Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 1.32, representing a potential upside of 13% from the current price of HKD 1.17 [2][15]. Core Insights - The company achieved a net profit of HKD 993 million in 2023, reflecting a year-on-year growth of 2.2%. Revenue reached HKD 2.517 billion, up 8.7% year-on-year, primarily driven by increased electricity sales from newly acquired power plants [5][10]. - The company plans to acquire 700-1000 MW of solar power projects in 2024, aiming for steady growth in its operational capacity. As of December 31, 2023, the total approved capacity of solar power plants held and operated by the company was 3,650.5 MW [6][11]. - The financial position remains robust, with a net debt ratio of 42.3%, significantly below the industry average. The company is increasing its domestic financing to support future acquisitions [7][14]. Financial Performance - In 2023, the company reported a total electricity sales volume of 3,817.6 GWh, marking a 19.6% increase year-on-year. The slight profit growth was attributed to rising offshore interest rates and increased tax expenses [5][10]. - The company’s financial outlook includes projected revenues of HKD 3.049 billion in 2024, with a year-on-year growth rate of 21.1% [15][17]. - The net profit forecast for 2024 is HKD 1.215 billion, reflecting a growth rate of 22.3% compared to 2023 [15][17]. Shareholder Information - Major shareholders include Xinyi Energy (BVI) Limited, holding 49.03%, and Xinyi Group (Glass) Limited, holding 5.54% [4].
电站资产规模稳步增长，加大境内融资比例