20231109-招银国际-华润电力-00836.HK-Sep_operating_data_recap_6页_975kb

CR Power (stock code 836 HK) experienced strong total power generation growth of 3.6% YoY in 1Q-3Q2023, driven by substantial increases in solar (92.6% YoY) and wind (12.4% YoY) power generation. In September 2023, total generation rose 2.6% YoY due to favorable conditions and increased new energy capacity, with thermal power up 1.2% YoY. Key expectations for 4Q2023 include continued optimism over new energy installations and lower fuel costs. New energy aim for 7GW capacity addition in 2023, supported by reduced costs and technology. The company is considering special dividends, reflecting management confidence. Financial outlook remains unchanged, with projected revenues and net profits (FY23E: HK$112.885bn, FY25E: HK$129.326bn) and net profits (HK$12,704mn for FY23E). Target Price maintained at HK$22.53 (BUY rating). Valuation shows decreasing P/E (from 42.8 to 3.8) and P/B (to 0.6). Analyst certification includes no direct compensation ties and trading blackout periods. Standard disclosures cover risks and limitations, with conflict of interest noted.