>> 国泰君安-China Resources Power (00836 HK) 1H23 Results In-Line；Transformation Prospects Enhanced -230823
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研究报告全文：股票研究TableTitleFlashNoteChinaResourcesPower00836HKPeterShao邵俊樨EquityResearch85225095464快讯华润电力00836HKpetershaogtjascomhk23August20231H23TableSRummaryesultsIn-LineTransformationProspectsEnhancedMaintainBuywithTPunchangedatHK1954Wemaintainour2023-2025earningsforecastsunchanged快atHK223HK277HK340respectivelyOurTPofHK1954isderivedviaasum-of-the-partsapproach讯thermal07x2023PBrenewables90x2023PEFlashNote1H23resultsin-lineChinaResourcesPowerCRPortheCompanyrecorded1H23shareholdersprofitofHK6740mnup542yoyin-linewithmarketexpectationsTherobustearningsgrowthwasdrivenbybotharapidturnaroundoftheCompanysthermalsegmentaswellasrobustrenewablesperformanceCRPannounced1H23interimDPSofHK0328up562yoyThermalbusinesssettoturnintoacashcowIn1H23CRPturnedarounditsthermalsegmentwithacoreearningsofHK726mnasitsunitfuelcostdeclined81yoytoRMB3096MWhwhileitsthermaltariffincreased18yoytoRMB4297MWhDuringtheanalystmeetingtheCompanysmanagementindicatedthatinJune2023only20ofCRPspowerplantswereloss-makingWhilecurrentlybothcoalpricesandthermaltariffsaresubjecttodownwardpressuretheCompanysmanagementtoldanalyststhattheyexpectCRPsdarkspreadtocontinueexpandingfortherestoftheyear证RobustrenewablesperformanceIn1H23coreearningsfromrenewablescontinuedtorecordstronggrowth券up542yoytoHK5280mnSuchstronggrowthwasdrivenbybothhigherwindutilisationhoursup102hrs研yoyandanadditionof22GWofnewenergycapacityconnectedtogridWindtariffdeclinedslightlyby31告yoytoRMB4692MWhduetotheincreaseinnewprojectswithlowertariffsandtheimpactofthefees究associatedwithancillaryservicesCRPmaintainsitsrenewablesinstallationtargetfor2023unchangedat7GW报报55GWsolar15GWwind告究Downsiderisks1unexpectedsurgesincoalprices2extremeweatherconditions3delaycancellationinEquityResearchReport研renewablesspin-off4lower-than-expectedpowertariffsTab券leI证能nfo1源运营行业EnergySectorOperationsTableInfo2中华外润运电输力ChinaResourcesPower00836ChinaHKResourcesPowerSeethelastpagefordisclaimerPage1of2TablePageHeaderChinaResourcesPower00836HKCompanyTableCompanyRatingDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableAugust2023Neutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutral23Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinition2raMthgiRelbaTOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS00836HK1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReport华润电力withinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERChinaResourcesPowerThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkFlashNoteSeethelastpagefordisclaimerPage2of2
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