion in 2022, driven by increased installed capacity and electricity sales[129]. Cash Flow and Investments - The net cash inflow from operating activities in 2023 was RMB 13.884 billion, down RMB 15.684 billion from RMB 29.568 billion in 2022, mainly due to a decrease in receivables from electricity sales subsidies[152]. - The net cash outflow from investment activities in 2023 was RMB 21.434 billion, an increase of RMB 2.325 billion from RMB 19.109 billion in 2022, primarily for wind and photovoltaic power project construction[152]. - The net cash outflow from financing activities in 2023 was RMB 6.264 billion, a decrease of RMB 10.241 billion from a net inflow of RMB 3.977 billion in 2022, mainly due to loan repayments and interest payments[152]. - In 2023, the company's capital expenditures amounted to RMB 23.896 billion, a 33.1% increase from RMB 17.959 billion in 2022[145]. - Wind power project expenditures were RMB 10.469 billion, accounting for 43.8% of total capital expenditures, while photovoltaic project expenditures were RMB 12.014 billion, making up 50.3%[146]. Corporate Governance and Compliance - The company has consistently adhered to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year ending December 31, 2023[177]. - The company has adopted the standard code for securities trading for all directors and supervisors, confirming compliance during the reporting period[178]. - The audit committee has reviewed the group's performance for the year 2023 and the financial statements prepared in accordance with International Financial Reporting Standards[181]. - The company has appointed Ernst & Young as the auditor for the financial statements for the year ending December 31, 2023, with an audit fee of RMB 13.24 million (excluding tax)[179]. - The company has engaged Zhongshen Zhonghuan Certified Public Accountants as its Chinese auditor for the year 2023, with an audit fee of RMB 9.929 million (excluding tax)[180]. Future Outlook and Strategy - The company plans to accelerate the development of renewable energy, particularly wind and solar power, as part of the national energy strategy[69]. - The group is focusing on the development of offshore wind power projects in Jiangsu, Hainan, Shanghai, and Guangdong, achieving new breakthroughs[83]. - The group is enhancing strategic collaboration and leveraging integrated advantages to promote large-scale project development[83]. - The group has developed new models for long-term electricity price forecasting and multi-period trading strategy risk control[89]. - The group aims to improve local grid structures and expand consumption channels to address risks associated with weak grid infrastructure in certain regions[155].