华润电力：业绩再超预期 优质治理能力持续验证

Investment Rating - The investment rating for China Resources Power (0836.HK) is "Buy" (maintained) [2] Core Views - The company reported a mid-year profit attributable to equity holders of HKD 9.363 billion, a year-on-year increase of 38.91%, and a core profit of HKD 8.271 billion, up 23.81% year-on-year [2] - Despite slightly adverse wind conditions affecting renewable energy performance, the stability of renewable energy prices exceeded expectations [2] - The company plans to add 10GW of new renewable energy capacity in 2024, with a total capital expenditure of HKD 59.9 billion, of which HKD 44.6 billion is allocated for wind and solar power station construction [3] - The coal power segment's performance improved due to declining coal prices, with core profit for coal power reaching HKD 2.715 billion, a significant increase of 274% year-on-year [2] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a profit attributable to equity holders of HKD 9.363 billion, a 38.91% increase year-on-year, and a core profit of HKD 8.271 billion, up 23.81% year-on-year [2] - The average on-grid electricity price for wind power decreased by 1.9% year-on-year, but the price stability was better than the industry average [2] - The company’s coal power generation increased by 3.4% year-on-year, with the benchmark coal price down by 10.6% [2] Capacity Expansion and Strategy - The company aims to add 10GW of new renewable energy capacity in 2024, continuing its commitment to a cleaner energy transition [3] - The company’s renewable energy segment achieved a core profit of HKD 5.556 billion in the first half of 2024, a decrease of 6.68% year-on-year, but still better than the average performance in the green energy sector [2][3] Earnings Forecast and Valuation - The forecast for net profit attributable to equity holders for 2024-2026 is HKD 14.223 billion, HKD 16.055 billion, and HKD 18.283 billion respectively, with corresponding PE ratios of 7, 6, and 5 times [3][5] - The company’s revenue for 2024 is projected to be HKD 103.334 billion, with a year-on-year growth rate of 8.87% [5]