China Power International Development Limited (02380.HK) The Group develops clean energy vigorously and pays attention to the Group’s key photovoltaic and wind power projects November 9, 2023 310

PSR Recommendation: ACCUMULATE Status: Upgraded
Target Price: HKD3.46

Overview
China Power (2380.HK) is a core subsidiary of State Power Investment Corporation Limited.
Its main businesses include hydropower, wind power, photovoltaic power, coal-fired power,
natural gas power, environmental power, energy storage, green electricity transportation
and color photovoltaics. The group has power plants in many places across the country. In
recent years, the company has been committed to accelerating the transformation of clean
energy, acquiring multiple clean energy projects actively and selling part of its original shares
in the coal power business.
Company Performance review
The company’s revenue in the first half of 2023 was 21.32 billion yuan (RMB, the same
below), an increase of 4.98% YoY. Operating costs were 17.6 billion yuan, an increase of
4.35% YoY. Operating profit was 4.48 billion yuan, an increase of 11.50% YoY. Basic earnings
per share were 0.14 yuan. Profit attributable to Ordinary shareholders of the Company was
1.68 billion yuan, an increase of 114.36% YoY which was due to the company’s active
independent development and acquisition of high-quality clean energy. Besides, it benefited
from thermal power’s significant turnaround from losses to profits YoY. At the same time,
generation capacity, output and revenue of wind power and photovoltaic power increased
significantly, which offset the impact of insufficient hydropower sales in the first half due to
lower rainfall effectively

About the author

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Margaret Li
Analyst
Research

本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.

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