丨证券研究报告丨 港股研究丨公司点评丨中国电力（2380.HK） [Table_Title] 清洁能源业绩有所承压，火电改善助力稳健经营 报告要点 [Table_Summary] 由于来水偏枯，2025 年上半年水电电量明显承压，水电分部净利润同比减少 28.2%。得益于电 量的高速增长，风电分部净利润同比增加 8.36%；而受电价及利用小时的双重压力，光伏分部 净利润同比下降 36.9%。上半年火电板块经营延续改善，火电分部实现净利润 14.28 亿元，同 比增长 28.89%，度电净利同比提升 0.019 元/千瓦时。整体来看，虽然受来水偏枯、新能源电 价同比回落、光照资源偏弱等因素的共同影响，公司清洁能源板块业绩有所承压，但在火电优 异表现的拉动下，公司 2025 年上半年实现普通股股东应占利润 25.87 亿元，同比增长 0.65%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% % ...

截至2025年8月25日收盘，广西能源股价报4.12元，较前一交易日上涨0.73%。当日成交额为0.93亿元， 成交量为22.62万手，振幅为1.22%。 风险提示：投资有风险，市场波动可能导致股价变动，请谨慎决策。 广西能源主营业务涵盖电力生产与供应，涉及水电、火电及新能源发电等领域。公司是广西地区重要的 能源供应商，近年来积极布局清洁能源业务，包括海上风电、光伏等新能源项目。 公司2025年半年度报告显示，上半年归母净利润为-7090.78万元，但二季度单季实现盈利1.38亿元，扭 转了一季度亏损局面。其中，防城港海上风电项目累计发电超14亿千瓦时，贡献利润0.42亿元，成为业 绩增长的重要推动力。水电板块在来水偏枯的情况下仍实现扣非净利润1.02亿元，体现了一定的经营韧 性。 8月25日，广西能源主力资金净流出1156.75万元，近五个交易日累计净流出5802.77万元。 ...

Summary of China Resources Power Conference Call Company Overview - **Company**: China Resources Power - **Industry**: Renewable Energy and Power Generation Key Financial Metrics - **Revenue**: Decreased by 1.7% year-on-year to HKD 50.27 billion [2][4] - **Net Profit**: Decreased by 15.9% year-on-year to HKD 7.87 billion; core profit increased by 0.1% to HKD 8.278 billion after excluding one-off items [2][4] - **Operating Cash Flow**: Increased by 36.1% year-on-year to HKD 14.12 billion [2][4] - **Earnings Per Share**: HKD 1.52 [4] Renewable Energy Performance - **Wind Power Sales**: Increased by 15.5% year-on-year to 25.9 billion kWh [2][3] - **Solar Power Sales**: Increased by 31.3% year-on-year to 4.1 billion kWh [2][3] - **Renewable Energy Market Transaction Volume**: 50.8% of total sales, up by 11.9 percentage points year-on-year [2][3] Capacity Pricing and Future Outlook - **Expected Capacity Revenue**: Projected to reach HKD 4 billion to HKD 4.5 billion for the year; current pricing is HKD 100 per kW, expected to rise to HKD 165 per kW next year, with some provinces potentially reaching HKD 330 per kW [2][11] - **Wind and Solar Curtailment Rate**: Approximately 6% in the first half of 2025; measures taken to reduce this include enhanced marketing and energy storage systems [2][7] Taxation and Financial Challenges - **Tax Rate**: Increased to 18.7% due to the expiration of tax incentives and increased withholding tax on dividends, impacting approximately HKD 90 million in income tax and HKD 160 million in withholding tax [3][9] - **Inner Mongolia Coal-Electricity Integration Project**: Transitioned from trial operation to formal production, resulting in short-term losses due to unaccounted costs during the trial phase; expected improvement in the second half of the year [3][10] Market Dynamics and Competitive Landscape - **Wind Power Pricing Decline**: Average decrease of about 6% due to new projects and increased marketization; however, the overall impact is manageable due to competitive advantages in various provinces [9] - **Government Policies**: No direct government intervention in pricing; market mechanisms are preferred to ensure fair competition and stability [14][15] Future Investment Considerations - **Investment Models for New Energy Projects**: Consideration of market price changes and supply-demand uncertainties; stress testing conducted before investment decisions [5] - **Focus Areas for Profit Forecasting**: Capacity pricing revenue, Inner Mongolia coal mine operations, and impairment losses [11][12] Renewable Energy Sector Outlook - **Long-term Confidence**: The company remains optimistic about the renewable energy sector's growth potential, driven by national carbon neutrality goals and the importance of acquiring quality resources [8] - **Different Renewable Energy Types**: Wind power is favored over solar due to its competitive advantages; offshore wind power shows significant potential due to location and demand [16] Conclusion China Resources Power is navigating a challenging financial landscape with a focus on renewable energy growth, capacity pricing improvements, and strategic investments while managing tax implications and market dynamics. The company is well-positioned to capitalize on future opportunities in the renewable energy sector.

证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 08 | | | 日 | 月 | 25 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | | | | | 18.43 | | 一年内最高/最低（港 | | | | 23.10/16.64 | | | | | | | 元） | | | | | | | | | | | 总市值（百万港元） | | | | | 95,413.17 | | | | | | 流通市值（百万港元） | | | | | 95,413.17 | | | | ...

证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 08 月 22 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 市场表现： | 基本数据 | 2025 | 年 | 08 | 月 21 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 2.42 | | | 一年内最高/最低（港 | | | | 2.85/1.98 | | | 元） | | | | | | | 总市值（百万港元） | | | | 10,381.62 | | | 流通市值（百万港元） | | | | 10,381.62 | | | 资产负债率（%） | | | | 79.08 | | | 资料来源：聚源数据 | | | | | | 中广核新能源(01811.HK) 投资评级： 买入（维 ...

Core Insights - The 2024 total electricity investment in China is projected to reach 181.78 billion yuan, with a year-on-year growth of 13.9%, although the growth rate has slowed by 10.8 percentage points compared to the previous year [2] - The investment structure shows a ratio of approximately 2:1 between power generation and grid investments, with wind and solar energy accounting for 63.2% of the power generation sector [1] Investment Trends - Grid investment is expected to hit a record high of 60.84 billion yuan in 2024, marking a year-on-year increase of 15.3%, and for the first time surpassing 60 billion yuan [2] - Thermal power investment is experiencing a resurgence, projected at 18.79 billion yuan in 2024, reflecting a significant year-on-year growth of 38.0% [2] - Hydropower investment is anticipated to reach 11.54 billion yuan in 2024, with a year-on-year increase of 12.2%, driven by new projects coming online [2] - Nuclear power investment is forecasted to be 14.19 billion yuan in 2024, showing a robust year-on-year growth of 41.6% [2] Renewable Energy Developments - Wind power investment is set to recover, reaching 31.63 billion yuan in 2024, with a year-on-year growth of 10.9% [3] - Solar power investment remains the highest at 44.78 billion yuan in 2024, but growth is limited to only 1.9% due to challenges in distributed solar energy [3] - New energy storage capacity is expected to grow significantly, with an estimated investment of around 140 billion yuan in 2024, despite a projected slowdown in growth due to policy changes [3] Regional Insights - In the southern five provinces, new energy generation capacity is expected to add 59.17 million kilowatts in 2024, accounting for 73.9% of the total new power generation capacity [4] - By the end of 2024, the cumulative installed capacity of new energy in these provinces is projected to exceed 190 million kilowatts, reflecting a year-on-year growth of 44.7% [4] - The Guangdong-Hong Kong-Macao Greater Bay Area is expected to reach a total new energy installed capacity of 18.68 million kilowatts in 2024, indicating a gradual increase in green energy integration [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decrease in revenue and net profit for the first half of 2025, with total revenue of 4.155 billion yuan, down 13.99% year-on-year, and a net profit of 1.188 billion yuan, down 17.37% year-on-year, which was below expectations [7] - The company anticipates improved hydropower generation in the third quarter due to increased rainfall in certain regions of Guangxi [7] - The company's thermal power generation faced significant declines, with a 45.30% drop in output, primarily due to increased competition from new thermal power installations in Guangxi [7] - The company experienced rapid growth in photovoltaic power generation, with a 80.56% increase in output, although this was offset by declining electricity prices [7] - The company's financing costs have decreased, leading to a 7.8% reduction in financial expenses, which positively impacted overall performance [7] - The profit forecasts for 2025-2027 have been adjusted downwards due to underperformance in hydropower and thermal power generation, with expected net profits of 2.426 billion yuan, 2.779 billion yuan, and 2.923 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 9.369 billion yuan, with a year-on-year decrease of 2.4% [6] - The projected net profit for 2025 is 2.426 billion yuan, reflecting a year-on-year growth of 6.2% [6] - The company's earnings per share for 2025 is expected to be 0.31 yuan [6] - The gross profit margin for 2025 is projected to be 44.5% [6] - The return on equity (ROE) for 2025 is estimated at 13.2% [6]

8月21日，华润电力(00836)盘中下跌7.78%，截至13:07，报18.14元/股，成交4.5亿元。 华润电力控股有限公司主要从事风电、光伏发电、火电、水电等清洁能源的开发与运营，致力于推动绿 色低碳转型。公司截至2024年底总资产达3,624.64亿港元，管理并网装机容量82,441兆瓦，可再生能源 装机占比47.2%，在中国32个省市开展业务。 8月21日，华润电力披露2025财年中报。 本文源自：金融界 作者：行情君 截至2024年年报，华润电力营业总收入974.97亿元、净利润133.24亿元。 ...

股票代码：2380.HK 2025 Interim Results CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED Disclaimer This presentation and the information contained herein does not constitute or take the form of any recommendation for the purchase or sale of any securities of China Power International Development Limited ("China Power" or "the Company"), and does not constitute an offer to purchase or sell any securities of the Company, nor does it constitute the foundation or basis of any contract or commitment. No representation o ...

报告要点 [Table_Summary] 公司主业维持平稳表现，但由于去年同期公司进行国电建投的出售实现较大一次性收益，上半 年归母净利润为 36.86 亿元，同比减少 45.11%；但扣非归母净利润为 34.10 亿元，同比增长 56.12%。公司表示 2025-2027 年每年中期、年度各分红一次，现金分红比例不低于当年归母 净利润的 60%，且每股不低于 0.22 元（含税）。公司中报将分红 0.1 元/股，分红金额占上半年 业绩的 48.38%。纵使考虑全年底线分红 0.22 元，按 8 月 18 日收盘价股息率就已经高达 4.88%， 公司股息具备充足吸引力。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨国电电力（600795.SH） [Table_Title] 经营业绩维持稳健，承诺预示丰厚股息 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% rese ...