水火风光共振，分红55%超预期

Investment Rating - The report maintains a "Buy" rating for the company [3][44]. Core Insights - The company's performance is driven by the synergy of hydropower, thermal power, and renewable energy, with a significant increase in net profit by 64.3% year-on-year in 2023 [10][44]. - The company achieved a revenue of 56.712 billion yuan in 2023, reflecting a year-on-year growth of 12.3% [10][44]. - The proposed dividend for 2023 is 3.688 billion yuan, with a dividend payout ratio of 55%, exceeding the commitment of 50% of distributable profits [10][22]. Summary by Sections Section 1: Performance Overview - The company's net profit for 2023 reached 6.705 billion yuan, with a notable increase attributed to improved thermal power generation and reduced costs [10][44]. - Hydropower generation decreased by 5% due to lower water levels, but the average hydropower price increased by 10.3%, compensating for the decline in volume [10][29]. - The thermal power segment saw a 14.9% increase in generation, aided by the commissioning of new units and a decrease in coal prices [10][29]. Section 2: Financial Metrics - The company reported a financial expense reduction of 14.6% year-on-year, contributing to a lower expense ratio of 10.4% [10][12]. - The gross margin and net margin improved to 36.1% and 11.8%, respectively, with a return on equity (ROE) of 12.8% [10][15]. - Operating cash flow for 2023 was stable at 21.3 billion yuan, while investment cash flow was negative at 20.7 billion yuan due to increased capital expenditures [10][19]. Section 3: Future Growth Potential - The company has over 11 GW of hydropower capacity under development, with significant growth potential in renewable energy [10][34]. - The planned capacity additions for wind and solar energy are expected to exceed 7 GW by 2025, contributing to the company's clean energy goals [10][38]. - The company aims to achieve a total installed capacity of 50 GW by the end of the 14th Five-Year Plan, with a target of 72% from clean energy sources [10][38].