煤电盈利持续修复，新能源装机加速

Investment Rating - The report assigns a "Buy" rating for the company [1]. Core Views - The company is experiencing a continuous recovery in coal power profitability while accelerating the installation of renewable energy [1]. - The company achieved a revenue of 44.262 billion RMB in 2023, representing a year-on-year growth of 1.3%, with a net profit attributable to shareholders of 2.660 billion RMB, up 7.2% year-on-year [1]. - The coal power segment has significantly improved profitability, with a net profit of 928 million RMB, while hydropower faced a loss of 530 million RMB due to reduced water inflow [1]. - The company plans to distribute a dividend of 0.132 RMB per share, maintaining a high payout ratio [1]. - The company’s renewable energy capacity reached 13 GW in 2023, with a significant increase in wind and solar power sales [1]. - The average on-grid electricity price for new installations decreased by 1.5% for wind and 6.3% for solar [1]. - The target price for the company's stock is set at 4.64 HKD, indicating a potential upside of 44% from the current price [1]. Financial Summary - The company’s total revenue is projected to grow from 44.262 billion RMB in 2023 to 49.893 billion RMB in 2024, reflecting a growth rate of 12.7% [2]. - The net profit attributable to shareholders is expected to increase from 2.660 billion RMB in 2023 to 4.523 billion RMB in 2024, representing a growth of 70.0% [2]. - The company’s gross profit margin is forecasted to improve from 41.5% in 2023 to 47.7% in 2024 [2]. - The company’s total assets are projected to grow from 305.807 billion RMB in 2023 to 329.186 billion RMB in 2024 [2]. - The debt-to-equity ratio is expected to remain stable around 68.9% in 2023 and 70.7% in 2024 [2].