点评：火电迎业绩拐点，新能源装机持续加速

Investment Rating - The report maintains a "Buy" rating for China Resources Power [1][4][11] Core Views - The company reported a revenue of HK$103.334 billion in 2023, a slight increase of 0.03% year-on-year, and a net profit attributable to shareholders of HK$11.003 billion, reflecting a significant growth of 56.2% year-on-year, which aligns with expectations [3][7][11] - The thermal power sector has shown a major turnaround due to cost reductions, with a notable decrease in fuel costs and an increase in electricity sales volume [3][8] - The company is accelerating its new energy capacity installation, with plans to invest HK$44.6 billion in 2024 to add 10,000 MW of wind and solar projects, aiming for a renewable energy capacity exceeding 50% by the end of the "14th Five-Year Plan" [3][9][10] Financial Performance - In 2023, the company's thermal power electricity sales volume reached 193.27 billion kWh, up 4.7% year-on-year, with a significant improvement in pre-tax profits for the thermal power sector [3][8] - The average unit fuel cost for coal-fired power plants decreased by 12.6% year-on-year, contributing to a reduction in overall fuel costs by HK$9.774 billion [3][8] - The company plans to achieve a net profit of HK$13.225 billion in 2024, with projections of HK$15.530 billion in 2025 and HK$20.350 billion in 2026, reflecting a strong growth trajectory [4][11] Dividend Policy - The company announced a special dividend of HK$0.5 per share, along with an annual dividend of HK$0.915 per share, resulting in a total dividend of HK$1.415 per share for 2023, with a payout ratio of 62% [4][10] - The high dividend yield of 7.89% enhances the investment attractiveness, with expectations of maintaining a high payout ratio in the future [10]