平安证券（香港）：港股晨报-20240813

Investment Rating - The report recommends a "Buy" rating for CGN New Energy (1811HK) with a target price reflecting a significant upside potential based on its current valuation [3]. Core Views - The company achieved a revenue of $2.193 billion in 2023, a decrease of 9.8% year-on-year, while net profit attributable to shareholders increased by 37.2% to $268 million, primarily due to reduced asset impairment losses and a turnaround in joint venture profits [3]. - The company has increased its dividend payout ratio to 25% in 2023 from 20% in 2022, with a dividend of $0.0156 per share [3]. - The report highlights the company's strategic advantage in renewable energy project development through its affiliation with CGN Group, which provides it with priority access to projects and operational management capabilities [3]. Summary by Sections Financial Performance - In 2023, CGN New Energy reported a revenue of $2.193 billion, down 9.8% year-on-year, while net profit rose 37.2% to $268 million, with earnings per share at $0.0624 [3]. - The company’s net profit growth, excluding one-time impacts, was 10.6% year-on-year [3]. Dividend Policy - The company declared a dividend of $0.0156 per share for 2023, increasing the payout ratio to 25% from 20% in the previous year [3]. Market Position and Strategy - CGN New Energy benefits from its relationship with CGN Group, which has three platforms in the domestic renewable energy sector, allowing the company to leverage scale advantages and project acquisition capabilities [3]. - The consensus estimates for the company's net profit are projected at $320 million and $360 million for the next two years, corresponding to a valuation of approximately 4x and 3x PE, indicating it is undervalued [3].