华润电力：业绩再超预期，优质治理能力持续验证

Investment Rating - The report maintains a "Buy" rating for China Resources Power (0836.HK) based on its strong performance and governance capabilities [4][5]. Core Views - The company reported a profit attributable to equity holders of HKD 9.363 billion for the first half of 2024, representing a year-on-year increase of 38.91%. The core profit attributable to equity holders was HKD 8.271 billion, up 23.81% year-on-year [4]. - Despite slightly adverse wind conditions affecting renewable energy performance, the stability of renewable energy prices exceeded expectations. The company added 0.50GW of wind power and 1.56GW of photovoltaic capacity in the first half of 2024, with total operational wind power capacity reaching 19.12GW and photovoltaic capacity at 5GW by the end of June 2024 [4][5]. - The coal price decline improved the performance of the coal power segment, with core profit from coal power reaching HKD 2.715 billion, a significant increase of 274% year-on-year, benefiting from the geographical layout of existing coal power units [4][5]. Summary by Sections Financial Performance - The company achieved a total revenue of HKD 103.334 billion in 2024E, with a projected growth rate of 8.87% [7]. - The net profit attributable to equity holders is forecasted to be HKD 14.223 billion in 2024E, reflecting a year-on-year growth of 29.27% [7]. - The average price of wind power (excluding tax) decreased by 1.9% year-on-year, but the price stability was better than the industry average [4]. Capital Expenditure and Growth Plans - The company plans to invest HKD 59.9 billion in capital expenditures in 2024, with HKD 44.6 billion allocated for wind and photovoltaic power station construction, aiming to add a total of 10GW of new renewable energy capacity [5]. Valuation Metrics - The projected price-to-earnings (PE) ratios for 2024-2026 are 7, 6, and 5 times, respectively, indicating a favorable valuation based on the company's strong performance and transition towards cleaner energy [5][7].