中电控股：首次覆盖：根植香港，亚太区百年能源行业运营商

Investment Rating - The report initiates coverage with an OUTPERFORM rating for CLP Holdings [3][31]. Core Views - CLP Holdings is a century-old energy operator rooted in Hong Kong, with diversified operations across the Asia Pacific region [5]. - The company has shown significant profit recovery in 2023, with a net profit of HK$6.655 billion, reflecting a 620.2$85.689 billion in 2019 to HK$97.169 billion in 2023, with a CAGR of approximately 0.4$101.27 billion in 2023, with Hong Kong contributing 76% [10]. - The company maintained a stable dividend policy, with a dividend yield of 4.81% in 2023 [14]. 3. Market Position - CLP Holdings is one of the two major electricity suppliers in Hong Kong, providing power to over 2.79 million customers [5]. - The company’s operations are regulated under a scheme that guarantees a return on investment, ensuring stable revenue streams [20]. 4. Renewable Energy Transition - The company is committed to expanding its renewable energy portfolio, with significant growth potential in mainland China, Australia, and India [26]. - CLP Holdings plans to phase out fossil fuel assets and increase renewable energy capacity, aiming for a reduction in greenhouse gas emissions intensity by 2030 [29]. 5. Future Outlook - The report forecasts revenues of HK$902.66 billion, HK$938.67 billion, and HK$985.31 billion for 2024-2026, with net profits projected at HK$69.41 billion, HK$73.38 billion, and HK$75.63 billion respectively [31].