分红率提升，期待装机投产增厚业绩

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company has shown significant improvement in performance, with a revenue of 27.867 billion yuan and a net profit of 1.430 billion yuan in 2023, reflecting a year-on-year increase of 186.4% [18][33]. - The company is expected to enhance its installed capacity by nearly 20% due to ongoing projects, which will further boost its performance [9][15]. - The report highlights the acceleration of asset integration in power generation and the focus on the integrated development of wind, solar, and thermal storage [18][62]. Summary by Sections 1. Annual Performance Growth - The company achieved a revenue of 27.867 billion yuan in 2023, with a year-on-year growth of 8.3%, and a net profit of 1.430 billion yuan, up 186.4% [33][18]. - Quarterly performance showed revenues of 5.806 billion, 6.430 billion, 7.975 billion, and 7.655 billion yuan for Q1 to Q4 respectively, with net profits of 1.26 billion, 4.59 billion, 7.20 billion, and 1.25 billion yuan [33]. 2. Power Revenue Growth - The company's power business revenue reached 20.417 billion yuan in 2023, marking a 15.3% increase year-on-year, driven by accelerated installed capacity and a 19.1% increase in electricity generation [59][60]. 3. Profit Improvement and Asset Integration - The company is expected to see continued profit improvement with the commissioning of new power generation units, enhancing operational flexibility [18][62]. - The report notes that the company completed the acquisition of 51% of the environmental power generation assets from its major shareholder, which will contribute to its growth strategy [18][62]. 4. Installed Capacity and Performance Elasticity - By the end of 2023, the company had a total installed capacity of 11.38 GW, with an additional 2.15 GW added during the year [18][68]. - The report forecasts net profits of 2.132 billion, 2.459 billion, and 2.788 billion yuan for 2024 to 2026, respectively, indicating strong future performance potential [68].