中国电力：央企资管公司增持公司股份，看好公司高股息价值

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that CITIC Financial Asset Management has increased its stake in China Power to 5%, indicating market recognition of the company's value. The company is seen as having both high growth and high dividend attributes at the current stock price, making it a valuable investment in the context of a recovering Hong Kong stock market [3] - The company aims to become a world-class clean energy supplier, supported by its parent group, which has committed to enhancing the company's asset base through multiple rounds of asset operations since its listing [3] - The company has a strong dividend record, with a projected dividend yield of 5.5% if it maintains a 50% payout ratio in 2024 [3] Summary by Sections Investment Highlights - CITIC Financial Asset Management increased its holdings in China Power by acquiring 12.65 million shares at an average price of HKD 3.5243, totaling approximately HKD 44.58 million [3] - The company has undergone significant asset optimization, including the divestment of old coal power units and the expansion of its renewable energy portfolio, which has led to improved asset quality [3] Financial Performance - In 2023, the company faced challenges due to historically low water levels, resulting in a 35.49% decrease in hydropower sales volume and a loss of CNY 826 million in the hydropower segment [4] - However, operational indicators improved significantly in the first four months of 2024, with hydropower sales volume increasing by 79.64%, wind power by 52.1%, and solar power by 88.03% [4] - The company forecasts a substantial improvement in performance for 2024, with net profit estimates of CNY 4.801 billion, CNY 6.930 billion, and CNY 8.029 billion for 2024, 2025, and 2026 respectively [4][6] Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 8, 6, and 5 for the years 2024, 2025, and 2026 respectively [4] - The company’s total revenue is projected to grow from CNY 44.262 billion in 2023 to CNY 56.189 billion in 2024, reflecting a year-on-year growth rate of 26.9% [5][6]