CHINA RES POWER(00836) 国海证券·2025-03-27 09:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue for 2024 reached HKD 105.3 billion, representing a year-on-year increase of 1.9%, while the net profit attributable to shareholders was HKD 14.39 billion, up 30.8% year-on-year [5][7] - The improvement in net profit is primarily attributed to better performance in thermal power and a significant reduction in asset impairment losses [7] - The company plans to add 10 GW of new renewable energy capacity in 2025, following the addition of 7.8 GW in 2024 [7] Financial Performance - In the second half of 2024, the company achieved revenue of HKD 54.16 billion, a year-on-year increase of 4.5%, with a net profit of HKD 5.03 billion, up 17.9% [5] - The operating net profit from thermal power was HKD 4.64 billion, a year-on-year increase of 28.5%, driven by a 4.2% decrease in fuel costs due to falling coal prices [7] - The company reported a significant reduction in asset impairment losses, down HKD 2.17 billion to HKD 0.58 billion in 2024 [7] Renewable Energy Segment - The operating net profit from renewable energy was HKD 9.23 billion, a decrease of 5.1% year-on-year, with a net profit of HKD 3.67 billion in the second half of 2024, down 2.6% [7] - The company achieved a total of 13.6 GW in renewable energy development indicators, with wind and solar power accounting for 7.7 GW and 5.9 GW, respectively [7] Future Projections - The company expects revenues of HKD 107.1 billion, HKD 114.0 billion, and HKD 118.1 billion for 2025, 2026, and 2027, respectively, with net profits projected at HKD 14.44 billion, HKD 15.05 billion, and HKD 15.53 billion [9][10] - The projected P/E ratios for the next three years are 6.25, 6.00, and 5.81, indicating a stable outlook for earnings [10]