Investment Rating - The investment rating for China Resources Power (0836.HK) is "Buy" (maintained) [2] Core Views - The company reported a mid-year profit attributable to equity holders of HKD 9.363 billion, a year-on-year increase of 38.91%, and a core profit of HKD 8.271 billion, up 23.81% year-on-year [2] - Despite slightly adverse wind conditions affecting renewable energy performance, the stability of renewable energy prices exceeded expectations [2] - The company plans to add 10GW of new renewable energy capacity in 2024, with a total capital expenditure of HKD 59.9 billion, of which HKD 44.6 billion is allocated for wind and solar power station construction [3] - The coal power segment's performance improved due to declining coal prices, with core profit for coal power reaching HKD 2.715 billion, a significant increase of 274% year-on-year [2] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a profit attributable to equity holders of HKD 9.363 billion, a 38.91% increase year-on-year, and a core profit of HKD 8.271 billion, up 23.81% year-on-year [2] - The average on-grid electricity price for wind power decreased by 1.9% year-on-year, but the price stability was better than the industry average [2] - The company’s coal power generation increased by 3.4% year-on-year, with the benchmark coal price down by 10.6% [2] Capacity Expansion and Strategy - The company aims to add 10GW of new renewable energy capacity in 2024, continuing its commitment to a cleaner energy transition [3] - The company’s renewable energy segment achieved a core profit of HKD 5.556 billion in the first half of 2024, a decrease of 6.68% year-on-year, but still better than the average performance in the green energy sector [2][3] Earnings Forecast and Valuation - The forecast for net profit attributable to equity holders for 2024-2026 is HKD 14.223 billion, HKD 16.055 billion, and HKD 18.283 billion respectively, with corresponding PE ratios of 7, 6, and 5 times [3][5] - The company’s revenue for 2024 is projected to be HKD 103.334 billion, with a year-on-year growth rate of 8.87% [5]

華潤電力（836） 更新報告 火電盈利逐步釋放，新能源裝機加速投產 上半年盈利持續改善： 2024 年上半年公司取得營業收入 511 億港元， 同比基本持平，實現歸母淨利潤 93.63 億港元，同比增長 38.9%。其中可 再生能源核心業務歸母利潤為 55.56 億港元，同比減少 6.7%，火電業務 實現盈利 27 億港元，同比增長 232%，由原料成本下降所貢獻的核心利潤 為 27 億港元。公司計畫中期派息每股 0.455 港元/股。 火電降本顯著，盈利大幅釋放：公司上半年火電售電量同比增長 3.3%。得益于煤炭供給相對寬鬆，上半年煤炭價格大幅下降，公司上半 年單位燃料成本同比下降 10.7%，火電盈利能力持續修復。此外，火電輔 助服務貢獻收入 7.87 億元，新能源業務輔助服務費用支出約 3.44 億 元，淨盈利 4.43 億元，同比增長 5%。公司上半年火電業務毛利率同比提 升 9.6pct,處於行業領先地位。 新能源盈利受風速影響承壓，裝機加速兌現：截至 7 月底，公司累 計新增裝機已超過 1100 兆瓦。風電、光伏得益於新投產的機組使得售電 量分別同比增長 6.9%/204.9%。但由於上半年氣候條 ...

华润电力（00836） 证券研究报告 2024 年 09 月 01 日 投资评级 行业 公用事业/公用事业 6 个月评级 买入（维持评级） 当前价格 21.2 港元 目标价格 港元 火电盈利大幅改善，清洁能源转型持续推进 事件： H1 并网风光装机 0.93GW，6 月底风光在建权益装机 15.54GW 上半年，公司风电和光伏新增并网装机合计约 930 兆瓦；新投产的风电和 光伏项目权益装机容量分别为 504 兆瓦和 1560 兆瓦。截至 6 月底，公司 风电运营权益装机容量为 19.12GW，在建权益装机容量为 7.53GW；光伏 运营权益装机容量为 5GW，在建权益装机容量为 8.01GW。全年来看，公 司计划新增风电和光伏项目并网容量 10GW，其中大批项目将于今年下半 年并网；下半年预计投产的火电机组权益装机容量约 399 兆瓦。 火电盈利大幅改善，对应度电约 0.038 港元 成本端，受标煤单价同比下降 10.6%等综合影响，上半年燃料成本同比下 降 11.0%至 247.48 亿港元；折旧与摊销为 80.53 亿港元，同比增长 10.5%， 主要系新项目投产及新并购项目带来折旧成本增加影响。叠加收 ...

Investment Rating - Maintain "Buy" rating with a target price of HKD 27.89 per share, implying a 2024 P/E of 9x [2] Core Views - The company's profitability improved significantly in H1 2024, with gross profit up 28% YoY to HKD 10.85 billion and net profit attributable to shareholders up 39% YoY to HKD 9.4 billion [1] - Thermal power segment profitability improved substantially, with segment profit up 231% YoY to HKD 5.1 billion, driven by lower fuel costs [1] - Renewable energy segment maintained high profitability with a 50% profit margin [1] - The company is accelerating its energy transition, targeting 10GW of new wind and solar capacity in 2024 and 16.5GW in 2025 [2] - The company has stable dividend payout, with 2023 dividend of HKD 1.415 per share and 62% payout ratio [1] Financial Performance - H1 2024 revenue was HKD 51.1 billion, down 0.7% YoY, mainly due to lower average on-grid tariffs for thermal power (-3%) and wind power (-1.9%) [1] - Gross margin improved by 4.7/6.9 ppts YoY/QoQ to 21.2% [1] - Net profit margin improved by 5.2/9.5 ppts YoY/QoQ to 18.3% [1] - Thermal power segment margin improved by 9.6 ppts YoY to 13.5% [1] - Forecast 2024-2026 revenue of HKD 107.8/116.5/124.6 billion, with 4.4%/8.0%/6.9% YoY growth [2] - Forecast 2024-2026 net profit of HKD 14.9/16.7/18.6 billion, with 35%/12%/11% YoY growth [2] Capital Expenditure and Energy Transition - 2024 capex guidance of HKD 59.9 billion, with HKD 44.6 billion allocated to wind and solar projects [2] - Target to increase renewable energy capacity to over 50% of total by end-2025 [2] - H1 2024 new grid-connected capacity reached 930MW [2] Valuation - Target market capitalization of HKD 134.2 billion [2] - 2024E P/E of 6.8x, P/B of 1.5x [2] - 2024E ROE of 18.4% [2]

Investment Rating - The report maintains a "Buy" rating for China Resources Power (00836) [4] Core Views - The company reported a revenue of HKD 51.12 billion for the first half of 2024, a slight decrease of 0.71% year-on-year, while the net profit attributable to shareholders reached HKD 9.36 billion, marking a significant increase of 38.9% year-on-year, exceeding expectations [4] - The core profit from thermal power has rebounded, driven by cost optimization, contributing HKD 2.715 billion to core profits, which is 32.8% of the total core profit, an increase of HKD 1.989 billion year-on-year [4] - The company has made significant progress in its renewable energy capacity, with a total installed capacity of 24.125 million kW, accounting for 38.4% of total capacity, and plans to invest HKD 44.6 billion in renewable energy projects in 2024 [5] Summary by Relevant Sections Financial Performance - For the first half of 2024, the total electricity sales volume reached 98.24 billion kWh, a year-on-year increase of 6.2%, with thermal power sales volume at 72.147 billion kWh, up 3.4% [4] - The average coal price decreased by 10.6% year-on-year to RMB 934.6 per ton, while the unit fuel cost also fell by 10.7% to RMB 276.5 per MWh [4] - The company’s revenue projections for 2024-2026 have been revised upwards to HKD 149.18 billion, HKD 173.56 billion, and HKD 215.60 billion respectively, with corresponding PE ratios of 7.4, 6.4, and 5.1 [5][6] Renewable Energy Development - The company added 2.064 million kW of new renewable energy capacity in the first half of 2024, with wind and solar projects contributing 504,000 kW and 1.56 million kW respectively [4] - Despite weaker wind and solar conditions, the average utilization hours for wind and solar power were still above the national industry average by 89 and 79 hours respectively [4] - The company aims to achieve a renewable energy capacity of over 50% by the end of the 14th Five-Year Plan [5]

交银国际研究 公司更新 | --- | --- | --- | |------------|-------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 23.00 | 港元 26.83↓ | +16.7% | 华润电力 (836 HK) 上半年火电分部利润超预期，期待新增装机量进度加快 上半年火电超预期表现，但被新能源偏低的利用率有所抵销。上半年核心 盈利同比上升 23.8%，优于我们预期的 10.7%，主要原因是公司火电分部 利润高于我们预期。期内，公司火电/新能源分部纯利同比+75%/-12%，管 理层解释受到利用小时和电价双降的影响，风/光项目的利用小时在上半 年分别同比下降 9.5%/3.7%，上网电价分别下跌 1.9%/11.8%，造成约 9-10 亿港元的利润影响。火电经营方面，上半年燃料成本同比下降 10.7%，点 火价差同比改善 18%至每度电 0.142 人民币。 有计划以收购完成年内新增装机目标，下调利用小时预期。今年上半年， 公司风电和光伏新增并网装机合计约 0.93 吉瓦，相对我们估计全年目标 8 吉瓦仍有一定距离。管理层补充截至 7 月底， ...

Financial Performance - Net profit attributable to shareholders increased by 38.9% to HK$9.36 billion in H1 2024 compared to HK$6.74 billion in H1 2023[1] - Revenue for the six months ended June 30, 2024, was HK$51,119,684 thousand, a slight decrease from HK$51,483,669 thousand in the same period in 2023[10] - Operating profit for the period increased to HK$13,266,437 thousand, up from HK$10,495,310 thousand in 2023[10] - Net profit attributable to the company's owners rose to HK$9,362,748 thousand, compared to HK$6,740,100 thousand in the previous year[10] - The company's revenue for the first half of 2024 was HK$51.12 billion, a decrease of HK$364 million or 0.7% compared to HK$51.48 billion in the first half of 2023[18] - In RMB terms, the company's revenue for the first half of 2024 was RMB46.46 billion, an increase of RMB1.01 billion or 2.2% compared to RMB45.45 billion in the first half of 2023[18] - Operating profit increased by 26.4% to HKD 13.266 billion in H1 2024 from HKD 10.495 billion in H1 2023[25] - Net profit attributable to owners increased by 38.9% to HKD 9.36 billion in the first half of 2024 compared to HKD 6.74 billion in the same period of 2023[33] Renewable Energy and Thermal Power - Renewable energy business contributed HK$5.56 billion to core profit, while thermal power business contributed HK$2.72 billion in H1 2024[1] - Total installed capacity reached 80,314 MW, with renewable energy accounting for 39.3% of the total equity installed capacity[3] - The company aims to add 10,000 MW of wind and solar power capacity in 2024, with a significant portion expected to be connected in the second half of the year[7] - The company's segment profit from thermal power generation was HK$5.13 billion in the first half of 2024, compared to HK$1.55 billion in the first half of 2023[20] - The company's segment profit from renewable energy was HK$6.60 billion in the first half of 2024, compared to HK$6.29 billion in the first half of 2023[20] Capital Expenditure and Investments - Capital expenditure for H1 2024 was HK$20.83 billion, with HK$12.64 billion allocated to wind and solar power projects[6] - Total capital expenditure for 2024 is projected to be HK$59.9 billion, with HK$44.6 billion allocated to wind and solar power projects[9] - The company used HKD 25.578 billion for loan repayments and HKD 17.404 billion for property, plant, and equipment purchases for the six months ended June 30, 2024[39] Electricity Sales and Prices - Electricity sales increased by 6.2% to 98,239,596 MWh in H1 2024, with wind and solar power sales growing by 6.9% and 204.9% respectively[4] - The company's electricity sales volume increased by 6.2% year-on-year, while heat sales volume increased by 7.8% year-on-year[18] - The average on-grid electricity price for coal-fired power plants decreased by 3.0% year-on-year, and the average on-grid electricity price for wind power projects decreased by 1.9% year-on-year[18] Costs and Expenses - Average coal price decreased by 10.6% to RMB 934.6 per ton, and average unit fuel cost decreased by 10.7% to RMB 276.5 per MWh in H1 2024[5] - Total operating costs decreased by 6.3% to HKD 40.266 billion in H1 2024 from HKD 42.977 billion in H1 2023[21] - Fuel costs decreased by 11.0% to HKD 24.748 billion in H1 2024 from HKD 27.796 billion in H1 2023[21] - Depreciation and amortization increased by 10.5% to HKD 8.053 billion in H1 2024 from HKD 7.286 billion in H1 2023[21] - Employee benefits expenses increased by 6.9% to HKD 3.376 billion in H1 2024 from HKD 3.158 billion in H1 2023[21] - Impairment losses decreased significantly to HKD 73 million in H1 2024 from HKD 800 million in H1 2023[22] - Financial expenses decreased by 1.6% to HKD 2.070 billion in H1 2024 from HKD 2.103 billion in H1 2023[26] - Income tax expenses increased by 27.9% to HKD 2.065 billion in H1 2024 from HKD 1.614 billion in H1 2023[30] - Depreciation and amortization expenses rose to HKD 8.05 billion in H1 2024 from HKD 7.29 billion in H1 2023[32] - Government subsidies decreased to HKD 317.36 million in H1 2024 from HKD 427.23 million in H1 2023[32] - Exchange gains decreased to HKD 287.70 million in H1 2024 from HKD 856.01 million in H1 2023[32] Cash Flow and Financial Position - Total assets as of June 30, 2024, stood at HK$346,778,177 thousand, up from HK$322,395,990 thousand at the end of 2023[12] - Cash and cash equivalents increased significantly to HK$9,958,336 thousand from HK$4,082,972 thousand at the end of 2023[12] - Total equity grew to HK$110,616,508 thousand, compared to HK$104,547,141 thousand at the end of 2023[13] - Net cash inflow from operating activities was HK$10,372,544 thousand, up from HK$8,425,849 thousand in 2023[15] - Property, plant, and equipment increased to HK$222,447,199 thousand from HK$215,752,142 thousand at the end of 2023[12] - Total liabilities rose to HK$236,161,669 thousand, compared to HK$217,848,849 thousand at the end of 2023[14] - The company's net cash inflow from financing activities was HK$15.71 billion in the first half of 2024, compared to HK$19.39 billion in the first half of 2023[16] - The company's total cash and cash equivalents at the end of June 2024 were HK$9.96 billion, compared to HK$16.42 billion at the end of June 2023[16] - The company's net current liabilities as of June 30, 2024, were HK$23.75 billion[17] - Cash and cash equivalents as of June 30, 2024, included HKD 48 million, CNY 9.04 billion, BDT 730,600, and USD 469,100[37] - Total bank and other borrowings increased to HKD 182.09 billion as of June 30, 2024, from HKD 158.09 billion as of December 31, 2023[38] - Bank and other borrowings amounted to HKD 4.967 billion, CNY 162.65 billion, and EUR 1.17 million as of June 30, 2024[39] - The net debt to total equity ratio was 156.2% as of June 30, 2024[39] - Total accounts receivable stood at HKD 35.883 billion as of June 30, 2024, with 60 days+ overdue accounting for HKD 24.726 billion[41] - Total accounts payable were HKD 4.808 billion as of June 30, 2024, with 90 days+ overdue accounting for HKD 1.099 billion[42] - The current ratio improved to 0.72x and the quick ratio to 0.65x as of June 30, 2024[42] - EBITDA interest coverage ratio increased to 8.6x as of June 30, 2024[42] - The company's main funding sources included HKD 49.6 billion from borrowings and HKD 10.373 billion from operating cash inflows for the six months ended June 30, 2024[39] Dividends and Shareholder Returns - Basic earnings per share increased to HK$1.95, up from HK$1.40 in the same period in 2023[10] - The company declared an interim dividend of HKD 0.455 per share for 2024, totaling approximately HKD 2.19 billion[34] - The company's capital structure management focuses on optimizing debt and equity to maximize shareholder returns[36] Corporate Governance and Compliance - The company has delivered its financial statements for the year ended December 31, 2023, to the Registrar of Companies in accordance with Section 662(3) and Part 3 of Schedule 6 of the Companies Ordinance[47] - The auditor's report on the financial statements for the year ended December 31, 2023, contains no reservations, no emphasis of matter, and no statements under Sections 406(2), 407(2), or 407(3) of the Companies Ordinance[47] - The company's board of directors includes three executive directors, three non-executive directors, and four independent non-executive directors as of the announcement date[47] Employee and Operational Details - The company employed approximately 20,779 employees as of June 30, 2024[43] - Cash and cash equivalents included HKD 48 million, BDT 730,600, USD 469,100, and a small amount of GBP as of June 30, 2024[43]

请稍后 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始请稍后 本次电话会议仅服务于新业证券客户会议音频及文字记录的内容版权为新业证券所有内容必须经新业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权 深夜证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的深夜证券不保障其发言内容的准确性与完整性深夜证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任 市场有风险 投资需谨慎 提醒投资者注意投资风险 审慎参考会议内容好的 大家好 我是信越证券海外研究员李静云今天我们非常有幸地邀请到华人电力的领导们来参加我们这样一个中期的一个公司的金矿交流的现场策略会活动 话不多说我们就把时间交给华人电力的领导们请他们简单的讲一讲出席的嘉宾以及更新一下公司近期的情况然后我们就进入问答环节您可以开始了各位投资者大家下午好我们这边有华人电力投关的团队然后线上还有我们战略投资部的专家 然后大家可以有什么问题想要交流的话可以随时提问我们先简单介绍一下我们1到4月受电量的情况好的 我 ...

Investment Rating - The report maintains a "Buy" rating for China Resources Power (836 HK) with a target price of HKD 27.55, indicating a potential upside of 17.0% from the current price of HKD 23.55 [1][8]. Core Insights - The company's installed capacity mix shows resilience against changes in utilization rates this year, with clear profit growth potential. Despite weak wind speeds and a slight increase in national power rationing, the company's wind and solar generation increased by 8% and 191% year-on-year in the first four months of the year [1]. - The report notes that the company's hydropower utilization recovery is weaker than expected due to regional hydrological conditions affecting projects in Yunnan and Sichuan. The forecast for hydropower utilization hours has been adjusted downwards by 1.6% [1]. - The high proportion of thermal power generation is beneficial, providing resilience to profitability amid declining wind and solar prices. A 1% change in thermal fuel costs is estimated to impact profits by approximately 2% for 2024/25, while a 1% change in wind/solar utilization hours is expected to affect profits by about 1.2% [1]. - The report adjusts the target price upwards to HKD 27.55 based on operational cost adjustments and hydropower utilization hours, while also lowering profit forecasts for 2024/25 by 0.5% and 1.3% respectively [1]. - The company has shown superior return on equity (ROE) compared to peers, contributing to its attractiveness in the market, especially with a focus on dividends [1]. Financial Overview - Revenue is projected to grow from HKD 103,305 million in 2022 to HKD 126,419 million by 2026, with a compound annual growth rate (CAGR) of approximately 7.5% [4]. - Net profit is expected to increase significantly from HKD 7,463 million in 2022 to HKD 23,347 million by 2026, reflecting a CAGR of around 25.5% [4]. - Earnings per share (EPS) is forecasted to rise from HKD 1.46 in 2022 to HKD 4.78 by 2026, indicating strong growth potential [4]. - The company’s dividend yield is projected to increase from 2.5% in 2022 to 8.1% by 2026, enhancing its attractiveness to income-focused investors [4]. Installed Capacity and Generation Forecast - The total installed capacity is expected to grow from 52,581 MW in 2022 to 88,507 MW by 2026, with the share of renewable energy increasing from 32.3% to 58.1% over the same period [5]. - The forecast for electricity sales indicates a significant increase, with total sales expected to rise from 184,604 GWh in 2024 to 250,723 GWh by 2026 [5]. Valuation Summary - The report utilizes a sum-of-the-parts valuation approach, estimating the value of thermal power at HKD 2.97 per share and renewable energy at HKD 24.58 per share, leading to a total valuation of HKD 27.55 per share [6].

Q：统计局的数据 1-4 月火电利用小时数是上升的，全年怎么看火电的需求？ 1-4 月没有太大下降，利用小时数还是和用电负荷比较相关，现在快到迎峰度夏了，后面用电负荷也 是持续走高趋势，所以我们预计也是会比前四个月持续增长。我们预计全年水平是 4500-4600，去年 是 4680，差不了太多。一季度来风不是太好，所以火电也是有此消彼长，而且电力需求还是有一些结 构性变化，有一些地产相关行业下来了但也有新能源车、光伏制造等行业补充上来，总体用电需求还 是较高位的情况。如果风电、水电有下降，火电还是有一定补充的。 Q：一季度风电的影响有多少是弃风？ 全国的情况可能和我们有差异，我们的情况是风电 1-4 月，上网电价有小幅下降，是因为我们后续投 产的平价项目多了，补贴少了，保障性收购部分是有保证的，市场化绿电交易的溢价还是比较高，所 以我们自己抛开保障性收购的稳定部分，我们市场化部分还是有提升的，我们这边绿电消纳也是比较 高的。我们现在暂时还没有看到限电导致电量下降，因为我们还是处于东部、中部和沿海地区，比其 他人在三北地区要消纳好一些，三北地区会遇到限电因素的影响。 Q：有一些地方提出了风光资源税，会不会影响盈 ...