2023年年报点评：派息率62%，可再生能源装机加快

Investment Rating - The investment rating for China Resources Power (0836.HK) is "Buy" (maintained) [1] Core Views - The company reported a total revenue of HKD 103.3 billion for 2023, a slight increase of 0.03% year-on-year, and a net profit attributable to shareholders of HKD 11 billion, which represents a significant increase of 56.2% year-on-year [2] - The renewable energy segment contributed core profits of HKD 9.73 billion, up from HKD 8.64 billion in 2022, while the thermal power segment turned profitable with core profits of HKD 3.61 billion compared to a loss of HKD 2.58 billion in 2022 [2] - The company achieved a dividend payout ratio of 62% for the year, including special dividends [2] Summary by Sections Financial Performance - The company’s thermal power business sold 149.4 billion kWh, a 2.3% increase year-on-year, with an average utilization of 4,688 hours, remaining stable compared to 2022 [2] - The average benchmark coal price decreased by 12.6% year-on-year to HKD 987.5 per ton, leading to significant cost improvements [2] - The total installed capacity for thermal power at the end of 2023 was 37 GW, accounting for 62.2% of the total capacity, with plans to add 927.2 MW in 2024 [2] Renewable Energy Development - The renewable energy segment accounted for 72.9% of the core profit, with new installations of wind and solar power totaling 3.1 GW and 2.2 GW respectively in 2023 [2] - The company has a target of adding 10 GW of new wind and solar projects in 2024, with significant growth in sales volume for renewable energy, particularly a 12.4% increase in wind and a 111.8% increase in solar sales compared to 2022 [2] Earnings Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2024-2026 is HKD 14.84 billion, HKD 16.51 billion, and HKD 19.46 billion respectively, with corresponding EPS of HKD 3.08, HKD 3.43, and HKD 4.05 [2][3] - The report maintains a "Buy" rating based on the expected growth in profits and the company's strategic focus on renewable energy [2]