2023年年报点评：火电扭亏为盈，2024年新能源规划装机10GW

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a turnaround in its thermal power segment, leading to a significant increase in net profit by 56% year-on-year in 2023, with a net profit of 9.97 billion RMB [3][4] - The company plans to add 10 GW of new renewable energy capacity in 2024, indicating strong growth potential in the green energy sector [6] Financial Performance - In 2023, the company reported total revenue of 93.6 billion RMB, which remained stable year-on-year, while the net profit attributable to shareholders reached 9.97 billion RMB, up 56% from the previous year [3][4] - The second half of 2023 saw a revenue of 47 billion RMB, a decrease of 2% year-on-year, but net profit increased by 59.5% to 3.86 billion RMB [3] - The company declared a total dividend of 1.415 HKD per share for the year, with a payout ratio of 62% [3] Segment Performance - The thermal power segment turned profitable in 2023, contributing a net profit of 3.27 billion RMB, a significant recovery from a loss of 2.34 billion RMB in 2022 [4][5] - The renewable energy segment also performed well, with a net profit of 8.81 billion RMB, reflecting a year-on-year increase of 12.5% [5] Future Outlook - The company is expected to see further improvement in thermal power performance and growth contributions from renewable energy installations, with projected net profits of 14.4 billion RMB, 16.5 billion RMB, and 18.3 billion RMB for 2024, 2025, and 2026 respectively [6][7] - The projected price-to-earnings (P/E) ratios for the next three years are 5.4, 4.7, and 4.3, indicating attractive valuation levels [6][7]