Group 1 - The company, Jingneng Clean Energy, has been assigned a "Buy" rating by Guozheng International with a target price of HKD 3.20, indicating potential for valuation improvement [1] - The company is expected to achieve net profits of RMB 34.6 billion, 37.8 billion, and 41.4 billion for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.42, 0.46, and 0.50 [1] - The company has a three-year dividend plan with payout ratios of 42%, 44%, and 46% for 2025, 2026, and 2027, respectively, and currently offers a dividend yield of 7.6% [1] Group 2 - Jingneng Clean Energy holds high-quality renewable energy projects and is expanding into new strategic emerging projects and market areas [1] - The company's wind and solar power segments are projected to grow at a CAGR of 27.9% and 9.4% from 2020 to 2024, contributing 48% and 28% to operating profits in 2024 [1] - The company has over 12 GW of installed and reserved project capacity, indicating ample resource reserves for future growth [1] Group 3 - Jingneng Clean Energy is a leading enterprise in gas-fired cogeneration in Beijing, operating eight plants with a total capacity of 4,702 MW [2] - The company's gas-fired power plants contributed 43.9% of Beijing's total electricity generation and over 43% of the city's centralized heating supply [2] - The gas-fired cogeneration plants are a significant source of revenue and cash flow, accounting for 60% of the company's income and 22% of its operating profit [2] Group 4 - The renewable energy generation is becoming the main power source in China, with a projected annual growth rate of 6.7% and 6.8% for total electricity consumption in 2023 and 2024 [3] - The installed capacity of renewable energy has surpassed that of thermal power, with wind and solar accounting for approximately 20% of total generation [3] - The industry is entering a phase of high-quality development, with Jingneng Clean Energy having a competitive advantage due to its abundant quality project resources in the capital's electricity market [3]
国证国际：首予京能清洁能源(00579)“买入”评级 目标价3.20港元