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份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 | 全資擁有或 | | | 售電量（兆瓦時） | | | | | --- | --- | --- | --- | --- | --- | --- | | 控制的發電廠 | 2026 年 | 2025 年 | 同比變化 | 2026 年 | 2025 年 | 同比變化 | | | 2 月 | 2 月 | | 首兩個月 | | | | 水力發電 | 1,030,322 | 966,283 | 6.63% | 2,004,898 | 2,151,452 | -6.81% | | 風力發電 | 2,312,231 | 2,573,945 | -10.17% | 5,008,635 | 5,224,549 | -4.13% | | 光伏發電 | 1,562,832 | 1,816,894 | -13.98% | 3,362,712 | 3,570,197 | -5.81% | | 燃煤發電 | 2,972,798 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 4.00, representing a potential upside of 24% from the current stock price of HKD 3.23 [2]. Core Insights - The company's overall performance is in line with expectations, with a projected revenue of HKD 49.4 billion for 2026, reflecting a slight increase of 0.8% from 2025. However, net profit attributable to ordinary shareholders is expected to decrease by 0.2% to HKD 2.949 billion [5]. - The company is undergoing a strategic transformation, shifting from a scale-first approach to an efficiency-first strategy, with capital expenditures expected to stabilize around HKD 20 billion in the future [5]. - The report highlights improvements in coal power profitability, with a significant reduction in fuel costs, while renewable energy segments like wind and solar are facing challenges due to resource availability and market pricing [5]. Financial Summary - Revenue for 2025 is reported at HKD 49.029 billion, down 9.6% year-on-year, with a slight decrease in operating profit to HKD 11.94 billion [5][6]. - The company’s net profit for 2025 is projected at HKD 2.91 billion, a decline of 13.5% compared to the previous year, with a proposed dividend of HKD 0.168 per share, resulting in a payout ratio of approximately 71% [5][6]. - The company’s free cash flow is expected to turn positive at HKD 320 million in 2025, a significant improvement from a negative HKD 17.1 billion in 2024 [5]. Operational Performance - The report notes that coal power sales volume decreased by 15.6%, while renewable segments like wind and solar saw growth rates of 17.4% and 12.6%, respectively [5]. - The average utilization hours for wind power decreased by 25 hours to 2029 hours, and the average on-grid electricity price fell by HKD 36.6 per MWh [5]. - The company’s total installed capacity reached 54.8 GW by the end of 2025, with a clean energy share of 82.1% [5].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 4.00, representing a potential upside of 24% from the current stock price of HKD 3.23 [2]. Core Insights - The company's overall performance is under pressure due to clean energy sector challenges, but there is optimism regarding its strategic transformation [5]. - The company is expected to improve its financial health, with a projected free cash flow turning positive at RMB 320 million in 2025, compared to a negative RMB 17.1 billion in 2024 [5]. - The report highlights a shift in capital expenditure strategy from prioritizing scale to focusing on efficiency, with capital expenditures expected to stabilize around RMB 20 billion in the future [5]. Financial Summary - Revenue for 2025 is projected at RMB 49.03 billion, a decrease of 9.6% year-on-year, with a slight recovery expected in subsequent years [5][6]. - The net profit attributable to ordinary shareholders for 2025 is forecasted at RMB 2.91 billion, down 13.5% from the previous year [5][6]. - The company’s operating cash flow is expected to grow by 74.4% year-on-year to RMB 18.52 billion in 2025 [5][6]. - The company’s coal power segment showed a net profit increase of 45.8% to RMB 2.27 billion, benefiting from a 13.98% decrease in unit fuel costs [5][6]. Market Performance - The stock is currently trading at a price-to-earnings (P/E) ratio of 12.5 and a price-to-book (P/B) ratio of 0.6 based on the current price of HKD 3.23 [3][5]. - The dividend per share is projected to be RMB 0.168 for 2025, with a significant increase in the payout ratio to approximately 71% [5][6].

Investment Rating - The report maintains a "Buy" rating for China Power (2380 HK) with a target price of HKD 3.75, indicating an expected upside of 18.7% from the current price [4][9]. Core Insights - The company is focusing on balanced growth in installed capacity during the 14th Five-Year Plan, with an emphasis on shareholder returns [1]. - Despite a 13.5% year-on-year decline in profit for 2025, the company increased its final dividend by 3.7% to CNY 0.168 per share, raising the payout ratio to 70% [4]. - The company aims to increase the proportion of wind power installations while reducing solar power installations to below 30% by the end of the 14th Five-Year Plan [3]. Summary by Relevant Sections Financial Performance - For 2025, the company's revenue is projected to decline by 9.6% to CNY 49.03 billion, with operating profit decreasing by 1.9% to CNY 11.94 billion [5]. - The company expects to recover approximately CNY 6 billion in subsidies, a year-on-year increase of about CNY 4 billion, while capital expenditures are anticipated to decrease by CNY 10 billion [4]. - The overall limit on electricity usage is around 9%, with wind and solar power experiencing curtailment rates of approximately 9% and 10.5%, respectively [4]. Operational Strategy - The management plans to prioritize resources for wind power projects, targeting an increase in wind power's share of installed capacity by the end of the 14th Five-Year Plan [3]. - The company completed the restructuring of its hydropower assets and aims to inject major hydropower assets into the power investment platform within three years [3]. - The capital expenditure for 2026 is estimated at CNY 20 billion, focusing on optimizing installation structure and regional layout [4]. Segment Performance - The operating profit for thermal power is expected to increase by 4.9% to CNY 2.88 billion, while wind power and solar power segments are projected to see declines of 10.6% and 16.9%, respectively [6]. - The storage business is expected to show significant growth, with an operating profit of CNY 52 million, up 108.2% year-on-year [6].

Core Viewpoint - China Power (02380) has seen a significant increase in its stock price, rising over 3% due to a strong financial performance in 2025, highlighted by a substantial positive shift in free cash flow and an increase in the proportion of revenue from clean energy sources [1][2] Financial Performance - In 2025, China Power reported revenue of approximately 49.03 billion yuan and a net profit of about 5.92 billion yuan, with earnings per share of 0.24 yuan [1] - The company declared a final dividend of 0.168 yuan per share, representing a year-on-year increase of 3.7%, with a payout ratio raised to 70% [1] - The net cash flow from operating activities reached 18.52 billion yuan, marking a significant year-on-year growth of 74.35% [1] - As of December 31, 2025, cash and cash equivalents stood at approximately 6.38 billion yuan [1] Revenue Structure - The proportion of revenue from clean energy increased from 59.48% to 64.51%, with wind power revenue at 12.65 billion yuan (25.80%), solar power revenue at 9.80 billion yuan (19.99%), and hydropower revenue at 4.78 billion yuan (9.74%) [2] - Revenue from thermal power was 17.40 billion yuan (35.49%), benefiting from declining coal prices and efficient procurement, leading to a year-on-year profit increase of 45.76% [2] Strategic Positioning - China Power has been designated as a "comprehensive clean energy flagship listed company" and a "comprehensive clean energy industry platform" by State Power Investment Corporation, indicating strong backing and support [2] - The company is accelerating the development of an integrated listing platform for water, thermal, wind, solar, and storage energy [2]

Investment Rating - The report maintains a "Buy" rating for China Power (2380 HK) with a target price of HKD 3.75, indicating an expected upside of 18.7% from the current price [4][8]. Core Insights - The company is focusing on balanced growth in installed capacity during the 14th Five-Year Plan, with an emphasis on shareholder returns [1]. - Despite a 13.5% year-on-year decline in profit for 2025, the company increased its final dividend by 3.7% to CNY 0.168 per share, raising the payout ratio to 70% [4]. - The company aims to increase the proportion of wind power installations while reducing solar power installations to below 30% by the end of the 14th Five-Year Plan [3]. Summary by Sections Financial Performance - For 2025, the company's revenue is projected to decline by 9.6% to CNY 49.03 billion, with operating profit decreasing by 1.9% to CNY 11.94 billion [5]. - The company expects to recover approximately CNY 6 billion in subsidies, a year-on-year increase of about CNY 4 billion, while capital expenditures are anticipated to decrease by CNY 10 billion [4]. - The overall limit electricity rate is around 9%, with wind and solar power limit rates at approximately 9% and 10.5%, respectively [4]. Operational Strategy - The company plans to add 6.2 GW of wind and solar capacity in 2025, with a focus on optimizing installation structure and regional layout [4]. - The management anticipates that the electricity supply situation will gradually improve with continued investments in ultra-high voltage and main grid infrastructure by the State Grid [4]. - The company aims for a full investment return requirement of 7.5%-9.5% for new wind and solar projects, with higher requirements in regions with severe electricity restrictions [3]. Segment Performance - The operating profit for thermal power is expected to increase by 4.9% to CNY 2.88 billion, while wind power profit is projected to decline by 10.6% to CNY 5.03 billion [6]. - The solar power segment is expected to see a significant drop in operating profit by 16.9% to CNY 3.07 billion [6]. - The storage business is projected to grow significantly, with an increase of 108.2% in operating profit [6].

| 中国电力 | | | | | --- | --- | --- | --- | | 分时图 | 日K线 | 周K线 | 月K线 | 中国电力(02380)公布，将于2026年6月30日派发末期股息每股19.11港仙。 ...

Core Viewpoint - The company reported a net profit attributable to equity holders of 3.4 billion yuan in 2025, a year-on-year decrease of 11.9%, with a proposed dividend of 0.17 yuan per share, resulting in a payout ratio of 70% [1] Financial Performance - The company achieved a total operating revenue of 49.03 billion yuan in 2025, down 9.6% year-on-year [1] - The net profit attributable to ordinary shareholders was 2.91 billion yuan, reflecting a year-on-year decline of 13.5% [1] Segment Performance Thermal Power - The thermal power segment reported a net profit of 2.27 billion yuan, an increase from 1.56 billion yuan in 2024 [2] - The profit per kilowatt-hour (kWh) was 0.045 yuan, up 0.019 yuan year-on-year, with a coal power price of 0.369 yuan/kWh, down 0.024 yuan [2] Hydropower - The hydropower segment's net profit was 0.3 billion yuan, down from 0.51 billion yuan in 2024, impacted by reduced rainfall [2] - The profit per kWh was 0.016 yuan, down 0.011 yuan year-on-year, with an electricity price of 0.261 yuan/kWh, up 0.001 yuan [2] Renewable Energy - The wind power segment generated a profit of 2.94 billion yuan, down from 3.18 billion yuan in 2024, while the solar power segment reported a profit of 0.98 billion yuan, down from 1.72 billion yuan [3] - The profit per kWh for wind power was 0.096 yuan, down 0.026 yuan year-on-year, and for solar power, it was 0.037 yuan, down 0.036 yuan [3] Future Projections - The company maintains an "overweight" rating, projecting EPS for 2026-2028 to be 0.18, 0.21, and 0.25 yuan respectively, with a BPS of 4.83 yuan in 2026 [1] - The company anticipates a target price of 4.39 HKD based on a 0.8x PB valuation for 2026 [1]

Core Viewpoint - The company reported a decline in revenue and profit for 2025, with total revenue at 49.029 billion yuan, down 9.56% year-on-year, and net profit attributable to shareholders at 3.404 billion yuan, down 11.85% year-on-year [1] Hydropower Segment - The hydropower segment faced challenges due to a decrease in average rainfall, leading to a 1.02% drop in electricity sales to 18.282 billion kWh in 2025 [1] - The average on-grid electricity price for hydropower increased slightly by 0.94 yuan/MWh to 261.16 yuan/MWh, resulting in a minor revenue decline of 0.66% for the hydropower segment [1] - Operating profit for the hydropower segment was 1.425 billion yuan, down 3.88% year-on-year, with net profit dropping 41.65% to 300 million yuan due to a significant increase in income tax expenses [1] New Energy Segment - The new energy segment saw growth in electricity sales, with wind power and photovoltaic sales increasing by 17.38% and 12.62% respectively [1] - However, the average on-grid electricity prices for wind and solar power decreased by 36.59 yuan/MWh and 33.70 yuan/MWh respectively, impacting profitability [1] - Net profits for the wind and solar segments were 2.944 billion yuan and 975 million yuan, down 7.50% and 43.32% year-on-year, respectively [1] - The net profit per kWh for wind power decreased by 0.026 yuan/kWh to 0.096 yuan/kWh, while for solar power it decreased by 0.036 yuan/kWh to 0.037 yuan/kWh [1] Thermal Power Segment - The thermal power segment experienced a 14.97% decline in electricity sales due to market pressures [2] - The average electricity price for coal-fired power decreased by 23.88 yuan/MWh to 368.57 yuan/MWh, but unit fuel costs dropped significantly by 0.038 yuan/kWh to 0.233 yuan/kWh, improving profitability [2] - The net profit for the thermal power segment increased by 45.76% to 2.269 billion yuan, with net profit per kWh rising to 0.045 yuan/kWh [2] Overall Financial Performance - The company’s net profit attributable to ordinary shareholders was 2.910 billion yuan, down 13.50% year-on-year, influenced by increased tax expenses and weak performance in the new energy segment [2] - The company declared a final dividend of 0.168 yuan per share, with a payout ratio of 70%, indicating a dividend yield of 5.79% based on the closing price on March 20 [2] Investment Outlook - Projected profits for 2026-2028 are estimated at 3.048 billion yuan, 3.425 billion yuan, and 3.842 billion yuan respectively, with corresponding EPS of 0.25 yuan, 0.28 yuan, and 0.31 yuan [3] - The company maintains a "buy" rating with projected PE ratios of 11.67, 10.38, and 9.26 for the respective years [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The clean energy sector is underperforming, while thermal power improvements alleviate performance pressure. In 2025, the hydropower segment's net profit decreased by 41.65% to 300 million yuan due to increased tax expenses from asset restructuring. Although the new energy segment saw rapid growth in electricity generation, profits from wind and solar power fell by 7.50% and 43.32%, respectively. The thermal power segment, however, showed a significant improvement with a net profit of 2.269 billion yuan, up 45.76% year-on-year. Overall, the company's profit attributable to ordinary shareholders decreased by 13.50% year-on-year [5][9]. Summary by Relevant Sections Financial Performance - In 2025, the company achieved revenue of 49.029 billion yuan, a decrease of 9.56% year-on-year. The profit attributable to equity holders was 3.404 billion yuan, down 11.85%. After excluding perpetual bond impacts, the profit attributable to ordinary shareholders was 2.910 billion yuan, a decline of 13.50% [5][9]. Hydropower Segment - The hydropower segment's electricity sales volume was 18.282 billion kWh, a decrease of 1.02% year-on-year. The average on-grid electricity price for hydropower was 261.16 yuan/MWh, a slight increase of 0.94 yuan/MWh. The segment's revenue fell by 0.66% year-on-year, and operating profit decreased by 3.88% to 1.425 billion yuan. Due to increased tax expenses from asset restructuring, the net profit for the hydropower segment was 300 million yuan, down 41.65% [5][9]. New Energy Segment - The new energy segment benefited from the commissioning of new projects and acquisitions, with wind and solar electricity sales volumes increasing by 17.38% and 12.62%, respectively. However, the average on-grid electricity prices for wind and solar power fell by 36.59 yuan/MWh and 33.70 yuan/MWh, respectively. The net profits for wind and solar power were 2.944 billion yuan and 975 million yuan, down 7.50% and 43.32% year-on-year [5][9]. Thermal Power Segment - The thermal power segment's electricity sales volume decreased by 14.97% year-on-year. The coal-fired electricity price was 368.57 yuan/MWh, down 23.88 yuan/MWh. Despite lower sales volume and price, the unit fuel cost for coal-fired power dropped to 0.233 yuan/kWh, a decrease of 0.038 yuan/kWh. The net profit for the thermal power segment was 2.269 billion yuan, an increase of 45.76% year-on-year [5][9]. Dividend and Valuation - The company announced a final dividend of 0.168 yuan per share for 2025, with a payout ratio of 70%, resulting in a dividend yield of 5.79% based on the closing price on March 20. The estimated profits for 2026-2028 are projected to be 3.048 billion, 3.425 billion, and 3.842 billion yuan, with corresponding EPS of 0.25, 0.28, and 0.31 yuan, and PE ratios of 11.67, 10.38, and 9.26, respectively [5][9].