火电实现盈利，可再生能源发电装机加速

Investment Rating - The investment rating for China Resources Power (836.HK) is positive, suggesting investors should actively consider positioning in the stock [1][2]. Core Insights - China Resources Power reported a significant net profit increase of 56.2% year-on-year, aligning with market expectations. The total revenue remained stable at HKD 103.3 billion, while operating profit rose by 34.3% to HKD 18.2 billion [2]. - The company achieved a turnaround in its thermal power segment, contributing significantly to the overall profit growth. The segment's profit reached HKD 5.47 billion, with a revenue of HKD 80.1 billion [2]. - The company plans to accelerate renewable energy installations, targeting an additional 10GW in 2024 and aiming for a total of 40GW by the end of the 14th Five-Year Plan [1][2]. Financial Performance - In 2023, the company’s earnings per share (EPS) increased by 56.9% to HKD 2.29. The core business profit, excluding asset impairment losses, was HKD 13.3 billion, marking a 120% year-on-year growth [2]. - The company declared a total dividend payout ratio of 62% for its 20th anniversary, with a dividend yield of 7.5% [2]. - The operational installed capacity reached 77.3GW by the end of 2023, with thermal power accounting for 62.2% of the total capacity [2]. Future Outlook - For 2024, the company anticipates further improvement in the profitability of its thermal power segment, with a focus on long-term contracts and market coal procurement strategies [2]. - The capital expenditure for 2024 is projected at HKD 59.9 billion, a 34% increase from the previous year, primarily directed towards renewable energy projects [2]. - The stock is currently valued at a PE ratio of 6.0 times for 2024, with a forecasted net profit of HKD 14.4 billion, indicating potential for price appreciation [2].