星展：降华润电力目标价至22.6港元 维持“买入”评级

Group 1 - The core viewpoint of the report is that China Resources Power (00836) has aggressively expanded its renewable energy capacity, adding 11.6 GW last year and planning to add another 10 GW this year along with approximately 6 GW of thermal capacity [1] - The company's electricity generation growth for the first half of the year was 3.6%, which was below expectations, leading to an 8.4 percentage point downward adjustment in the growth forecast for this year [1] - The earnings forecast for the company for this year and next year has been lowered by about 4%, with the target price reduced from HKD 24 to HKD 22.6, while maintaining a "buy" rating [1] Group 2 - The significant drop in coal prices is expected to reduce fuel costs by 8%, alleviating some pressure on electricity price reductions [1] - The overall operating profit margin of the company is projected to increase from 22.1% in the fiscal year 2024 to 23.4% this year, and further to 25.3% next year [1]