Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Viewpoints - The company achieved a revenue of HKD 2.517 billion in 2023, representing an 8.7% year-on-year growth, primarily driven by new project acquisitions contributing to power generation [3][4]. - The net profit attributable to shareholders for 2023 was HKD 993 million, reflecting a 2.2% increase year-on-year, with basic earnings per share at HKD 0.1256, a decrease of 5.6% [3][4]. - The company plans to distribute a final dividend of HKD 0.026 per share, totaling HKD 0.06 for the year [4][7]. - The company has a robust project reserve, having acquired four photovoltaic power station projects with a total approved capacity of 636.5 MW in 2023, bringing the total operational capacity to 3,650.5 MW by the end of 2023 [5][6]. - The company’s power generation increased by 10.9% year-on-year, with subsidy recoveries amounting to RMB 485 million in 2023 [7]. - High financing costs have impacted the company's performance, with financing costs rising by 34% to HKD 360 million in 2023, and the company aims to expand its financing channels in mainland China to reduce overall costs [7]. Financial Summary - Revenue projections for 2024-2026 are estimated at HKD 2.850 billion, HKD 3.183 billion, and HKD 3.517 billion, with year-on-year growth rates of 13.21%, 11.70%, and 10.47% respectively [3][7]. - Net profit projections for the same period are HKD 1.097 billion, HKD 1.205 billion, and HKD 1.345 billion, with growth rates of 10.50%, 9.86%, and 11.56% respectively [3][7]. - The net profit margin for 2023 was 39.45%, with a return on equity of 7.92% [3][7].
储备项目较充足，拓宽内地融资渠道