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中电控股(00002):1H25营运盈利承压,派息同比持平
HTSC·2025-08-05 04:19

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 78.40 [4][6]. Core Views - The company reported a revenue of HKD 42.854 billion for 1H25, a year-on-year decrease of 2.8%, and an operating profit of HKD 5.192 billion, down 11.3% year-on-year. However, the net profit attributable to shareholders was HKD 5.624 billion, a decline of 5.5%, which exceeded the forecast of HKD 5.381 billion due to gains from the sale of a 50% stake in the Wooreen energy storage project by its Australian subsidiary [1]. - The company is optimistic about future performance growth and dividend increases due to its stable and growth-oriented business model [1][4]. Summary by Sections Financial Performance - In 1H25, the company's operating profit in Hong Kong increased by 8% to HKD 4.447 billion despite a 1.7% decline in electricity sales. This was attributed to ongoing capital expenditures and improvements in fixed asset net value [2]. - The operating profit in mainland China decreased by 13%, primarily due to pressure on electricity prices at the Yangjiang Nuclear Power Station and weak wind resources in some renewable energy projects [2]. - The Australian operations saw an 86% decline in operating profit, impacted by intense retail competition and maintenance shutdowns at power plants [2]. - The company reported a free cash flow of HKD 0.1 billion in 1H25, a significant improvement from a negative HKD 1.3 billion in 1H24 [3]. Future Growth Potential - The company is expanding its zero-carbon project portfolio, with 336 MW of renewable energy capacity commissioned in mainland China and the full commissioning of the Sidhpur wind farm in India [3]. - By 2029, the company aims to achieve approximately 6 GW of renewable energy capacity in mainland China and 3 GW in Australia [3]. - The report emphasizes that the implementation of zero-carbon plans will inject growth potential into the company's performance [3]. Valuation and Estimates - The report adjusts revenue forecasts for Hong Kong, mainland China, and Australia, expecting net profits attributable to shareholders to be HKD 10.670 billion, HKD 11.396 billion, and HKD 12.128 billion for 2025-2027, respectively [4]. - The estimated EPS for 2025 is HKD 4.22, with a projected PB ratio of 1.86x, leading to a target price of HKD 78.40 [4][6].