火电实现盈利，风光持续增长

Investment Rating - The investment rating for China Power (2380.HK) is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on the company's performance and growth potential [4]. Core Views - China Power's 2023 operating performance was below market expectations, primarily due to significant losses in the hydropower segment, which reported a loss of approximately 800 million RMB due to lower water inflow [1][2]. - The coal-fired power segment turned profitable due to declining coal prices, while wind and solar projects continued to grow, contributing to overall profit increases [1][2]. - The company aims to increase its clean energy installed capacity to over 78% by the end of 2024, with a target of 90% by the end of the 14th Five-Year Plan [1][2]. Summary by Sections Financial Performance - In 2023, China Power's revenue increased by 1.3% to 44.26 billion RMB, with operating profit rising by 14.6% to 8.72 billion RMB and net profit attributable to shareholders growing by 7% to 2.66 billion RMB [2]. - The hydropower segment saw a 35% drop in electricity sales, leading to a historic loss of over 800 million RMB [2]. - The wind and solar segments contributed an additional profit of 1.89 billion RMB, while the coal-fired segment's profit increased by 2.71 billion RMB due to improved operational efficiency and lower fuel costs [2]. Clean Energy Development - By the end of 2023, the company's clean energy installed capacity reached 75.4%, a year-on-year increase of 10.5 percentage points, with a total installed capacity of 45 GW [2]. - The company plans to add approximately 7 GW of self-built clean energy capacity in 2024, further increasing the clean energy proportion [1][2]. Hydropower Outlook - The hydropower segment is expected to recover in 2024, with improved water inflow conditions observed in early 2024, leading to an anticipated increase in electricity sales by 84% [2]. - The company expects the hydropower segment to return to profitability in 2024 [2]. Coal-fired Power Segment - The coal-fired power segment achieved a profit of 1.32 billion RMB in 2023, with a 12.5% reduction in unit fuel costs to 285.5 RMB/MWh [2]. - The company anticipates continued profitability in the coal-fired segment due to effective cost control [2]. Energy Storage Business - The energy storage segment is rapidly growing, with 2023 revenues reaching 2.55 billion RMB, a year-on-year increase of 16.5% [3]. - The segment includes sales of storage equipment, integrated power station development, and capacity leasing services [3]. Investment Recommendation - The projected net profit for 2024 is approximately 5 billion RMB, with a price-to-earnings ratio of 7.4 times based on current stock prices [3]. - The dividend yield is estimated at 6.9%, indicating potential for stock price appreciation [3].