根据公司公告，2024年首十个月的合并总售电量为108，220，668兆瓦时，较去年同期增加30.56%。得益于新增装机投产，公司控股风电售电量同比增长57.05%；光伏售电量同比增长79.55%。水电则是得益于今年上半年来水恢复，售电量同比增长62.62%。公司整体售电量增速在行业中表现优异，彰显公司增量项目稳步推进，从而带动售电业务高速发展。FIRST SHANGHAI released a research report stating that it maintains a "Buy" rating on CHINA POWER (02380), estimating that the net income attributable to shareholders for the company from 2024 to 2026 will be 5.1/6/7.1 billion yuan, with year-on-year growth of 92/17%/18%, and a Target Price of 4.73 HKD. The company's profit growth in 2024 is highly certain, with returns on self-invested projects enhanced due to the current trend of low construction costs; hydropower profits benefit from the recovery of water inflow.
First Shanghai's main points are as follows:
Significant increase in power sales in the first ten months:
According to the company's announcement, the total consolidated electricity sales volume for the first ten months of 2024 was 108,220,668 megawatt hours, a 30.56% increase compared to the same period last year. Thanks to the newly installed capacity coming online, the company's controlled wind power electricity sales volume increased by 57.05% year-on-year; photovoltaic electricity sales volume rose by 79.55% year-on-year. Hydropower benefited from the recovery of water inflow in the first half of this year, with a year-on-year increase in electricity sales volume of 62.62%. The overall sales growth of the company outperformed the Industry, demonstrating that the company's incremental projects are progressing steadily, thus driving rapid development of the electricity sales business.
Asset restructuring optimizes business structure:
The company plans to sell its hydropower Assets (5.9 GW, approximately 60% stake) to its parent company's subsidiary Spic Yuanda Environmental-Protection as consideration by subscribing for the new shares to be issued by Spic Yuanda Environmental-Protection, and it is expected that CHINA POWER will hold over 50% of Spic Yuanda's equity after the transaction. After this transaction is completed, Spic Yuanda Environmental-Protection will become the group’s platform for hydropower Assets in the A-share market. The group plans to gradually integrate the remaining approximately 20 gigawatts of hydropower Assets into Spic Yuanda Environmental-Protection over the next three years. This transaction can be seen as the company's hydropower Assets returning to A-shares, fully utilizing the current high valuation characteristics of hydropower Assets in the A-share market. The company will maintain control over Spic Yuanda Environmental-Protection, further consolidating its position as a flagship listed platform for comprehensive clean Energy under the national group. The company's wind power and photovoltaic Assets will be retained, and the overall plan to return to A-shares will continue.
The construction of wind and solar projects is accelerating:
In the first half of this year, the company added 3.3 GW of new clean Energy installed capacity, including 1.2 GW of wind power and 2.1 GW of photovoltaic power, driving rapid growth in wind and solar performance. In the first half of the year, the company's profit per kilowatt-hour from wind and solar decreased by 2.5 and 3.3 cents year-on-year, mainly due to an increase in the proportion of grid parity projects. As of June 2024, the company's total clean Energy consolidated installed capacity will account for 77.07%, with an estimated 7 GW of new installed capacity for the whole year. The company aims to reach a 90% share of clean Energy installed capacity by 2025. The accelerated development of new Energy projects will bring sustained and stable profit growth to the company.