Investment Rating - The report does not explicitly state an investment rating for 中广核新能源 (CGN New Energy) Core Viewpoints - CGN New Energy is positioned as a leading player in the wind power sector, leveraging group resources for rapid growth, but faces challenges with limited new quality projects and shareholder returns [1][10] - The company has shown a significant increase in installed capacity, particularly in wind and solar energy, but the growth rate has slowed down recently [2][11] - The average profit per kilowatt-hour for CGN New Energy is competitive within the industry, indicating strong operational efficiency [9] Summary by Sections Company Overview - CGN New Energy is the only non-nuclear clean energy listed platform under CGN Group, which primarily focuses on nuclear power [1] - The company has diversified operations in wind, solar, and gas energy projects across China and South Korea [1] Financial Performance - In 2023, CGN New Energy reported revenue of 280 million [2][3] - The company's gross margin improved from 48.7% to 55.2% in 2023, driven by lower natural gas costs in South Korea [2][12] Revenue Structure - The main revenue sources include electricity sales, electricity price income, and capacity fees, contributing approximately 90% of total revenue [4] - As of the end of 2023, the company had receivables from government subsidies amounting to 40 million in 2023, but the company has a negative cumulative free cash flow of $2.43 billion since its listing [18] - The dividend payout ratio is relatively low at 25%, ranking among the lowest in the Hong Kong market for similar companies [19][20]
拼爹上杠杆，风电干进全国前五，中广核新能源：度电利润行业领先，股东回报差点意思