盈利不断向好，分红派息持续提升

Investment Rating - The report assigns a "Buy" rating for China Resources Power (0836.HK) with a target price of HKD 26.00, indicating a potential upside of 33.61% from the closing price of HKD 19.46 as of May 8, 2024 [4]. Core Insights - The company's profitability has significantly improved, driven by a decrease in fuel costs, with a notable 56.2% year-on-year increase in net profit to HKD 11.003 billion in 2023 [2]. - Renewable energy business has shown strong performance, contributing HKD 9.726 billion to core profits, which is a 12.52% increase from the previous year [2]. - The company plans to accelerate the construction of wind and solar projects, targeting an additional 10 GW of installed capacity in 2024 [2]. Financial Performance Summary - In 2023, the company achieved revenue of HKD 103.334 billion, with a slight increase of 0.03% year-on-year. The revenue from thermal power and renewable energy was HKD 80.053 billion and HKD 23.281 billion, respectively [3]. - The fuel cost decreased by 15.2% to HKD 54.509 billion in 2023, contributing to the overall profit growth [2]. - The company expects revenues for 2024 to reach HKD 109.859 billion, with a projected net profit of HKD 14.676 billion, reflecting a growth rate of 29.51% [3]. Dividend Policy - The company has a dividend payout ratio of 62% for 2023, with a total dividend of HKD 1.415 per share, including a special dividend of HKD 0.5 per share to celebrate its 20th anniversary [2].