Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 4.00, reflecting a potential upside of 35.2% based on a 6.0x P/E ratio for 2024 [4][14]. Core Insights - The company's FY23 performance met expectations, with total revenue increasing by 9.3% year-on-year to RMB 20.28 billion. However, net profit slightly declined by 3.7% to RMB 2.21 billion. The dividend payout ratio was raised from 36.4% to 42.0% [2][4]. - The company experienced a decline in net profit margin for its renewable energy segment, dropping from 33.6% to 29.1%, while the natural gas segment saw a slight increase in net profit margin to 6.7% [2][8]. - The company plans to accelerate wind power capacity growth, targeting an addition of 800-1,000 MW in FY24, following a 2.4% increase in cumulative wind power capacity to 5,812 MW in FY23 [3][4]. Financial Performance Summary - FY23 total revenue reached RMB 20.28 billion, with renewable energy revenue down 1.6% to RMB 6.24 billion and natural gas revenue up 15.0% to RMB 14.03 billion [2][8]. - The company’s total installed wind power capacity increased to 5,812 MW, with wind generation slightly up by 0.4% to 14,081 GWh [3][9]. - The natural gas sales volume grew by 15.9% to 4.50 billion cubic meters, with projections for FY24 and FY25 indicating further growth of 7.1% and 7.0%, respectively [4][9]. Earnings Forecast Adjustments - The report has slightly lowered the net profit forecasts for FY24 and FY25 by 7.1% and 8.0%, respectively, with new projections of RMB 2.88 billion for FY24 and RMB 3.50 billion for FY25 [10][11]. - The earnings per share (EPS) forecast for FY24 is adjusted to RMB 0.69, reflecting a decrease of 10.1% from previous estimates [10][11]. Shareholder Information - The company has a market capitalization of approximately HKD 25.75 billion, with a current share price of HKD 2.96 [5][14]. - Major shareholder is Hebei Construction Investment, holding 49.17% of the shares [5].
FY23业绩符合预期，项目发展保持推进