2023年年报点评：火电持续向好，多能共济成长可期

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 12.98 CNY per share based on a PE valuation of 11.0 times for 2024 [4][2]. Core Views - The company reported a revenue of 14.695 billion CNY in 2023, a year-on-year increase of 2.63%, and a net profit attributable to shareholders of 2.623 billion CNY, up 1.11% year-on-year [2][3]. - The thermal power segment continues to perform well, with a total power generation of 77.95 billion kWh, a slight decrease of 0.6% year-on-year, while heat supply increased by 9.3% to 953.93 million tons [2][3]. - The company is actively pursuing multi-energy development, including investments in thermal, wind, and nuclear power projects, indicating strong growth potential [2][3]. Financial Summary - Revenue and Profit Forecast: The company expects revenues to grow to 15.837 billion CNY in 2024 and 16.567 billion CNY in 2025, with net profits projected at 3.012 billion CNY and 3.227 billion CNY respectively [7]. - Earnings Per Share (EPS) is forecasted to be 1.18 CNY for 2024 and 1.26 CNY for 2025, with a target EPS of 1.29 CNY for 2026 [2][3]. - The company plans to distribute a cash dividend of 0.31 CNY per share, totaling 794 million CNY, representing a cash dividend payout ratio of approximately 30.26% [2][3]. Segment Performance - The thermal power segment's profitability is improving, with a net profit contribution from coal power estimated at 935 million CNY, a year-on-year increase of 42.9% [2]. - Wind power generation saw a total output of 54.97 billion kWh, with a decline in land wind generation but an increase in offshore wind generation [2]. - The gas power segment reported a 45.4% increase in power generation, contributing to stable annual performance despite rising costs [2]. Future Outlook - The company is focusing on expanding its multi-energy portfolio, with ongoing projects in thermal, offshore wind, and nuclear power, which are expected to enhance long-term growth prospects [2][3]. - The report indicates that the current downward trend in coal prices will support the recovery of coal power profitability, while gas power remains stable [2].