研究报告全文：股票研TableTitlePeterShao邵俊樨究CompanyReportChinaResourcesPower00836HK85225095464EquityResearch公司报告华润电力00836HKpetershaogtjascomhk23March2023ImprovedTableSummary2022ResultsonNarrowedThermalLossResultsPoisedtoImproveFurtherin2023公2022年火电亏损收窄推动业绩改善2023年业绩有望进一步提升司MaintainBuywithTPunchangedatHK1954Our2023-2024EPS报forecastsremainlargelyunchangedatHK223andHK277respectivelyRatingTableRankBuyandwerolloverourforecaststo2025withanEPSestimateofHK340OurMaintained告TPofHK1954isderivedviaasum-of-the-partsapproachthermal07xCompanyReport2023PBrenewables90x2023PE评级买入维持2022earningsup23xyoytoHK7042mnTheprofitsurgewasmainlydrivenby1narrowedcorethermallossatHK2582mnvscorelossof6TablePrice-18mTP目标价HK1954HK5942mnin2021and2exchangegainofHK1994mnarisingfromRevisedfrom原目标价HK1954RMBHKDdepreciationExcludingtheexchangegainCRPs2022earnings告Shareprice股价HK17200wouldbelargelyinlinewithourexpectationIn2022althoughCRPs证报renewablesbusinessdidnotseeearningsgrowthduetolowerutilisation券hoursat2398down66hoursyoyandtepidinstalledcapacitygrowthofStockperformance究研1562MWvstargetof63GWitscoreearningswasstillsolidatHK8645股价表现研mninourviewvs2021coreearningsHK8926mnTableQuotePic30change究Weexpectresultstoimprovefurtherin2023CRPsaveragedarkspread券20报improvedtoRMB888tonin2022upfromRMB502tonin2021andwe告证believeitcouldfurtherimprovein2023toabovethebreakevenpointthanks10EquityResearchReporttoNDRCsongoingregulatoryeffortindrivinguplong-termcoalcontract0fulfilmentanddecliningoverseascoalpricesInadditionthefactorsholding10backrenewablescapacitygrowthin2022arelargelygoneincludingrevivedzero-COVIDcontainmentmeasuresandsoaringsolarpanelcostsDuring20Tab2022CRPobtainednewenergydevelopmentquotacapacityapprovedby30leIorfiledwiththegovernmentof24930MWincluding6670MWofwindand4018260MWofsolarlayingdownasolidfoundationforcapacitygrowthThisMar-22Jun-22Sep-22Dec-22Mar-23nfo1HSICRPyearCRPplanstoaccelerateinstallationofwindandsolarcapacitywithan能installationtargetof7GW源TablePriceChangeLong-waitedconfirmationonrenewablesspin-offCRPofficiallyChangeinSharePrice1M3M1Y运proposedanIPOspin-offofitsrenewablesarmChinaResourcesNew股价变动1个月3个月1年Abs营41304139EnergyGroupCoLtdtheSpinCoinChinasA-sharemarketsCRP绝对变动行ReltoHSIndexplanstoremainacontrollingshareholderoftheSpinCoWebelievesuch71296247相对恒指变动业arrangementwillimprovetheoperationalefficiencyofbothCRPandtheAvgSharepriceHK165167149SpinCoandenhancestheSpinCosfinancialpositiontoexpediterenewables平均股价港元SourceBloombergGuotaiJunanInternationalEnergySectorOperationsdevelopmentInapostspin-offworldwebelieveshareholdersofCRPcouldanticipatestabledividendssupportedbyCRPsthermalbusinesswhileenjoyingthegrowthupsidebroughtbytheSpinCosrenewablesexposureRisksDelayinprojectroll-outsoaringrawmaterialpricesunfavourablepolicychangeslower-than-expectedpowerdemandhigher-than-expectedTabcoalpricesandextremeweatherconditionsleITableYearEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROEnfo2Profit年结收入股东净利每股净利每股净利变动市盈率每股净资产市净率每股股息股息率净资产收益率1231HKmHKmHKxHKxHK2021A9041421380330791521185000902951724华2022A103305704214603424118170961005863486润2023F108882107192228526771801710089152124电2024F112815133352772244621968009110964141力2025F119297163523399226512172008136079157TableBaseDataSharesinissuem总股数m48104Majorshareholder大股东ChinaResources629MarketcapHKm市值HKm827389Freefloat自由流通比率3713monthaveragevol3个月平均成交股数000156310FY23NetgearingFY23净负债股东资金181452WeekshighlowHK52周高低HK1806011220FY23EstNAVHKFY23每股估值港元195ChinaResourcesPower00836ChinaHKResourcesPowerSourcetheCompanyGuotaiJunanInternationalSeethelastpagefordisclaimerPage1of5TablePageHeaderChinaResourcesPower00836HKTable-1CRP2022resultshighlight1raMthgiRelbaTHKmn20212022yoyRevenue90414103305143OperatingexpensesFuel5844464283100Repairsmaintenance25192471-19DEPN1461914430-13Staffcosts635566324423March2023Impairmentcharges43310451416Businesstaxandsurcharges671761133Othersexpenses4064429858Otherincome28121982-295Othergainsandlosses922184naOperatingprofit6029135511248Financecostsnet3760389035ShareofresultsofJVsandassociates122199naProfitbeforetax239194612956Incometax9551906995Profitaftertax143675564260Shareholdersprofit213870422raMthgiR2294elbaTMinorityinterests116493naPerpetualcapitalsecuritiesholders463420-92EPSHK0331463424SourceCRPGuotaiJunanInternationalFigure-1CPRscoreprofitattributabletoFigure-2CRPsdarkspreadsimprovedin2022shareholdersbybusinesssegmentHKmnRMBMWh4501000000836HK427980004008926864560003503560606333733314339140003003058华润电力2000298425002002038258219072000150400059421006000133514075088880005022021202202019202020212022ChinaResourcesPowerThermalpowerRenewablesTotalcoreprofitDarkspreadAvgthermaltariffAvgunitfuelcostSourceCRPGuotaiJunanInternationalSourceCRPGuotaiJunanInternationalFigure-3CRPtargets40GWofrenewablescapacityadditionin2021-2025MW514905000040000412383000020000158371149096631544110000777011238942075440Report2018A2019A2020A2021A2025FInstalledcapacityinrenewbalesAttributablecapacityinrenewbalesSourceCRPGuotaiJunanInternationalCompanySeethelastpagefordisclaimerPage2of5TablePageHeaderChinaResourcesPower00836HKTable-2Peersvaluation1raMthgiRelbaTMarketCapPEfiscalyearPBfiscalyearCompanyStockCodeCurrencyLastpriceHKDmn21A22F23F24F21A22F23F24FPeersthermalHuanengPowerIntlInc-H00902HKHKD413126569nana726005120606HuadianPowerIntlCorp-H01071HKHKD31859566na83604906050505DatangIntlPowerGenCo-H00991HKHKD14351877nana1306507090807SimpleAveragena8387580609060623March2023WeightedAveragena83825806100606PeersnewenergyChinaLongyuanPower-H00916HKHKD966136157105119877410110908XinyiEnergyHoldingsLtd03868HKHKD2391755913817913111214151413DatangRenewable-H01798HKHKD2731949412688746113131009SimpleAverage123129978212131110WeightedAverage110121907611111009SourceBloombergGuotaiJunanInternationalNoteDataextractedasat22March2023Table-3SOTPvaluation2raMthgiRelbaTMethodologyMultipleIntrinsicvalueHKDmnThermalPB07x19667RenewablesPE90x74311Subtotal93978Noofsharesmn4810TPHKD1954SourceGuotaiJunanInternational00836HK华润电力ChinaResourcesPowerReportCompanySeethelastpagefordisclaimerPage3of5TablePageHeaderChinaResourcesPower00836HKFinancialStatementsandRatios1raMthgiRelbaTTableIncomeStatementIncomeStatementTableBalanceSheetBalanceSheetYearend31DecRMBm2021A2022A2023F2024F2025FYearend31DecRMBm2021A2022A2023F2024F2025FTotalrevenue90414103305108882112815119297PPE193546191356220655261399316261Otherincome28121982326633843579Intangibleassets1106811094110941109411094Fuelcosts5844464283628985849554400InterestsinassociatesandJVs1452115048150481504815048DEPN1461914430154461807221656Othernon-currentassets148751520715207152071520723March2023Staffcosts63556632699072427658Totalnon-currentassets234010232705262004302749357610Repairsandmaintenance25192471244328173338Imparimentcharges4331045104510451045Cashcashequivalents79347722622746173577Consumables13571301137114201502Inventories67484582458245824582Otheroperatingexpenses27072998316032743462Tradereceivables3778635616506896354280118Otherincome28121982326633843579Otherscurrentassets14892763712712712Othergainsandlossesnet3575558424543924634Totalcurrentassets5395850682622107345288989Operatingprofit602913551178182282628760Totalassets287967283388324214376201446599Financecostsnet37603890413352036686ShareofresultsofassociatesandJVs122199327327327Short-termdebts2318638383510916897193457Tradeandotherpayables34136302483492534210335832raMthgiRelbaTProfitbeforetax23919461140121795022401Othercurrentliabilities1073714252140391403914039IncomeTax9551906154824443387Totalcurrentliabilities6805982883100056117221141079Profitaftertax14367556124641550619014Long-termdebts10531093322112383139204175932Non-controllinginterest701513174521712662Othernon-currentliabilities69356629662966296629Shareholdersprofitloss21387042107191333516352Totalnon-currentliabilities11224599951119012145832182561BasicEPS03301460222827723399Totalliabilities180304182834219068263053323640DilutedEPS03301460222827723399Totalshareholdersequity8899282239866689467010448100836HKMinorityinterest1867118315184781847818478TableCashFlowStatementCashFlowStatementTotalequity107663100554105146113148122959华润电力Yearend31DecRMBm2021A2022A2023F2024F2025FTableFinancialRatioProfitbeforetax18429461140121795022401FinancialRatiosDDA14598144301544618072216562021A2022A2023F2024F2025FWorkingcapitaladjustments10587595103961356817203MarginsIncometaxpaid22851863154824443387Operatingmargin67131164202241Others44032734380548766359Netprofitmargin1673114137159Cashfromoperatingactivities797124167213202488629826ChinaResourcesPowerReturnRatiosCapEx2568935108447455881676517ROA0527384143Others57191261327327327ROE2486124141157Cashfrominvestingactivities1996933847444185848976190LiquidityleverageProceedsfromborrowingsnet233853210317694470061214Totaldebttoequity446465504553603Dividendpaid41003330603375059203Netgearing13551508181421502544Others455810279413352036686Interestcoverageratiox1634444444Cashfromfinancingactivities1472710159216043199245325Cashatbegofyear50367934772262274617Netchangesincash2728478149516101039Effectofforeignexchanges169690000Cashatendofyear79347722622746173577SourcetheCompanyGuotaiJunanInternationalReportCompanySeethelastpagefordisclaimerPage4of5TablePageHeaderChinaResourcesPower00836HKCompanyTableCompanyRatingDefinitionRatingDefinition1raMthgiRelbaTTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorable23March2023Neutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance52raMthgiRelbaTorthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport00836HK3GuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearch华润电力Report6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERChinaResourcesPowerThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongReportTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkCompanySeethelastpagefordisclaimerPage5of5