Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - In October 2024, the company's total electricity sales volume reached 9,750,483 MWh, representing a year-on-year increase of 20.59%. For the first ten months of 2024, the total sales volume was 108,220,668 MWh, up 30.56% compared to the same period last year [2][3]. - The performance of different power generation types in October 2024 showed significant growth in wind and coal power, with wind power increasing by 39.89% and coal power by 30.42%. In contrast, hydropower experienced a seasonal decline of 25.15% [3]. - The overall electricity sales data indicates strong performance, with wind, coal, and natural gas generation all achieving high growth rates. The growth in wind power is attributed to improved wind resources and the acquisition of assets from the parent company, as well as the increase in self-built wind and solar capacity [3]. Summary by Category Electricity Sales Volume - Total electricity sales volume for October 2024 was 9,750,483 MWh, a 20.59% increase year-on-year. The first ten months of 2024 saw a total of 108,220,668 MWh, up 30.56% from the previous year [2]. - Breakdown by generation type for October 2024: - Hydropower: 825,616 MWh, down 25.15% year-on-year - Wind power: 2,292,301 MWh, up 39.89% year-on-year - Photovoltaic: 1,824,368 MWh, up 12.83% year-on-year - Coal power: 4,467,964 MWh, up 30.42% year-on-year - Natural gas: 203,777 MWh, up 28.10% year-on-year [2]. Future Outlook - The company is expected to maintain stable growth in performance and dividends in the medium to long term. The restructuring of hydropower assets is anticipated to enhance overall valuation, making it a key area of focus [3].

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - In October 2024, the company's total electricity sales volume reached 9,750,483 MWh, representing a year-on-year increase of 20.59%. For the first ten months of 2024, the total sales volume was 108,220,668 MWh, up 30.56% compared to the same period last year [2][3]. - The performance of different power generation types in October 2024 showed significant growth in wind and coal power, with wind power increasing by 39.89% and coal power by 30.42%. However, hydropower experienced a seasonal decline of 25.15% [2][3]. - The overall electricity sales data indicates strong performance, with wind, coal, and natural gas generation all achieving high growth rates. The growth in wind power is attributed to improved wind resources and the acquisition of assets from the parent company, as well as the increase in self-built wind and solar capacity [3]. Summary by Category Electricity Sales Volume - Total electricity sales volume for October 2024 was 9,750,483 MWh, a 20.59% increase from October 2023. The first ten months of 2024 saw a total of 108,220,668 MWh, up 30.56% year-on-year [2]. - Breakdown of sales volume by generation type for October 2024: - Hydropower: 825,616 MWh, down 25.15% year-on-year - Wind power: 2,292,301 MWh, up 39.89% - Photovoltaic: 1,824,368 MWh, up 12.83% - Coal power: 4,467,964 MWh, up 30.42% - Natural gas: 203,777 MWh, up 28.10% [2]. Performance Comparison - The company demonstrated superior performance compared to peers in terms of electricity sales growth, highlighting the stability provided by its diversified power generation portfolio [3]. - The impact of anticipated declines in long-term electricity prices in Guangdong is minimal, as the company's capacity in that region accounts for only 10% of its total installed capacity [3]. Future Outlook - The report maintains a positive long-term outlook for the company's performance and dividend stability, with expectations for overall valuation improvement following the restructuring of hydropower assets [3].

Core Viewpoint - Recently, China Electric (Jingmen) Energy Co., Ltd. was established, indicating a strategic move into renewable energy and electric vehicle infrastructure by China Electric [1] Company Summary - The company is fully owned by China Electric, showcasing its commitment to expanding its portfolio in the energy sector [1] - The registered capital of the new company is 136 million yuan, reflecting a significant investment in renewable energy technologies [1] Industry Summary - The operational scope includes solar power generation technology services, wind power generation technology services, and electric vehicle charging infrastructure operations, highlighting a focus on sustainable energy solutions [1] - The company also engages in the sales of hydrogen production and storage facilities, indicating a diversification into hydrogen energy, which is gaining traction in the energy market [1]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is set to become a key platform for hydropower asset integration under the National Energy Investment Group, with significant potential for valuation support due to the higher valuation of hydropower assets in the A-share market compared to the Hong Kong market [4][5]. - The company has shown a strong recovery in operational performance, with a 51.50% year-on-year increase in profit attributable to equity holders, reaching 2.802 billion yuan in the first half of the year [4]. - A special dividend of 0.05 yuan per share has been announced to celebrate the company's 20th anniversary, alongside a commitment to a minimum 50% payout ratio, enhancing the investment appeal [4]. Summary by Sections Asset Restructuring - The company plans to inject its controlling stakes in subsidiaries, including Wuling Power and Guodian Investment Guangxi Changzhou Hydropower, into Far East Environmental Protection, establishing it as a hydropower asset integration platform for Guodian Investment [4]. - The restructuring is expected to solidify the company's position as a comprehensive clean energy flagship platform, with further hydropower assets likely to be injected in the future [4]. Financial Performance - The company achieved a profit of 2.802 billion yuan in the first half of the year, marking a 51.50% increase year-on-year, driven by improved coal prices and steady growth in clean energy business [4]. - The operational performance is expected to continue its recovery, supported by high growth in hydropower and easing pressure on thermal power generation [4]. Future Outlook - The company is projected to achieve profits of 5.004 billion, 6.046 billion, and 7.157 billion yuan for the years 2024 to 2026, with corresponding EPS of 0.40 yuan, 0.49 yuan, and 0.58 yuan, indicating strong growth potential [5]. - The report emphasizes the company's attractive valuation with PE ratios of 8.63, 7.14, and 6.03 for the same period, suggesting a favorable investment opportunity [5].

Investment Rating - The report maintains a "Buy" rating for China Power (2380.HK) with a target price of HKD 4.50, representing a potential upside of 23% from the current price of HKD 3.65 [1][7]. Core Insights - The restructuring of hydropower assets back to A-shares positions Yuanda Environmental Protection as the direct integration platform for State Power Investment Corporation's hydropower assets, enhancing China Power's role as a comprehensive clean energy flagship [5][9]. - The integration of hydropower assets is expected to elevate the overall valuation of both State Power Investment Corporation and China Power, leveraging the high valuation of hydropower assets in the A-share market [6][10]. - The report outlines projected revenue growth, with expected revenues of RMB 51.67 billion in 2024, reflecting a year-on-year increase of 16.7% [8][14]. Summary by Sections Investment Rating - Target Price: HKD 4.50 - Current Price: HKD 3.65 - Expected Increase: 23% [1] Key Financial Data - Total Shares: 12.4 billion - Total Market Capitalization: HKD 45.2 billion - Net Assets: RMB 100,271 million - Total Assets: RMB 325,581 million - 52-week High/Low: HKD 4.51 / HKD 2.58 - Earnings per Share (EPS) for 2024E: RMB 0.22 [2][8] Major Shareholders - China Power International Co., Ltd. (22.91%) - China Power Development Co., Ltd. (21.52%) - China Power (Renewable Energy) Holdings Co., Ltd. (14.85%) [3] Financial Projections - Revenue for 2024E: RMB 51,673 million, with a year-on-year growth of 16.7% - Net Profit for 2024E: RMB 4,944 million, with a year-on-year growth of 85.9% - Projected PE ratios: 10x for 2024 and 8x for 2025 [8][14]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [3][6]. Core Insights - The company is initiating a significant asset restructuring, aiming to enhance its position as a clean energy leader by acquiring shares in Yuanda Environmental through its hydroelectric assets [3]. - The restructuring aligns with national policies promoting state-owned enterprise reforms and capital market improvements, capitalizing on a favorable regulatory environment [3]. - Following the restructuring, the company will establish a red-chip structure, with Yuanda Environmental serving as the platform for integrating hydroelectric assets, while the company will operate as a comprehensive clean energy platform [3][4]. - The company’s valuation is currently at a low price-to-book (PB) ratio of 0.76, suggesting potential undervaluation in the market, especially in light of recent capital increases from institutional investors [4][3]. - The earnings forecast for the company remains strong, with projected net profits of 48.1 billion, 56.6 billion, and 64.1 billion RMB for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 10, 8, and 7 [4]. Summary by Sections Company Overview - The company is part of the State Power Investment Corporation and is focused on integrating its coal, hydro, and renewable energy assets to create a leading clean energy platform [3][4]. Financial Data - As of September 30, 2024, the company's closing price is HKD 3.71, with a market capitalization of HKD 459 billion and a PB ratio of 0.76 [2]. - The total assets amount to 325,581 million RMB, with net assets of 100,271 million RMB, translating to a net asset value per share of 4.46 RMB [2]. Earnings Forecast - The company’s total revenue is projected to grow from 44,262 million RMB in 2023 to 58,543 million RMB by 2026, with a compound annual growth rate (CAGR) of approximately 7.2% [5]. - The net profit is expected to increase significantly, with a forecasted growth rate of 80.8% in 2024 compared to 2023 [5].

Investment Rating - The report maintains a "Buy" rating for China Power (2380 HK) with a target price of HKD 4.56, indicating a potential upside of 22.9% from the current price of HKD 3.71 [4]. Core Views - The report highlights the restructuring of hydropower assets to an A-share listing platform, which is expected to enhance valuation. China Power plans to sell its hydropower assets (5.9 GW, approximately 60% stake) to its parent company, Guodian Investment, with the transaction expected to be detailed around October 18 [1][2]. - Management has outlined a preliminary plan to further integrate hydropower assets within three years, aiming to consolidate approximately 20 GW of remaining hydropower assets into the A-share platform [1]. - The transaction is viewed as a strategic move to leverage the higher valuations of hydropower assets in the A-share market, positioning China Power as a comprehensive clean energy flagship platform focusing on hydropower, wind, solar, and high-quality coal power [1][2]. Summary by Sections Hydropower Projects Overview - The report provides a detailed overview of China Power's hydropower projects, listing capacities and valuations in millions of RMB. The total capacity of the listed projects is 5,921 MW, with individual project valuations ranging from 59.9 million to 64.9 million RMB [2]. Valuation Metrics - The report outlines the valuation benchmarks for different segments of China Power's business, indicating a valuation of 0.75x the 2025 estimated price-to-book ratio for the hydropower segment. This is significantly lower than the approximately 3x price-to-book ratio of comparable companies [3]. - The report suggests that the hydropower segment's valuation could potentially increase to 1.5x or higher, which would enhance the overall valuation by approximately HKD 0.4-0.5 per share [1][3].

Investment Rating - The report maintains a "Buy" rating for China Power (2380.HK) and raises the target price to HKD 4.50, indicating a potential upside of 26% from the current price of HKD 3.58 [1][7]. Core Insights - The report highlights strong growth in wind and solar electricity sales, with total sales for the first eight months of 2024 reaching 87,773,648 MWh, a year-on-year increase of 31.24%. Wind and solar sales grew by 70.22% and 78.13% respectively [4][9]. - The thermal power segment also showed positive growth in August, benefiting from declining coal prices, with net profit for thermal power reaching RMB 1.108 billion, a year-on-year increase of 97.23% [5][10]. - Hydropower generation is expected to grow by approximately 80% for the full year, despite a slight decline in August sales [6][11]. - The report projects significant profit growth for the company, with net profit expected to reach RMB 4.944 billion in 2024, reflecting an 85.9% year-on-year increase [8][15]. Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of RMB 51.673 billion, a 16.7% increase from the previous year, and net profit of RMB 4.944 billion, an 85.9% increase [8][15]. - The report indicates an EBITDA margin improvement, with expectations of 39% in 2024 [15]. Shareholder Information - Major shareholders include China Power International Co., Ltd. (22.91%), China Power Development Co., Ltd. (21.52%), and China Power (Renewable Energy) Holdings Ltd. (14.85%) [3]. Market Position - The company is positioned favorably within the industry, with a current market capitalization of HKD 443 billion and a total share capital of 12.4 billion shares [2][4].

中國電力國際發展有限公司 China Power International Development Limited (在香港註冊成立的有限責任公司) (股份代號：2380) 低 碳 賦 能 美 好 生 活 5 8 8 6天 股東及投資者參考資料 上市資料 中國電力股份： 中期報告 二零二四年中期報告將於二零二四年九月二十三日 或之前發送予選擇收取公司通訊印刷本的本公司股東。 註冊辦事處及香港主要營業地點 香港灣仔 港灣道18號 中環廣場63層6301室 電話：(852) 2802 3861 傳真：(852) 2802 3922 網址：www.chinapower.hk 股份過戶及登記處 香港中央證券登記有限公司 香港灣仔 皇后大道東183號 合和中心17樓1712-1716號舖 電話：(852) 2862 8628 傳真：(852) 2865 0990 股東及投資者查詢 股東 投資者 • 於香港聯交所上市（股份代號：2380╱ 彭博：2380: HK╱路透社：2380.HK）；及 • 合資格經滬港通及深港通進行港股通交易。 • 熱線： (852) 2862 8555 • 電郵： chinapower.eco ...

Investment Rating - The report does not specify a clear investment rating for the company [4]. Core Insights - The company reported a significant increase in mid-year performance for 2024, with a revenue growth of 24.2% to RMB 26.47 billion and a net profit increase of 53.0% to RMB 2.57 billion [2][3]. - The company declared a special dividend of RMB 0.05 per share to celebrate its 20th anniversary [1][2]. - The clean energy segment continues to be a major driver of profit growth, with wind and solar profits increasing by 35% and 46% respectively [2]. - The company aims to increase its clean energy capacity to over 78% by the end of 2024, with a target of 90% by the end of the 14th Five-Year Plan [1][2]. Summary by Sections Financial Performance - The company achieved a significant operating profit growth of 66.7% to RMB 7.47 billion in the first half of 2024 [2]. - The hydropower segment turned profitable with a profit increase of 622%, driven by improved rainfall and operational efficiency [2][3]. - The thermal power segment saw a profit increase of 97% due to a decrease in coal procurement prices, with average fuel costs down by 8% [3]. Clean Energy Development - The company added 3.3 GW of self-built wind and solar capacity in the first half of 2024, bringing the total clean energy capacity to 77% of its total installed capacity [2]. - The company plans to add an additional 7 GW of clean energy capacity by the end of 2024 [1][2]. Shareholder Returns - The company maintains a dividend payout ratio of over 50%, with an expected annual dividend yield exceeding 7% [2][3]. - The special dividend of RMB 0.05 per share is part of the company's commitment to shareholder returns [1][2].