Investment Rating - The investment rating for the company is positive, with a target price set at 0.67 HKD, indicating potential for growth and investment opportunities [1]. Core Insights - The company has achieved a record high in equity installed capacity, exceeding 4 GW, with a year-on-year growth of 12.9% in equity installed capacity [1]. - The company’s equity power generation volume increased by 17.2% year-on-year, reaching 78.2 billion kWh, which is the leading growth rate in the renewable energy sector [1]. - The company actively participates in green certificate and green electricity trading, resulting in a significant increase in revenue and profit [1]. - The management emphasizes shareholder returns, with a dividend yield exceeding 5% and ongoing share buyback plans [1]. Summary by Sections Company Performance - The company’s equity installed capacity reached 4.05 GW, with wind power projects accounting for 85.6% and solar projects for 14.4% [1]. - The company’s equity power generation volume for 2023 was 78.2 billion kWh, with wind power generation increasing by 18.6% and solar power generation by 7.3% [1]. Market Engagement - The company issued 3.447 million green certificates in 2023, a 24% increase year-on-year, and green certificate sales revenue grew by 78% to 45.46 million RMB [1]. - The trading volume of green electricity increased by 117% year-on-year, amounting to 639 million kWh, contributing an additional 30.75 million RMB to revenue [1]. Shareholder Returns - The company plans to distribute a dividend of 0.035 HKD per share for 2023, with a total dividend payout of 284 million HKD, resulting in a payout ratio exceeding 25% and a dividend yield of 5.2% [1]. - The company repurchased 510 million shares in 2023, amounting to approximately 330 million HKD, which is about 6% of the total shares outstanding [1]. Valuation - The company’s market capitalization is 5.44 billion HKD, with a forecasted net profit of 998 million RMB for 2024, corresponding to a PE ratio of 4.9, which is considered low compared to industry standards [1].
业绩持续稳健增长