业绩增速受限减值，高额分红彰显价值

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In 2023, the company's net profit reached 11.003 billion HKD, a year-on-year increase of 56.2% compared to 7.042 billion HKD in 2022 [5][6]. - The company's thermal power business saw a significant recovery, with a net profit of 2.855 billion HKD, compared to a loss of 3.430 billion HKD in the previous year, driven by a substantial decrease in fuel costs [5][6]. - Renewable energy business profits were impacted by impairment losses, resulting in a net profit of 8.082 billion HKD, a decrease of 4.68% year-on-year [5][6]. Summary by Sections Financial Performance - The company achieved a total net profit of 11.003 billion HKD in 2023, up from 7.042 billion HKD in 2022, marking a growth of 56.2% [5][6]. - The thermal power segment's sales volume was 149.452 billion kWh, a year-on-year increase of 2.28%, while revenue from thermal power sales was 72.226 billion HKD, a decrease of 2.34% [5][6]. - The average unit fuel cost for the company's coal-fired power plants was 296.3 RMB/MWh, down 12.6% year-on-year, contributing to a 15.2% reduction in fuel costs overall [5][6]. Renewable Energy Expansion - The company expanded its installed capacity with 3.11 million kW of new wind power and 2.23 million kW of solar power, leading to a total wind power capacity of 18.618 million kW, a 20.02% increase, and solar capacity of 3.442 million kW, a 183.99% increase [6]. - Wind power sales volume reached 39.612 billion kWh, up 12.36%, while solar power sales volume increased by 111.80% to 2.863 billion kWh [6]. Dividend and Valuation - The company declared a dividend of 1.415 HKD per share for 2023, resulting in a dividend yield of 7.90% based on the closing price on March 20 [6]. - The expected capital expenditure for 2024 is projected to be 59.9 billion HKD, with approximately 46.6 billion HKD allocated for renewable energy projects [6][7].