港灯-SS：派息稳定，看好归母净利稳步增厚

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.67, up from the previous target of HKD 6.33 [1] Core Views - The company's 1H24 revenue increased by 6.6% YoY to HKD 5.57 billion, while net profit attributable to shareholders decreased by 3.6% YoY to HKD 950 million [1] - The interim dividend remained flat YoY at HKD 1.408 billion, representing 100% of distributable income, with a DPS of 15.94 HK cents [1] - The company's natural gas power generation ratio increased to approximately 70% in 1H24, driven by the commissioning of the 380MW L12 gas-fired unit and the retirement of two 250MW coal-fired units (L4/L5) [2] - The company plans to invest HKD 22 billion in capital expenditure from 2024 to 2028, which is expected to contribute to the steady growth of net profit attributable to shareholders [3] Financial Performance - The company's revenue is expected to grow from HKD 11.984 billion in 2024E to HKD 12.856 billion in 2026E, with a CAGR of 3.35% [4] - Net profit attributable to shareholders is projected to increase from HKD 3.223 billion in 2024E to HKD 3.773 billion in 2026E, with a CAGR of 7.81% [4] - The company's ROE is expected to improve from 6.55% in 2024E to 7.47% in 2026E, while the PE ratio is forecasted to decline from 15.00x in 2024E to 12.81x in 2026E [4] Operational Highlights - The company's electricity sales volume increased by 1.8% YoY in 1H24, with a power supply reliability exceeding 99.9999% [2] - The company's 2024-2028 development plan includes the construction of a new 380MW gas-fired unit (L13), which is expected to further increase the natural gas power generation ratio upon its commissioning in 2029 [2] Valuation - The report values the company at 1.19x 2024E PB, which is approximately 0.5 standard deviations above the historical average of 1.07x [1] - The company's EV/EBITDA is expected to decline from 13.16x in 2024E to 11.97x in 2026E, reflecting improving operational efficiency [4]