CHINA POWER(02380) 国元国际控股·2024-10-07 02:08Investment Rating - The report maintains a "Buy" rating for China Power (2380.HK) with a target price of HKD 4.50, representing a potential upside of 23% from the current price of HKD 3.65 [1][7]. Core Insights - The restructuring of hydropower assets back to A-shares positions Yuanda Environmental Protection as the direct integration platform for State Power Investment Corporation's hydropower assets, enhancing China Power's role as a comprehensive clean energy flagship [5][9]. - The integration of hydropower assets is expected to elevate the overall valuation of both State Power Investment Corporation and China Power, leveraging the high valuation of hydropower assets in the A-share market [6][10]. - The report outlines projected revenue growth, with expected revenues of RMB 51.67 billion in 2024, reflecting a year-on-year increase of 16.7% [8][14]. Summary by Sections Investment Rating - Target Price: HKD 4.50 - Current Price: HKD 3.65 - Expected Increase: 23% [1] Key Financial Data - Total Shares: 12.4 billion - Total Market Capitalization: HKD 45.2 billion - Net Assets: RMB 100,271 million - Total Assets: RMB 325,581 million - 52-week High/Low: HKD 4.51 / HKD 2.58 - Earnings per Share (EPS) for 2024E: RMB 0.22 [2][8] Major Shareholders - China Power International Co., Ltd. (22.91%) - China Power Development Co., Ltd. (21.52%) - China Power (Renewable Energy) Holdings Co., Ltd. (14.85%) [3] Financial Projections - Revenue for 2024E: RMB 51,673 million, with a year-on-year growth of 16.7% - Net Profit for 2024E: RMB 4,944 million, with a year-on-year growth of 85.9% - Projected PE ratios: 10x for 2024 and 8x for 2025 [8][14]