研究员：王玮嘉/黄波/胡知/李雅琳 机构：华泰证券 6 月5 日中电控股出席了我们组织的2025 年中期策略会，会上公司分享近期经营变化和后续展望。我们 认为主要关注点包括：1）稳定型业务：随资本投入转固，管制业务利润贡献或稳步增厚；Q1 中国内地 核电机组稳健运行，阳江核电站电价略有下滑。2）成长型业务：Q1 中国内地、印度多个零碳项目顺利 投产，零碳项目投资计划的落地或为公司业绩注入成长潜力。 盈利预测与估值 我们维持公司25-27 年归母净利润为121/124/130 亿港元，2025 年EPS/BPS 为4.79/42.82 港元。维持目标 价79.37 港元，基于1.85x 25E PB，高于3 年历史均值（1.51x），重申看好公司未来业绩增长及分红提 升的潜力。 公司零碳资产组合不断拓展，中国内地广西博白风电项目（150MW）/江苏宜兴一期光伏项目 （90MW）、印度Sidhpur 风场（251MW）均于Q1 全面投产。据公司此前披露的零碳项目投资计划， 自2024 年至2029 年，中国内地可再生能源装机将翻倍（~3GW 至~6GW）；印度可再生能源/输电/智能 电表及电池储能将增至三倍（~2 ...

| 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国香港 | 发电 | 6 月 5 日中电控股出席了我们组织的 2025 年中期策略会，会上公司分享近 期经营变化和后续展望。我们认为主要关注点包括：1）稳定型业务：随资 本投入转固，管制业务利润贡献或稳步增厚；Q1 中国内地核电机组稳健运 行，阳江核电站电价略有下滑。2）成长型业务：Q1 中国内地、印度多个 零碳项目顺利投产，零碳项目投资计划的落地或为公司业绩注入成长潜力。 稳定型业务：Q1 中国香港售电量同比-2.6%，中国内地核电资产稳健运行 据公司公告，受天气和暖、2024 年为闰年等因素影响，虽数据中心等新兴 行业用电需求增长，Q1 中国香港售电量 70.91 亿度，同比-2.6%。但考虑 到现行管制计划协议约定公司电力业务实现的准许利润占固定资产净额的 比例为 8%，我们依旧看好在高确定性资本开支（2024-28 年预计 529 亿港 元）的保障下，随资本投入不断转固，利润贡献或稳步增厚。核电业务方面， 受益于停运天数减少，Q1 大亚湾核电站发电量同比增加；广东省 ...

Group 1: Business Performance - In Q1 2025, China Light and Power Company (CLP) reported a decrease in electricity sales volume to 7.091 billion kWh, down 2.6% year-on-year due to warmer weather and an extra day in the leap year 2024 [2] - The average net electricity price was reduced by 1.3% from early 2025, following a decrease in the monthly "fuel adjustment fee" to 44.4 HK cents per kWh [2] - CLP allocated HKD 240 million through the "CLP Community Energy Saving Fund" for community support programs, including electricity subsidies and energy-saving measures [2] Group 2: Technological Innovations - CLP is enhancing power supply reliability by implementing advanced technologies, such as the Grid-V smart management system, which uses AI for real-time monitoring of the power supply system [3] - The company is utilizing "beyond visual line of sight" drones for inspecting transmission towers and overhead cables, part of a pilot program selected by the government for low-altitude economic development [3] Group 3: Renewable Energy Initiatives - CLP is focusing on low-carbon energy infrastructure projects, including upgrades to the clean energy transmission system connecting Hong Kong with the Daya Bay Nuclear Power Station [2] - CLP's subsidiary, CLP Power, is expanding its electric vehicle (EV) charging services, with plans to introduce a tiered pricing structure for residential EV charging [3][4] Group 4: Performance in Mainland China - CLP's zero-carbon asset portfolio in Mainland China is expanding, with stable operational performance in Q1 2025, particularly at the Daya Bay Nuclear Power Station [5] - Renewable energy projects are maintaining reliable operations, with solar energy output stable despite reductions in wind and hydroelectric generation [5][6] Group 5: International Operations - EnergyAustralia's generation portfolio performed steadily, with increased output from the Mount Piper power plant in Q1 2025 [7] - The company is expanding its flexible generation capacity with the construction of a large battery storage system in Victoria, expected to be completed by 2027 [8] Group 6: Developments in India - Apraava Energy's operations in India remained stable, with good performance from solar assets and the commissioning of a 251 MW wind farm [9] - The company is advancing multiple transmission projects, including cross-state transmission lines and substations, expected to be operational between 2025 and 2026 [10]

Group 1 - Vanke A (万科A) closed at 6.77 yuan on May 16, 2025, down 0.29% with a turnover rate of 0.56% and a trading volume of 544,700 shares, amounting to a transaction value of 368 million yuan [1] - On the same day, the fund flow for Vanke A showed a net outflow of 23.47 million yuan from institutional investors, while retail investors had a net inflow of 17.63 million yuan [2][4] - Vanke Enterprise Co., Ltd. announced the interest payment for the "21 Vanke 04" bond on May 20, 2025, with an interest distribution of 37.00 yuan (including tax) for every 10 bonds with a face value of 1,000 yuan [2][4] Group 2 - The bond has a total balance of 566 million yuan, a term of 7 years, and a current coupon rate of 3.70%, with the issuer having the right to redeem at the end of the 5th year [2] - The interest payment date is set for May 20, 2025, with the record date on May 19, 2025, and the interest subject to a personal income tax rate of 20% for individual investors [2][4]

Financial Data and Key Indicators Changes - The group's operating earnings before fair value movements increased by 8% year-on-year to nearly HKD 11 billion [16] - Total earnings rose significantly by 76% to HKD 11.7 billion [16] - EBITDAF increased by 9% to over HKD 25 billion, reflecting sustained capital expenditure in Hong Kong and strong performance from EnergyAustralia [21] Business Line Data and Key Indicators Changes - EnergyAustralia was a major driver for the increase in EBITDAF, with a turnaround from a loss position in 2023 to over HKD 590 million operating earnings before fair value movement in 2024 [36] - In Hong Kong, local electricity sales increased by 2.1%, with demand from data centers and EV charging growing by 8.6% and 55.1% respectively [29] - Earnings from Mainland China decreased by 10% to HKD 1.9 billion, primarily due to low tariffs and higher costs in the nuclear sector [31] Market Data and Key Indicators Changes - The electricity output from generation facilities increased marginally, while generation capacity decreased due to the retirement of three coal units in Hong Kong [19] - Competitive market conditions in Australia resulted in a reduction in customer numbers [18] - The average spot prices in New South Wales exceeded AUD 10,000 compared to zero in 2023, contributing to strong performance in the Energy segment [35] Company Strategy and Development Direction - The company aims to deliver cleaner and more reliable energy, stable earnings, and dividend growth, with a focus on decarbonization and electrification [15][51] - A five-year capital program of HKD 52.9 billion is committed to support government economic and infrastructure agendas and decarbonization targets [55] - The company plans to double its renewable energy portfolio in Mainland China to about 6 gigawatts by the end of the decade [57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the investment in renewable energy and battery storage projects in Mainland China despite new policy changes [90] - The outlook for wholesale prices in Australia is expected to remain stable, although competition in the retail sector is anticipated to increase [80] - The company is committed to maintaining a disciplined capital allocation strategy to ensure sustainable growth and dependable earnings [66] Other Important Information - The Board recommended a fourth interim dividend of HKD 1.26 per share, bringing the total dividend for 2024 to HKD 3.15 per share, an increase of 1.6% from the prior year [16] - The company completed its strategic review, which will underpin its ambition of delivering cleaner energy and stable earnings [15] Q&A Session Summary Question: Performance of Australian business in the second half of last year - Management attributed the outperformance to improved reliability of power stations and significant measures taken to enhance plant conditions [76][78] Question: Plans for potential partnerships in Australia - The company is open to exploring partnerships at both project and enterprise levels to support its Climate Vision 2050 goals [82][84] Question: Investment risks and returns for renewable projects in China - Management highlighted a new bidding mechanism that will provide some protection to developers, reducing uncertainty for future projects [88][90] Question: CapEx plans and funding strategies - The company plans to allocate around HKD 4 billion per year for renewable capacity in China, with a focus on self-funding and potential partnerships [101][102] Question: Development of facilities to import power from Mainland China - The company is in discussions with relevant parties to explore importing zero-carbon energy from Mainland China to meet future targets [134]

Key Points Company and Industry Information 1. **Company Name and Presentation Availability**: The company is CLP Holdings, and the 2024 interim results briefing is available on their website. 2. **Date and Time of Results Lodgment**: The results were lodged with the Hong Kong Exchange around midday. 3. **Participants**: The briefing is conducted by Marisa Wong, Director of Investor Relations, along with CEO Mr. Tihei Chang and CFO Mr. Alex Kaiser. [1][2][3]

Key Points Company and Industry Information 1. **Company Name and Presentation Availability**: The company is CLP Holdings, and the 2024 interim results briefing is available on their website. 2. **Date and Time of Results Lodgment**: The results were lodged with the Hong Kong Exchange at around midday. 3. **Presenters**: Marisa Wong, Director of Investor Relations, Mr T. A. Chang, Chief Executive Officer, and Mr Alex Kaiser, Chief Financial Officer. [1][2][3]

CLP Holdings Limited (OTCPK:CLPHY) Q2 2024 Earnings Conference Call August 5, 2024 4:00 AM ET Company Participants Marissa Wong - Director, Investor Relations T.K. Chiang - Chief Executive Officer Alex Keisser - Chief Financial Officer Conference Call Participants Pierre Lau - Citi Evan Li - HSBC Steven Choi - JPMorgan Rob Koh - Morgan Stanley Marissa Wong Good afternoon, and welcome to CLP Holdings 2024 Interim Results Briefing. My name is Marissa Wong, Director of Investor Relations. And today, I'm joined ...

CLP Holdings 2024 Interim Results Presentation 5 August 2024 Power Brighter Tomorrows Disclaimer 1 Potential investors, analysts and shareholders of CLP Holdings Limited (the Company) and other recipients of this document are reminded that this document and any oral discussion made together with this document (the presentation) are provided for your information purposes only and you may not forward, publish, distribute, release or disseminate any part of the presentation directly or indirectly to any other ...

1 Disclaimer Potential investors, analysts and shareholders of CLP Holdings Limited (the Company) and other recipients of this document are reminded that this document and any oral discussion made together with this document (the presentation) are provided for your information purposes only and you may not forward, publish, distribute, release or disseminate any part of the presentation directly or indirectly to any other person. It is important to note that the contents of the presentation have not been au ...