CHINA RES POWER(00836) 华源证券·2024-10-29 07:19Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company announced a placement and subscription plan on October 23, aiming to raise approximately HKD 3.9 billion at a discount of about 5% from the previous closing price of HKD 20.75, with total fundraising expected to reach around HKD 7.2 billion [3] - The capital raised will help optimize the company's capital structure and support its development, with the current debt-to-asset ratio at 68.1%, which has increased from 59.19% at the end of 2020 [4] - The company has set a target of adding 40GW of new energy capacity during the 14th Five-Year Plan, with a capital expenditure plan of HKD 59.9 billion, of which approximately HKD 44.6 billion is allocated for new energy [4] - The company is progressing towards the A-share IPO of its subsidiary, China Resources New Energy, although the process has been slow due to tightened IPO reviews in the A-share market [4] Financial Summary - The forecasted net profit for the company for 2024-2026 is HKD 14.2 billion, HKD 16.1 billion, and HKD 18.3 billion, representing year-on-year growth rates of 29%, 13%, and 14% respectively [5] - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 7, 6, and 5 times respectively, with a dividend payout ratio of 40%, leading to a forecasted dividend yield of 6.1% for 2024 [5] - Revenue projections for 2024, 2025, and 2026 are HKD 112.5 billion, HKD 119.7 billion, and HKD 127.6 billion, with corresponding year-on-year growth rates of 8.87%, 6.39%, and 6.62% [6][7]