CHINA RES POWER(HK:00836)2024-09-17 04:11Investment Rating - The report maintains a "Buy" rating for China Resources Power (0836.HK) with a target price of 24 HKD, indicating a potential upside of 30% from the current price of 18.52 HKD [1][7]. Core Insights - The report highlights that the company's coal-fired power generation profitability is expected to improve due to declining coal prices, with a significant recovery in core profits for the first half of 2023 [4][8]. - The renewable energy segment faces short-term profitability pressures but maintains a target of 10 GW of new installations for the year [5][9]. - The company is in the process of spinning off its renewable energy segment for A-share listing and has no significant asset impairment issues [6][10]. Financial Summary - Revenue projections show a slight increase from 103,334 million HKD in 2023 to 104,851 million HKD in 2024, reflecting a growth rate of 1.5% [3]. - The net profit attributable to shareholders is expected to rise significantly from 11,003 million HKD in 2023 to 14,378 million HKD in 2024, marking a growth of 30.7% [3]. - Earnings per share (EPS) is projected to increase from 2.29 HKD in 2023 to 2.99 HKD in 2024, with a price-to-earnings (PE) ratio of 6.2 at the current price [3][14]. - The company plans to maintain a dividend payout ratio of 40%, with an interim dividend of 0.455 HKD per share [10][14].