>> 国泰君安-Datang Renewable (01798 HK) 1-8M23 Total Power Generation Up 16.44% Yoy; Valuation Looks Attractive Following Recent Share Plunge-230921
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研究报告全文：股票研TableTitlePeterShao邵俊樨究CompanyReportDatangRenewable01798HK85225095464EquityResearch公司报告大唐新能源01798HKpetershaogtjascomhk21September20231TableS-8M23ummaryTotalPowerGenerationUp1644YoyValuationLooksAttractiveFollowingRecentSharePlunge公MaintainBuyOur2023-2025EPSforecastsremainunchangedat司RMB041RMB051RMB065respectivelyOurTPremainsunchangedatTableRankRatingBuy报HK310basedon70x2023PEMaintained告Solidpowergenerationgrowthinthefirst8monthsInAugustDTRs评级买入维持CompanyReportwindgenerationdroppedby2126yoylikelyduetolowerwindspeedsaprevailingconditioninChinasThree-NorthregionduringthemonthButthe6TablePrice-18mTP目标价HK310impactwaslimitedasAugustistraditionallyalowwindseasonSolaroutputRevisedfrom原目标价HK310inAugustmaintaineditsgrowthmomentumup2299yoyForthefirst8monthsthisyearthegrowthofDTRstotalpowergenerationremainedstrongShareprice股价HK1880告at1644yoydrivenbymoreefficientoperationsbetterwindandsolar证resourcesoverallandcapacitygrowth报Stockperformance券BusinessoutlookWebelieveDTRisnowbetterpositionedtodeliver股价表现究capacityexpansionasthekeygrowth-constrainingfactorsieoverlyhigh研TableQuotePic800ofreturn研IRRrequirementsandlimitedautonomyforprojectdevelopmenthavebeen究resolvedsince2022underanewsetofcorporatestrategiesinitiatedbyits600券报parentcompanyChinaDatangCorporationWebelieveDTRs2023capacity400证installationtargetof15-20GWisratherconservationanditscapacitygrowth告200EquityResearchReportcouldacceleratefrom2023onwardsMeanwhileDTRsongoingoperationaloptimisationwhichhasledtoconsistentimprovementinassetutilisationover00thepastfewyearsisanotherkeydriverforearningsgrowthThepotentialto200improveearningsprofileviawindrepoweringisalsohugeWebelieveDTRTabwillhavearound40GWofwindcapacitysuitableforrepoweringbytheendof400Sep-22Dec-22Mar-23Jun-23Sep-23leI2025WindrepoweringonaveragecanmorethandoublethegenerationHSIindexDTRcapacityandtriplethepoweroutputofarepoweredsitenfo1能AttractivevaluationfollowingrecentshareplungeDTRsshareshaveChangeTablePriceChangeinSharePrice1M3M1Y源plungednearly20since30thAugustamidweakerinvestorsentimentforthepowerutilitysectorDTRssharesarecurrentlytradingat45xforwardPE股价变动1个月3个月1年运Abs226316105about16SDbelowitshistoricalaverageoverthepastthreeyearsbased绝对变动营ReltoHSIndexonBloombergconsensusforecastsGivenDTRsimprovingassetquality22322957行相对恒指变动anditsroomforgrowthoverthenextfewyearswebelievethecurrentAvgSharepriceHK202424业valuationimplieslimiteddownside平均股价港元SourceBloombergGuotaiJunanInternationalEnergySectorOperationsDownsiderisksWeaker-than-expectedpowerdemanddelayinprojectroll-outunfavourablechangesofregulationsandpoliciesforIPPsextremeweatherconditionsTableIYTableearEndTurnoverNetProfitEPSEPSPERBPSPBRDPSYieldROE年结Profit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nfo21231RMBmRMBmRMBxRMBxRMB2021A11868203202086387417750900302079大2022A124993485040393841218308005030121唐2023F13376350004081243254307004828111新2024F1496842890517267343001060059341242025F188335434067430426360005007543142能源TableBaseDataSharesinissuem总股数m72737Majorshareholder大股东ChinaDatangCorp656MarketcapHKm市值HKm136746Freefloat自由流通比率3443monthaveragevol3个月平均成交股数000145041FY23NetgearingFY23净负债股东资金171152WeekshighlowHK52周高低HK33101750FY23EstNAVHKFY23每股估值港元31DatangRenewable01798HKDatang01798RenewableSourceDTRGuotaiJunanInternationalSeethelastpagefordisclaimerPage1of3TablePageHeaderDatangRenewable01798HKFinancialStatementsandRatios1raMthgiRelbaTTableIncomeStatementIncomeStatementTableBalanceSheetBalanceSheetYearend31DecRMBm2021A2022A2023F2024F2025FYearend31DecRMBm2021A2022A2023F2024F2025FTotalrevenue1186812499133761496818833PPE70480719797357392219117480Otherincome280637321340359Intangibleassets40343424365849906761DEPNandamortisation44504999508652076549InterestsinassociatesandJVs92998998998998910311092113712421507StaffcostsPrepaymentsandotherSeptember2023Repairsandmaintenance518326349391492receivables2302213221322132213221Materialcosts14962646567Othernon-currentassets46111111111111Otheroperatingexpenses12234517368231036Totalnon-currentassets776997863580463100442127474Operatingprofit47776207632675799542Cashcashequivalents31202441243722632112Financecostsnet20991910178620142486Inventories124123123123123ShareofresultsofassoJVs947576881Tradereceivables1647114468141791387713669Prepayments16291855185518551855Profitbeforetax26684344459756337138Otherscurrentassets5325252525IncomeTax3764526908451071Totalcurrentassets2139718913186201814317784Profitaftertax22923891390747886067Totalassets9909797548990831185851452582raMthgiRelbaTNon-controllinginterest260406408500633Shareholdersprofitloss20323485350042895434Short-termdebts124628634127721437218772Tradeandotherpayables370279279279279BasicEPS02080403040805170674Otherpayablesandaccruals940280222878868711501DilutedEPS02080403040805170674Othercurrentliabilities105189189189189Totalcurrentliabilities2233917124161192352730742TableCashFlowStatementCashFlowStatementLong-termdebts4541445945457945439469194Othernon-currentliabilities203209209209209Yearend31DecRMBm2021A2022A2023F2024F2025FTotalnon-currentliabilities456184615446003546036940301798HKProfitbeforetax26684344459756337138DDA42304742489950076276Totalliabilities67957632786212278130100145Workingcapitaladjustments35362442485461103023Interestexpenses21271915181020372508Totalshareholdersequity2720830187328073613740498大唐新能源Incometaxpaid4164526908451071Minorityinterest39324083415543184615Others929241162176250Totalequity3114034270369624045545113Cashfromoperatingactivities60021323159241811918124TableFinancialRatioCapEx8212697569142518533580FinancialRatiosOthers151260002021A2022A2023F2024F2025FDatangRenewableCashfrominvestingactivities8197684969142518533580MarginsOperatingmargin402497473506507Proceedsfromborrowingsnet7344316839871020019200Netprofitmargin193311292320322Dividendpaid767908121612951409Interestpaid20211561178620142486ReturnRatiosOthers22941430000ROA2440404446Cashfromfinancingactivities22637067986689215305ROE79121111124142Cashatbegofyear30533120244124372263LiquidityleverageNetchangesincash676844175151Debtassetratio584560591580606Effectofforeignexchanges05000Netgearing20121727171118402120Cashatendofyear31202441243722632112Interestcoverageratiox2232353838SourcetheCompanyGuotaiJunanInternationalReportCompanySeethelastpagefordisclaimerPage2of3TablePageHeaderDatangRenewable01798HKCompanyTableCompanyRatingDefinitionRatingDefinition1raMthgiRelbaTTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableSeptember2023Neutral中性RelativePerformanceis-5to521orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance52raMthgiRelbaTorthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport01798HK3GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenothadinvestmentbankingrelationshipswiththeissuersmentionedinthisResearchReportwithinthepreceding12months大唐新能源5GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearchReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesDatangRenewableDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectReportGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793CompanyWebsitewwwgtjacomhkSeethelastpagefordisclaimerPage3of3
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