优质治理再显成效 2023年业绩修复超预期

Investment Rating - The report assigns a "Buy" rating for China Resources Power (0836.HK) based on its strong governance and better-than-expected performance in 2023 [3]. Core Insights - In 2023, the company achieved a net profit attributable to shareholders of HKD 11 billion, representing a year-on-year increase of 56.24%, positioning it as the leader among state-owned power enterprises in terms of profit size [3]. - The company's total revenue for 2023 was HKD 103.3 billion, a slight increase of 1.17% year-on-year, with a dividend payout ratio of 62% when including a special dividend [3]. - Renewable energy has become the main profit contributor, with core profits from renewable energy reaching HKD 9.726 billion, up 12.5% year-on-year, while thermal power turned profitable with core profits of HKD 3.611 billion [3][4]. Summary by Sections Financial Performance - The company reported a net profit of HKD 11 billion in 2023, a 56.24% increase from 2022, with a total revenue of HKD 103.3 billion [3][5]. - The operating profit margin improved to 17.6% in 2023, with a return on equity (ROE) of 11.73% [5][6]. Cash Flow and Receivables - The company’s net operating cash flow reached HKD 28.87 billion, the highest since 2016, marking a 19.46% increase year-on-year [4]. - Accounts receivable stood at HKD 32.8 billion at the end of 2023, reflecting a significant improvement compared to peers [4]. Future Outlook - The company plans to add 10 GW of new renewable energy capacity in 2024, with a total capital expenditure of HKD 59.9 billion planned for the year [4]. - Profit forecasts for 2024-2026 are projected at HKD 14.22 billion, HKD 16.06 billion, and HKD 18.28 billion respectively, with corresponding price-to-earnings ratios of 6, 5, and 5 times [4][5].