火电盈利回升，风光再征新途

Investment Rating - The investment rating for the company is "Outperform the Market" [6][18]. Core Views - The company is positioned as a leading player in the transition from coal to green energy, with a significant focus on renewable energy projects. The company aims to accelerate its renewable energy capacity, targeting 10 GW for 2024, up from 7 GW in 2023 [4][6]. - The company has a robust financial performance, with a notable increase in net profit of 56.2% year-on-year for 2023, reaching 11 billion HKD [2][8]. Summary by Relevant Sections Financial Performance - The company achieved a total revenue of 103.3 billion HKD in 2023, with a slight year-on-year increase of 0.03%. The net profit for the same year was 11 billion HKD, reflecting a year-on-year growth of 56.2% [2][7]. - The projected net profits for 2024, 2025, and 2026 are 14.3 billion HKD, 17.2 billion HKD, and 18.9 billion HKD respectively, indicating a strong growth trajectory [7][14]. Renewable Energy Development - The company has secured renewable energy development indicators for 19.5 million kW, with a focus on wind and solar energy projects. The actual installed capacity for renewable energy in 2023 was 7.68 million kW, exceeding the target of 7 million kW [4][6]. - The renewable energy segment generated a core profit of 9.73 billion HKD in 2023, with a projected increase to 16.5 billion HKD in 2024 [4][6]. Coal Power Operations - The company’s coal power assets are strategically located in economically developed regions, which enhances their operational efficiency. The average coal price in 2023 was 987.5 HKD per ton, down 12.6% year-on-year, which positively impacts profitability [6][12]. - The core profit from the coal power segment was 3.61 billion HKD in 2023, with expectations for further profit increases if coal prices continue to decline [6][12]. Valuation and Market Comparison - The company is valued at a price-to-earnings (P/E) ratio of 6.1 for 2024, with a projected reasonable value range between 20.86 and 26.82 HKD per share [6][13]. - Compared to peers, the company’s valuation metrics indicate a competitive position within the industry, with a P/B ratio of 1.0 [13][14].