CHINA RES POWER(HK:00836) GUOTAI HAITONG SECURITIES·2026-03-20 01:02Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Insights - In 2025, the company achieved a net profit attributable to shareholders of HKD 14.52 billion, representing a year-over-year increase of 0.9%. The total proposed dividend for 2025 is HKD 1.1 per share, with a payout ratio of 40.2% [2][10]. - The company's total revenue for 2025 is projected at HKD 102.01 billion, a decrease of 3.1% compared to the previous year. The core profit from thermal power increased significantly to HKD 7.64 billion, while the core profit from renewable energy decreased to HKD 7.6 billion [10]. - The report forecasts earnings per share (EPS) for 2026-2028 to be HKD 2.09, HKD 2.20, and HKD 2.41 respectively. The current market capitalization corresponds to a 2026 PE valuation of 9.3x and a PB valuation of 0.85x [10]. Financial Summary - The financial summary indicates the following key figures (in million HKD): - Total Revenue: 2024A: 105,284; 2025A: 102,010; 2026E: 93,685; 2027E: 94,561; 2028E: 96,886 - Net Profit: 2024A: 14,388; 2025A: 14,519; 2026E: 10,839; 2027E: 11,373; 2028E: 12,452 - PE Ratio: 2024A: 6.55; 2025A: 6.94; 2026E: 9.29; 2027E: 8.85; 2028E: 8.08 [5][10]. - The report highlights that the company’s thermal power business benefited from a decrease in coal prices, leading to a profit increase of 64.7% [10]. Market Data - The current stock price is HKD 19.44, with a 52-week price range of HKD 17.09 to HKD 21.30. The current market capitalization is HKD 100.642 billion [7][10].