火电板块扭亏，新能源板块盈利贡献逐步提升

Investment Rating - The report maintains an "OUTPERFORM" rating for China Resources Power Holdings [3][12]. Core Views - The thermal power sector has turned profitable, and the contribution from renewable energy is gradually increasing [2][11]. - The company achieved an operating revenue of HKD 103.34 billion in 2023, with a net profit of HKD 11.003 billion, reflecting a year-on-year growth of 56.2% [10][12]. - The report projects net profits for 2024, 2025, and 2026 to be HKD 14.47 billion, HKD 16.50 billion, and HKD 18.72 billion, respectively, with a target price of HKD 25.55 [12]. Financial Summary - The company reported a stable operating revenue of HKD 103.34 billion in 2023, with a year-on-year increase of 4.9% in Chinese yuan terms [10][11]. - The core profit contribution from renewable energy was HKD 9.726 billion, up 12.5%, while the thermal power business contributed HKD 3.611 billion, recovering from a loss of HKD 2.582 billion in 2022 [10][11]. - The average fuel cost for thermal power decreased by 12.6% to CNY 296.3 per megawatt-hour, contributing to the profitability of the thermal power sector [11][12]. Operational Highlights - As of the end of 2023, the installed thermal power capacity was 36.6 GW, accounting for 62.2% of total capacity, with electricity sales from thermal power increasing by 2.3% year-on-year [11]. - The new energy installed capacity reached 22.6 GW, with wind energy contributing 18.62 GW, and electricity sales from new energy increased by 19.26% [11][12]. - The average on-grid electricity price for wind energy in 2023 is expected to be around CNY 462 per megawatt-hour, a decrease of 3.14% year-on-year [11].