Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Views - The company has shown comprehensive performance recovery, with a special dividend of 0.05 CNY per share, totaling 620 million CNY, marking its 20th anniversary [4] - The company reported a revenue of 26.47 billion CNY for the first half of 2024, a year-on-year increase of 24.2%, and a net profit of 4.59 billion CNY, up 80.1% year-on-year [4] - The hydropower segment achieved a net profit of 770 million CNY in 24H1, with a significant increase in electricity sales volume by 90% year-on-year [4] Summary by Sections Hydropower - In 24H1, the hydropower segment recorded a net profit of 770 million CNY, with a profit per kWh of 0.072 CNY, compared to a loss of 150 million CNY in 23H1 [4] - The increase in profit is attributed to improved water inflow, with utilization hours rising by 775 hours year-on-year to 1821 hours [4] Thermal Power - The thermal power segment achieved a net profit of 1.11 billion CNY in 24H1, with a profit per kWh of 0.039 CNY, compared to 560 million CNY in 23H1 [4] - The decrease in fuel costs contributed to the performance, with unit fuel costs dropping to 0.274 CNY per kWh from 0.298 CNY per kWh in 23H1 [4] Renewable Energy - The wind power segment reported a net profit of 1.96 billion CNY in 24H1, with a profit per kWh of 0.149 CNY, while the solar power segment achieved a net profit of 1.14 billion CNY [4] - The sales volume for wind and solar power increased by 57.5% and 96.7% year-on-year, respectively [4] Earnings Forecast and Valuation - The company is expected to achieve a net profit of 5.12 billion CNY in 2024, with earnings per share projected at 0.41 CNY [4] - The report suggests a valuation premium due to the recovery in thermal power profitability and quality asset injections, with a target price range of 4.05 to 4.96 HKD based on a PE ratio of 9-11 for 2024 [4]

Investment Rating - The report maintains a **Buy** rating for China Power (2380 HK) with a target price of HKD 4.56, implying a potential upside of 27.4% from the current price of HKD 3.58 [1][2] Core Views - **Strong H2 Profit Growth**: The company is expected to deliver robust profit growth in the second half of the year, driven by significant improvements in the hydro power segment and a special dividend announcement [1] - **Hydro Power Recovery**: Hydro power operating profit surged 5.3x YoY to RMB 1.35 billion in H1 2024, exceeding expectations by 25%, due to improved water conditions [1] - **Wind and Solar Growth**: Despite a decline in utilization hours for wind (-8%) and solar (-4%) in H1, operating profits for wind and solar increased by 35% and 63% respectively, supported by new capacity additions [1] - **Coal Power Margin Expansion**: The coal power segment saw a 44% YoY increase in operating profit, driven by a higher spark spread (RMB 0.118/kWh vs. RMB 0.105/kWh in H1 2023) due to lower coal costs [1] - **Special Dividend**: A special dividend of RMB 0.05 per share was announced to celebrate the company's 20th anniversary of listing in Hong Kong [1] Financial Performance and Forecasts - **H1 2024 Earnings**: Net profit rose 53% YoY to RMB 2.57 billion, slightly above expectations by 2% [1] - **2024/25 Profit Growth**: Profit growth is forecasted at 69% and 39% for 2024 and 2025 respectively, despite downward revisions of 2.5% and 6.0% due to lower wind and solar utilization hours [2] - **Dividend Yield**: The company's dividend yield for 2024/25 is expected to exceed 7%, with a payout ratio of 65% or higher, including the special dividend [2] Capacity and Generation Outlook - **Hydro Power**: Hydro utilization hours are expected to remain at historically high levels, with a 10% upward revision in hydro generation forecast for 2024, leading to a 57% YoY increase in hydro power output [1] - **Wind and Solar**: The company maintains its 2024 target of adding 3GW of wind and 4GW of solar capacity, despite a 5% and 2% downward revision in wind and solar generation forecasts due to lower wind speeds and solar irradiance [1] - **Total Capacity**: By 2026, the company's total installed capacity is projected to reach 67,019 MW, with renewable energy accounting for 83.5% of the total [7] Valuation - **Sum-of-the-Parts Valuation**: The target price of HKD 4.56 is derived from a sum-of-the-parts valuation, with hydro, wind, and solar segments valued at 0.75x, 8.5x, and 8.5x 2025E P/B and P/E multiples respectively [8] Industry Comparison - **Peer Comparison**: Among covered companies in the renewable energy sector, China Power (2380 HK) has a 27.4% potential upside, compared to peers like Huadian Power (836 HK) with 23.5% and Longyuan Power (916 HK) with 37.2% [9]

2024 年 08 月 26 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 钟琪 S0350523080002 zhongq@ghzq.com.cn [Table_Title] 各板块业绩表现亮眼，拟中期特别派息 ——中国电力（02380）2024 年中报点评 最近一年走势 相对恒生指数表现 2024/08/26 表现 1M 3M 12M 中国电力 -4.0% 1.9% 30.4% 恒生指数 4.6% -4.4% -0.9% 市场数据 2024/08/26 当前价格（元） 3.59 52 周价格区间（元） 2.67-4.27 总市值（百万） 44,408.84 流通市值（百万） 44,408.84 总股本（万股） 1,237,015.10 流通股本（万股） 1,237,015.10 日均成交额（百万） 89.36 近一月换手（%） 2.79 相关报告 《中国电力（02380）2023 年年报点评：水&火电 业绩修复+风光装机，共筑 2024 年成长（买入）* 电力*钟琪》——2024-03-26 事件: 2024 年 8 月 22 日，中国电力发布 2024 年中报：2024 年上半年公司实 现收 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company's performance has significantly improved, with a notable increase in net profit driven by both hydropower and new energy asset injections. The net profit for the first half of the year reached 2.802 billion yuan, representing a year-on-year growth of 51.50% [4][5]. - The company announced a special dividend of 0.05 yuan per share to celebrate its 20th anniversary of listing, alongside a commitment to a minimum dividend payout of 50%, enhancing its investment value [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 26.472 billion yuan, a year-on-year increase of 24.18%. The net profit attributable to equity holders was 2.802 billion yuan, up 51.50% year-on-year [4]. - Hydropower sales volume reached 10.675 billion kWh, a year-on-year increase of 89.85%, with net profit from hydropower at 766 million yuan, marking a significant turnaround [4][5]. - Wind power sales volume was 13.148 billion kWh, up 57.54%, while solar power sales volume reached 11.831 billion kWh, increasing by 96.67% [4]. - The company’s coal-fired power segment achieved a net profit of 1.108 billion yuan, a year-on-year growth of 97.23%, with a profit per kWh of 0.041 yuan, reflecting strong operational performance [5]. Investment Outlook - The company is positioned as a flagship platform under the State Power Investment Corporation, with expectations for accelerated asset securitization. The projected earnings for 2024-2026 are 5.004 billion, 6.046 billion, and 7.157 billion yuan, respectively, with corresponding EPS of 0.40, 0.49, and 0.58 yuan [5]. - The price-to-earnings ratios are projected to be 8.09, 6.70, and 5.66, indicating sufficient value for investment [5].

证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 S1350524070004 zoupeixuan01@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 研究支持 联系人 市场表现： 相关研究 股票数据： 2024 年 8 月 22 日 | --- | --- | |-------------------------|---------------| | 收盘价（港元） | 3.48 | | 一年内最高/最低（港元） | 4.27/2.58 | | 总市值（百万港元） | 43048 | | 市净率 PB | 0.73 | | 基础数据： | 年 6 月 30 日 | | 总股本（百万股） | 12370 | | 总资产（百万元） | 325581 | | 净资产（百万元） | 100271 | | 每股净资产（元） | 4.46 | 资料来源：公司公告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 ᷕ ⚳ 暣 ≃ ⚳ 晃 䘤 ⯽ 㚱 旸 ℔ ⎠ China Power International Development Limited 炷⛐楁㷗姣Ⅎㆸ䩳䘬㚱旸屔ả℔⎠炸 炷偉ấẋ嘇烉2380炸ġ 二零二四年是本公司在香港聯交所上市20周年。過去二十年來，本集團取得驕人的發 展和經營成果，其主營業務已從最初的單一煤電，轉型為以清潔能源供應為核心、多 種類電源互補的業務結構，向著成為世界一流綠色低碳能源供應商的戰略目標堅定邁進。 1 • 回顧期內，清潔能源發電繼續成為本集團利潤增長的主要動力之一。去年九月所 收購清潔能源公司的盈利能力持續顯現，風電、光伏發電板塊利潤較去年同期分 別上升34.87%和46.47%。 • 水電板塊轉虧為盈，利潤較去年同期上升621.90%。利潤改善主要得益於本集團 水力發電廠所在流域降雨量充沛。 • 火電板塊利潤較去年同期上升97.23%，主要是由於期內煤炭平均採購價格下降 ...

ep 时点 评 7 月骨专家热烈良好，水电大幅落长 中国电力（2380 HK） 2024-08-19 圣期一 李件： 公司公告，基于初步统计，本公司及其附属公司手 2024 年 7 月的合 并总鲁电宣为 12, 243, 061 兆瓦时，较去年同期增加 29, 22%；荷 2024 年首 7 个月的合并总售电量为 76, 587, 215 兆瓦时，较去年同期增加 32. 65%。公司手 2024 年 7 月及栽至 2024 年 7 月 31 日止七个月的总 售电量，技发电厂类型列示如下： 主要财务指标 相关报告 全資擁有或控股 2024 年的發現實 7 月 水力發電2,693,092 風力發電2,221,998 光伏發電2,277,473 燃煤發電4,687,710 天然氣發電230,047 132,741環保發電 合計12,243,061 主要聯督公司或 2024 年 合落公司的發電廠 7 月 風力發電 139,511 光伏發電 22,498 燃煤發電 3,506,180 合計 3,668,189 信電量（兆瓦時） 2024 年2023 年2023 年 同比變化同比變化 7 月首七個月 905,415197 ...

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] 水绿高增火电稳健,上半年业绩表现优异 报告要点 [Table_Summary] 在水电高发以及新能源资产注入的共同拉动下,上半年清洁能源板块利润大幅提升。从 1-5 月 售电量来看,火电电量在水电大发的冲击下仍实现同比增长,同时上半年煤炭供需环境持续优 化,煤价持续回落,火电业绩表现稳健。整体来看,公司上半年预计将实现归属权益持有人应 占利润为 26.8 亿元至 28.7 亿元,较 2023 年同比增长 45%至 55%。 分析师及联系人 [Table_Author] 张韦华 司旗 宋尚骞 刘亚辉 SAC:S0490517080003 SAC:S0490520120001 SAC:S0490520110001 SAC:S0490523080003 SFC:BQT627 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 中国电力(2380.HK) cjzqdt11111 [Table_Title 水绿高增火电稳健,上半年业绩表现优异 2] 港股研究丨公司点评 [Table_ ...

研究报告Research Report 16 Jun 2024 中国电力 China Power International Development (2380 HK) 来水偏枯导致水电亏损，新能源和火电盈利显著提升 Low Water Level Led to Hydropower Losses, Profits of New Energy and Thermal Power Increased Significantly [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 2023 年受来水偏枯影响，业绩低于预期。2023 年，公司实 评级 优于大市OUTPERFORM 现营业收入 442.62 亿元，同比增长 1.31%；公司权益持有人 现价 HK$3.83 应占利润 30.84 亿元，同比增长 16.48%；实现归母净利润 目标价 HK$4.72 26.6 亿元，同比增长 7.23%。业绩低于预期主要由于公司水 HT ...

交银国际研究 公司更新 电力 收盘价 目标价 潜在涨幅 2024年6月6日 港元3.74 港元4.75↑ +27.0% 中国电力 (2380 HK) 改善消纳的新政策仍有利新增风/光项目推进，上调目标价  水电如期复苏，小幅调升水电利用小时预测。公司4月份水电复苏进度理想， 个股评级 单月发电量重回2千吉瓦时的水平，1-4月发电量同比大幅上升81%。按去年 买入 2季度进入丰水期，我们预期今年5/6月公司水电发电量有望维持在4月的水 平，我们保守估计公司 2024 年 2 季度水电发电量为 6 千吉瓦时，低于 1年股价表现 2021/2022年同期约10%/15%。同时我们上调2024全年水电利用小时由2,750 至2,900小时，仍略低于2020-23年均值3,480小时。 2380 HK 恒生指数 40% 30%  全年风/光利用小时水平有待观察，预期今年光伏装机仍高于风电。风光发电 20% 方面，我们之前预测公司对项目微调，以提升利用小时的效果可能在今年内 10% 0% 未必明显。因为除今年1-4月内地风/光利用率轻微下降外，公司亦表示期间 -10% 风速数值较去年同期为低。我们估算期内公司的风电/ ...