火电业务扭亏为盈，全年派息率达62%

Investment Rating - The report maintains a "Buy" rating for the company, with a target price expected to yield over 20% relative return within six months [7]. Core Insights - The company reported a revenue of HKD 103.3 billion for 2023, a slight increase year-on-year, and a net profit attributable to shareholders of HKD 11 billion, representing a year-on-year growth of 56.24% [1]. - The thermal power segment turned profitable, contributing a core profit of HKD 3.611 billion, with a unit profit of HKD 0.024 per kWh sold. The average market electricity price increased by 18% compared to the benchmark on-grid price [2]. - The renewable energy segment contributed a core profit of HKD 9.726 billion in 2023, with plans to add 10 GW of new capacity in 2024. The operational capacity for wind and solar energy has been expanding significantly [3]. - The company announced a total dividend of HKD 1.415 per share for 2023, with a payout ratio of 62%, including a special dividend of HKD 0.5 per share to celebrate its 20th anniversary [4]. Summary by Sections Thermal Power - The thermal power business achieved profitability with a 2.3% increase in electricity sales volume to 149.5 billion kWh. The average fuel cost per MWh decreased by 12.6% to HKD 296.3 [2]. Renewable Energy - In 2023, the company added 3.1 GW of wind and 2.2 GW of solar capacity, with operational capacities reaching 18.6 GW for wind and 3.4 GW for solar by the end of the year. The core profit from renewable energy increased by 12% year-on-year [3]. Dividend Performance - The company declared a total dividend of HKD 1.415 per share for 2023, maintaining a payout ratio of 62% [4]. Profit Forecast and Valuation - The forecasted net profit for 2024-2026 is expected to be HKD 15.4 billion, HKD 17.1 billion, and HKD 19.4 billion, respectively, with corresponding P/E ratios of 5.6, 5.0, and 4.4 [5].