Investment Rating - The report does not specify an investment rating for the company [4]. Core Insights - Jingneng Clean Energy is the largest gas power supplier in Beijing, with its gas power and heating segment contributing 61% of the company's revenue and 36% of its operating profit in 2023 [2]. - The company has a strong focus on renewable energy, with an expected increase in renewable energy installed capacity to 12.5GW by the end of 2024, up from 9.78GW in 2023 [2]. - The company emphasizes shareholder returns, with a dividend yield of 7.2%, which is the highest in the industry [3]. Summary by Sections Company Overview - Jingneng Clean Energy, a subsidiary of Jingneng Group, was listed on the Hong Kong Stock Exchange in 2011 and operates in various clean energy sectors including gas, wind, solar, and hydropower across 26 provinces [1][2]. Gas Power Segment - The gas power segment has an installed capacity of 4.7GW, accounting for over 40% of Beijing's gas power generation and heating supply [2]. - In 2023, gas power generation contributed 50% of the company's total generation, with sales agreements linked to the pricing guidelines from the Beijing Development and Reform Commission [2]. Renewable Energy Growth - The company has been increasing its investment in renewable energy projects, with wind power being the largest segment at 5.57GW and solar power at 3.8GW [2]. - Renewable energy generation accounted for 50% of the total generation in 2023, contributing 38% to the company's revenue and 73.9% to its operating profit [2]. Shareholder Returns - The company has a strong track record of returning value to shareholders, with cumulative dividends reaching 6.78 billion yuan since its listing and a rising dividend payout ratio from 24.5% in 2021 to 37.7% in 2023 [3]. - The operating cash flow was robust, reaching 11.27 billion yuan in 2022 and 9.43 billion yuan in 2023, supporting the company's high dividend policy [3]. Financial Metrics - The company's market capitalization is approximately 17.23 billion HKD, with a current share price of 2.09 HKD [4]. - The expected net profit for 2024 is projected to exceed 3 billion yuan, corresponding to a low PE ratio of 5.2 times, indicating potential for stock price appreciation [3].
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