Core Viewpoint - The company is focusing on both stable and growth-oriented businesses, with expectations of profit contributions from regulated operations and potential growth from zero-carbon projects [1][2]. Stable Business - In Q1, electricity sales in Hong Kong decreased by 2.6% year-on-year to 7.091 billion kWh, influenced by weather conditions and the leap year in 2024 [1]. - The company anticipates steady profit contributions as capital investments solidify, with a projected capital expenditure of HKD 52.9 billion from 2024 to 2028 [1]. - The nuclear power business saw increased generation due to reduced downtime, while the average electricity price from the Yangjiang Nuclear Power Station declined as market trading increased [1]. Growth Business - The company is expanding its zero-carbon asset portfolio, with projects in China and India successfully launched in Q1, including a 150 MW wind project in Guangxi and a 251 MW wind farm in India [2]. - From 2024 to 2029, the company plans to double its renewable energy capacity in mainland China from approximately 3 GW to 6 GW, and increase its renewable energy and storage capacity in India from 2.3 GW to 8 GW [2]. - The Australian storage project is set to grow from 0.1 GW to 1.6 GW, with renewable energy projects increasing from 0.9 GW to 3 GW [2]. Dividend Policy - The company has maintained its dividend per share since 1987, with a proposed interim dividend of HKD 0.63 per share for 2025, unchanged from the previous year [2]. - The total liquidity as of the end of 2024 is projected to reach HKD 36 billion, indicating potential for future dividend increases [2]. Profit Forecast and Valuation - The company maintains its net profit forecast for 2025-2027 at HKD 12.1 billion, HKD 12.4 billion, and HKD 13.0 billion, respectively, with an EPS of HKD 4.79 for 2025 [3]. - The target price is set at HKD 79.37, based on a price-to-book ratio of 1.85x for 2025, which is above the three-year historical average of 1.51x [3].

证券研究报告 中电控股 (2 HK) 2025 年中期策略会速递—兼具稳定 性与成长性的价值股 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国香港 | 发电 | 6 月 5 日中电控股出席了我们组织的 2025 年中期策略会，会上公司分享近 期经营变化和后续展望。我们认为主要关注点包括：1）稳定型业务：随资 本投入转固，管制业务利润贡献或稳步增厚；Q1 中国内地核电机组稳健运 行，阳江核电站电价略有下滑。2）成长型业务：Q1 中国内地、印度多个 零碳项目顺利投产，零碳项目投资计划的落地或为公司业绩注入成长潜力。 稳定型业务：Q1 中国香港售电量同比-2.6%，中国内地核电资产稳健运行 据公司公告，受天气和暖、2024 年为闰年等因素影响，虽数据中心等新兴 行业用电需求增长，Q1 中国香港售电量 70.91 亿度，同比-2.6%。但考虑 到现行管制计划协议约定公司电力业务实现的准许利润占固定资产净额的 比例为 8%，我们依旧看好在高确定性资本开支（2024-28 年预计 529 亿港 元）的保障下，随资本投入不断转固， ...

| 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 06 日│中国香港 | 发电 | 6 月 5 日中电控股出席了我们组织的 2025 年中期策略会，会上公司分享近 期经营变化和后续展望。我们认为主要关注点包括：1）稳定型业务：随资 本投入转固，管制业务利润贡献或稳步增厚；Q1 中国内地核电机组稳健运 行，阳江核电站电价略有下滑。2）成长型业务：Q1 中国内地、印度多个 零碳项目顺利投产，零碳项目投资计划的落地或为公司业绩注入成长潜力。 稳定型业务：Q1 中国香港售电量同比-2.6%，中国内地核电资产稳健运行 据公司公告，受天气和暖、2024 年为闰年等因素影响，虽数据中心等新兴 行业用电需求增长，Q1 中国香港售电量 70.91 亿度，同比-2.6%。但考虑 到现行管制计划协议约定公司电力业务实现的准许利润占固定资产净额的 比例为 8%，我们依旧看好在高确定性资本开支（2024-28 年预计 529 亿港 元）的保障下，随资本投入不断转固，利润贡献或稳步增厚。核电业务方面， 受益于停运天数减少，Q1 大亚湾核电站发电量同比增加；广东省 ...