火电盈利持续改善，新能源装机加速兑现

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 24, indicating a potential upside of 29% from the current price of HKD 18.62 [3][6]. Core Insights - The company's performance in 2023 met expectations, with revenue of HKD 1,033 million, remaining stable year-on-year, and a net profit of HKD 110 million, representing a 56.2% increase. The renewable energy segment contributed HKD 97 million in profit, up 12.5%, while the thermal power segment turned a profit of HKD 36 million, recovering from a loss of HKD 619 million [2][3]. - The report highlights significant improvements in thermal power profitability due to increased coal imports and a substantial drop in coal prices, leading to a 12.6% decrease in fuel costs year-on-year. The introduction of capacity pricing policies in 2024 is expected to further stabilize thermal power profitability [2][3]. - The renewable energy segment is projected to be the main profit contributor, with 5.3 GW of new renewable energy capacity added in 2023 and a target of 10 GW for 2024. The report notes a 12.4% increase in wind power generation and a 111.8% increase in solar power generation, despite a slight decrease in solar utilization hours [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of HKD 1,033 million, with a net profit of HKD 110 million, marking a 56.2% increase from the previous year. The renewable energy segment's profit was HKD 97 million, while thermal power generated a profit of HKD 36 million [2][4]. - The projected net profits for 2024, 2025, and 2026 are HKD 144 million, HKD 162 million, and HKD 182 million, respectively, reflecting growth rates of 31%, 13%, and 13% [3][4]. Operational Highlights - The company added 5.3 GW of renewable energy capacity in 2023 and has a construction pipeline of 7.3 GW for wind and 6 GW for solar. The capital expenditure for 2024 is planned at HKD 59.9 billion, primarily for renewable energy projects [2][3]. - The report emphasizes the company's strong governance and operational efficiency, which have contributed to its improved financial performance and market position [3][4].