[Table_StockInfo] 买入 2024年 03月 25日 （维持） 证券研究报告•2023年年报点评 当前价： 17.86港元 华润电力（0836.HK） 公用事业 目标价： ——港元 派息率 62%，可再生能源装机加快 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报，公司实现全年营业收入1033亿港元，同比增加 [分Ta析bl师e_：Au池th天or惠] 0.03%，实现归母净利润 110亿港元，同比增加 56.2%。可再生能源业务核心 执业证号：S1250522100001 利润贡献97.26亿港元（2022年：86.45亿港元），火电业务核心利润贡献36.11 电话：13003109597 亿港元（2022年：亏损25.82亿港元）；2023年派息率达62%（含特别派息）。 邮箱：cth@swsc.com.cn  成本改善业绩，火电业务持续发力。2023年公司火电业务完成售电量 1494亿 分析师：刘洋 千瓦时，同比增加 2.3%，平均利用小时 4688小时，较 2022年持平；年内市 执业证号：S1250523070005 电话：1801 ...

2024 年 03 月 25 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 火电扭亏为盈， 年新能源规划装机 2024 10GW 证券分析师： 钟琪 S0350523080002 zhongq@ghzq.com.cn ——华润电力（ ） 年年报点评 00836 2023 最近一年走势 事件 : 2024年3月20日，华润电力发布2023年年报：2023年公司实现收入 936亿元，同比基本持平，实现归母净利润99.7亿元，同比+56%。2023H2 公司实现收入470 亿元，同比-2%，实现归母净利润38.6 亿元，同比 +59.5%。（注：除特别说明外，货币单位均为人民币，且按2023.12.29 港元兑人民币中间价0.9062换算） 分红：2023年末公司股息为0.587港元/股，全年共派息1.415港元/股， 派息率62%。 相对恒生指数表现 2024/03/25 投资要点 : 表现 1M 3M 12M 华润电力 3.7% 17.5% 14.3% 恒生指数 -1.5% 0.8% -17.3%  2023年火电扭亏为盈，拉动公司业绩同比+56%。2023年公司实现 归母净利润 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 电力 | 公司研究 火电迎业绩拐点 新能源装机持续加速 2024年3月25日 华润电力（00836.HK）点评 买入 公司公告2023年业绩，2023年实现营业收入1033.34亿港元，同比增长0.03%；实现 归母净利润110.03亿港元，同比增长56.2%，基本符合我们的预期。 维持评级 成本端显著改善，火电板块大幅扭亏。2023年，公司附属电厂全年售电量1932.65亿千 瓦时，同比增长4.7%，市场电平均上网电价较标杆上网电价涨幅18%。其中公司附属火 市场数据：2024年3月22日 收盘价（港币） 17.94 电售电量同比增长2.3%，平均利用小时数4688h，同比持平，仍较全国平均大超222h。 恒生中国企业指数 5757.67 燃煤电厂平均单位燃料成本296.3元/兆瓦时，标煤单价987.5元/吨，均同比下降12.6%。 52周最高/最低价 (港币) 19.04/13.55 2023年公司燃料成本同比减少97.74亿港元至545.09亿港元，同比下降15.2%。成 ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨华润电力（ ） 0836.HK [业Ta绩b增le_速T受itle限] 减值，高额分红彰显价值 报告要点 [2T0a2b3le年_S在um燃m料a成ry本] 大幅回落的影响下，公司火电业务实现净利润28.55亿港币，而去年同期为 亏损34.30亿港币。可再生能源方面，虽然装机规模稳步扩张，但受云南怒江水电以及可再生 能源补贴减值影响，公司可再生能源业务净利润为80.82亿港元，同比减少4.68%。除主业以 外，受人民币汇率波动影响，2023年公司其他损益为2.14亿港元，同比大幅减少90.2%，但 ...

[Table_Page] 年报点评|公用事业 证券研究报告 [【Table_T广itle] 发公用事业&海外】华润电力 [公Tab司le_I评nves级t] 买入 当前价格 17.98港元 （00836.HK） 合理价值 27.28港元 前次评级 买入 火电扭亏、绿电提速，高 ROE 有望保持 报告日期 2024-03-22 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 火电扭亏、绿电稳增，23业绩同比提升56.2%。公司发布2023年业 24% 绩，2023年公司实现归母净利润110.03亿港元（同比+56.2%），其中 15% 火电核心利润36.11亿港元（上年为-25.82亿港元）、可再生能源核心 6% 利润97.26亿港元（同比+12.5%），减值损失27.5亿港元（上年为10.5 -4%03/23 05/23 07/23 09/23 11/23 01/24 03/24 亿港元），23年ROE达13%。公司末期每股派息0.587港元，全年三 -13% 次共派息1.415港元，分红率62%，对应最新收盘价股息率7.9%。 -22% ⚫ 煤价回落驱动 ...

更新报告 买入 火电盈利大幅改善，风光装机提速 华润电力（0836.HK） 2024-03-21 星期四 投资要点 目标价： 26.5 港元 ➢ 2023年盈利同比+56.2%，派息率62%： 现 价： 17.92港元 2023年公司营业额为1033.34亿港元，同比基本持平；归母净利润110.03 预计升幅: 48% 亿港元，同比增长56.2%，每股基本盈利为2.29港元，加上特别股息0.5 港元，全年共派息1.415港元，派息率为62%（2023年为40%）。公司 重要数据 业绩增长主要来自风光利润贡献以及火电盈利大幅修复。2023年，可再 生能源业务核心利润贡献为97.26亿港元(2022年：86.45亿港元)，火电 日期 2024-03-20 业务核心利润贡献为36.11亿港元(2022年：亏损25.82亿港元)。 收盘价（港元） 17.92 总股本（百万股） 4,810 ➢ 容量电价叠加单位燃料成本下降，火电盈利确定性提升： 总市值（亿港元） 862 公司 2023 年火电盈利大幅改善主要受益煤价下行，期内公司火电单位 净资产（百万港元） 104,547 燃料成本同比下降12.6%。公司预期2024 ...

交银国际研究 公司更新 电力 收盘价 目标价 潜在涨幅 2024年3月20日 港元17.92 港元22.70↑ +26.7% 华润电力 (836 HK) 装机进度在今年加快，股息率仍有吸引力，维持买入  一次性资产减值略高，常规派息比率持平。公司2023年盈利上升56%至110 个股评级 亿港元，比市场预期/我们的预期低6%/12%，主要受到一次性资产减值比 预期高约20亿港元所影响。不计及减值影响，公司核心盈利应达133亿港 买入 元。火电板块2023年下半年经营利润达39亿港元(上半年为16亿港元)，环 比明显改善，2023年燃料成本同比则下降12.6%。另外，撇除减值影响， 1年股价表现 再生能源板块的经营利润同比上升14%。新增装机方面，期内自建/并购的 风/光项目为6.5/1.2吉瓦(共7.7吉瓦)，高于我们预期的6.5吉瓦。公司末期息 836 HK 恒生指数 为0.587港元，全年常规派息比率维持40%。加上早前已宣布的上市20周年 20% 15% 特别股息0.5港元，全年派息比率为62%。 10% 5% 0%  装机进度加快推动盈利，负债率将在2024年达近年高位。管理层预期2024 -5% ...

Financial Performance - The net profit attributable to shareholders for 2023 was HKD 11.003 billion, an increase of 56.2% from HKD 7.042 billion in 2022[1]. - Basic earnings per share for 2023 rose to HKD 2.29, up 56.2% from HKD 1.46 in 2022[2]. - The total operating revenue for the year ended December 31, 2023, was HKD 103.33 billion, a slight increase from HKD 103.31 billion in 2022[11]. - The net profit for the year ended December 31, 2023, was HKD 12.11 billion, compared to HKD 7.56 billion in 2022, representing a year-on-year increase of 60.5%[11]. - The profit attributable to the company's owners (excluding non-cash foreign exchange losses) was HKD 10.94 billion for 2023, compared to a loss of HKD 5.05 billion in 2022[23]. - The net profit before tax was HKD 15.50 billion for 2023, reflecting a significant recovery from the previous year's performance[23]. - Operating profit increased by HKD 4.65 billion or 34.3% from HKD 13.55 billion in 2022 to HKD 18.20 billion in 2023, driven by lower coal prices and contributions from new projects[30]. Revenue and Sales - The group achieved a total electricity sales volume of 193,265 GWh in 2023, a 4.7% increase from 2022, with wind and solar power sales rising by 12.4% and 111.8%, respectively[6]. - The segment revenue from thermal power was HKD 80.05 billion, while renewable energy segment revenue was HKD 23.28 billion for 2023[23]. - In RMB terms, the revenue for 2023 was RMB 92.90 billion, an increase of RMB 4.35 billion or 4.9% from RMB 88.55 billion in 2022[21]. - The average selling price of electricity from subsidiary power plants increased by 2.1% year-on-year[21]. Capital Expenditure and Investments - The cash capital expenditure for 2023 was approximately HKD 44.734 billion, with HKD 31.934 billion allocated for wind and solar projects[7]. - The cash capital expenditure for 2024 is estimated at approximately HKD 59.9 billion, with HKD 44.6 billion allocated for wind and solar projects[10]. - The company plans to optimize its capital structure through dividend payments, issuance of new shares, and debt management strategies[39]. Debt and Liabilities - The net debt to equity ratio stood at 188.3% as of December 31, 2023, compared to 158.7% in 2022[3]. - Total liabilities increased to HKD 217,848,849 in 2023 from HKD 182,834,098 in 2022, representing a rise of 19.2%[14]. - The total bank and other borrowings increased to HKD 164.53 billion in 2023 from HKD 138.32 billion in 2022[41]. - Borrowings in financing activities amounted to HKD 93,903,965 in 2023, a significant increase from HKD 62,229,310 in 2022, marking a growth of 50.9%[17]. Dividends - The proposed final dividend for 2023 is HKD 0.587 per share, with a total dividend of HKD 1.415 per share, resulting in a payout ratio of 62%[1]. - The company paid dividends to shareholders totaling HKD 4,893,060 in 2023, compared to HKD 4,387,972 in 2022, reflecting an increase of 11.5%[17]. - The company reported a total of HKD 5.79 billion in dividends distributed during the year, compared to HKD 1.23 billion in 2022[37]. Operational Efficiency - The average unit fuel cost for thermal power plants was RMB 296.3 per MWh, a decrease of 12.6% compared to 2022[7]. - The average utilization hours for wind power plants increased by 2.2% to 2,451 hours, while solar power plants saw a decrease of 2.0% to 1,480 hours[7]. - The operating costs for 2023 were HKD 87.38 billion, a decrease of HKD 6.54 billion or 7.0% from HKD 93.92 billion in 2022[25]. - Fuel costs decreased by HKD 9.77 billion or 15.2% to HKD 54.51 billion in 2023, primarily due to a 12.6% drop in the average coal price[25]. Employee and Operational Costs - Employee benefits expenses rose by HKD 5.55 billion or 8.4% from HKD 6.63 billion in 2022 to HKD 7.19 billion in 2023, influenced by new project launches and currency depreciation[26]. - Total employee costs for 2023 amounted to HKD 7.19 billion, up from HKD 6.63 billion in 2022[36]. Environmental and Sustainability Initiatives - The company has implemented a carbon peak and carbon neutrality action plan, focusing on renewable energy development and reducing coal consumption[9]. - The company plans to invest in carbon capture and storage technologies to further reduce carbon emissions[9]. - The company will include renewable energy development and carbon reduction targets in the performance contracts of its executive team[9]. Financial Position and Assets - The company reported total assets of HKD 322.40 billion as of December 31, 2023, an increase from HKD 283.39 billion in 2022[13]. - The total equity of the company reached HKD 104,547,141 in 2023, up from HKD 100,553,548 in 2022, which is a growth of 4.0%[14]. - The company's cash and cash equivalents at the end of 2023 were HKD 4,082,972, down from HKD 7,721,275 at the end of 2022, indicating a decrease of 47.3%[17]. Compliance and Governance - The auditors, Deloitte, provided an unqualified opinion on the consolidated financial statements for the year ending December 31, 2023[50]. - The company confirmed compliance with the corporate governance code, except for a temporary vacancy in the company secretary position from February 8 to April 23, 2023[49]. - The company has adopted the standard code of conduct for securities trading and confirmed all directors have complied with it[50].

ABOUT CR POWER 關於華潤電力 China Resources Power Holdings Company Limited (the “Company” 華潤電力控股有限公司（「本公司」或「華 or “CR Power”) mainly invests, develops, operates and manages 潤電力」）主要在中國投資、開發、運營和 wind farms, photovoltaic power plants, hydro-electric power plants 管理風電場、光伏電站、水電站及其他清 and other clean and renewable energy projects and coal-fired power 潔及可再生能源項目和燃煤發電廠。業務 plants in China. Its business also covers distributed energy, power 還涉及分佈式能源、售電、智慧能源及煤 sales, intelligent energy, coal mining, and other areas. 炭等領域。 As a ...

Financial Performance - The company reported a net profit attributable to shareholders of HKD 6.74 billion for the first half of 2023, an increase of HKD 2.37 billion or 54.2% compared to HKD 4.37 billion in the same period of 2022[1][2]. - For the six months ending June 30, 2023, the company reported revenue of HKD 51,483,669, an increase from HKD 50,409,175 in the same period of 2022, representing a growth of 2.13%[11]. - The operating profit for the same period was HKD 10,495,310, compared to HKD 7,410,556 in the previous year, indicating a significant increase of 41.5%[11]. - The net profit for the first half of 2023 was HKD 7,078,590, up from HKD 4,374,460 in the first half of 2022, reflecting a growth of 61.7%[12]. - The profit before tax for the first half of 2023 was HKD 8.69 billion, compared to HKD 5.24 billion in the first half of 2022, reflecting a significant improvement in operational performance[21]. - The company's profit attributable to owners for the first half of 2023 was approximately HKD 6.74 billion, an increase of 54.2% compared to HKD 4.37 billion in the same period of 2022[34]. Revenue and Sales - Power sales revenue reached HKD 47.17 billion, up from HKD 45.93 billion in the same period last year, driven by a 7.0% increase in sales volume from subsidiary power plants[19]. - The company achieved a total electricity sales volume of 92,501,982 MWh in the first half of 2023, a 7.0% increase from 86,413,534 MWh in the same period of 2022[4]. - The core profit contribution from renewable energy business was HKD 5.95 billion, up from HKD 5.28 billion in the first half of 2022, while the core profit from thermal power business improved to HKD 726 million from a loss of HKD 1.44 billion[1][2]. Costs and Expenses - Total operating costs decreased to HKD 42.98 billion, down HKD 2.28 billion or 5.0% from HKD 45.26 billion in the first half of 2022[23]. - Fuel costs decreased by 9.7% to HKD 27.80 billion, primarily due to a 7.9% drop in the average coal price[23]. - Employee benefits expenses increased by 26.7% to HKD 3.16 billion, influenced by new project launches and currency exchange rate effects[24]. - Financial expenses rose to HKD 2.10 billion, an increase of 8.2% from HKD 1.94 billion in the first half of 2022, mainly due to increased borrowing[28]. Capital Expenditure and Investments - Cash capital expenditure for the first half of 2023 was approximately HKD 18.76 billion, with HKD 12.60 billion allocated to wind and solar projects[6]. - Cash capital expenditure for 2023 is projected to be approximately HKD 45 billion, with around HKD 30.6 billion allocated for wind and solar power station construction[10]. - The company aims to add 7,000 MW of new wind and solar projects to the grid in 2023, with many projects expected to be connected in the second half of the year[9]. Debt and Liabilities - The net debt to equity ratio increased to 171.0% from 158.7% year-on-year[2]. - As of June 30, 2023, total liabilities increased to HKD 209,250,186 thousand from HKD 182,834,098 thousand as of December 31, 2022, representing a growth of approximately 14.4%[15]. - The company’s non-current liabilities, including borrowings, rose to HKD 121,317,672 thousand as of June 30, 2023, from HKD 99,951,023 thousand as of December 31, 2022, reflecting an increase of about 21.4%[15]. - The company’s current liabilities increased to HKD 87,932,514 thousand as of June 30, 2023, from HKD 82,670,777 thousand as of December 31, 2022, representing a growth of approximately 6.4%[15]. Cash Flow - The net cash inflow from operating activities for the six months ended June 30, 2023, was HKD 8,425,849 thousand, compared to HKD 8,193,823 thousand for the same period in 2022, reflecting an increase of about 2.8%[16]. - Cash outflow from investing activities for the six months ended June 30, 2023, was HKD 18,605,838 thousand, up from HKD 12,891,182 thousand in the prior year, indicating a rise of approximately 44.5%[16]. - Financing activities generated a net cash inflow of HKD 19,386,312 thousand for the six months ended June 30, 2023, compared to HKD 6,598,203 thousand in the same period of 2022, marking an increase of about 194.5%[17]. - The company reported a net increase in cash and cash equivalents of HKD 9,206,323 thousand for the six months ended June 30, 2023, compared to HKD 1,900,844 thousand in the previous year, which is an increase of approximately 384.5%[17]. Renewable Energy and Sustainability - The company aims to add 40 million kW of renewable energy capacity during the 14th Five-Year Plan period (2021-2025), targeting over 50% of total capacity by the end of 2025[8]. - The company is focusing on low-carbon technologies such as carbon capture, utilization, and storage (CCUS) to reduce carbon emissions and promote zero-carbon park pilot construction[9]. - The company has included carbon reduction and renewable energy development in the performance contracts of its executive team, with key performance indicators related to renewable energy capacity and carbon emission intensity[9]. - The company is actively exploring integrated energy services, targeting energy-saving and carbon reduction applications for enterprises and parks[9]. Shareholder Returns - The company declared an interim dividend of HKD 0.328 per share for the first half of 2023, up from HKD 0.21 per share in the same period of 2022[35]. - The basic earnings per share for the first half of 2023 was HKD 1.40, compared to HKD 0.91 in the same period of 2022[35]. Corporate Governance and Compliance - The company has complied with the corporate governance code, except for a temporary vacancy in the company secretary position from February 8, 2023, to April 23, 2023[46]. - The interim results for the six months ended June 30, 2023, were reviewed by the audit and risk committee and audited by Deloitte[48]. - The financial information for the six months ended June 30, 2023, is prepared in accordance with Hong Kong Accounting Standard 34 and will be published as soon as practicable[48]. - The company has submitted its financial statements for the year ended December 31, 2022, to the Companies Registry as required by the Companies Ordinance[49]. - The auditor's report on the financial statements for the year ended December 31, 2022, was unqualified and did not raise any issues[49]. - The board of directors includes three executive directors, two non-executive directors, and four independent non-executive directors as of the announcement date[49].