External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of scale.</li><li>Apart from its products, we like the Company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.</li><li>We project Li Auto’s 2Q23E revenue to more than triple YoY to RMB 27.9bn, as its sales volume beat guidance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of scale.Apart from its products, we like the Company’s high self-discipline in costs and business expansion even as it is much more resourceful than before.We project Li Auto’s 2Q23E revenue to more than triple YoY to RMB 27.9bn, as its sales volume beat guidance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI Research Focus List (July Edition) – Our best high conviction stock ideas

Equity Bottom-Up

<ul><li>CR Power reported 3.6% YoY growth in total power generation in 1Q-3Q23.</li><li>In particular, solar and wind power showed substantial growth of 92.6% YoY and 12.4% YoY, respectively.</li><li>In Sep 2023, CR Power’s total power generation increased by 2.6% YoY, driven by favourable conditions for wind and solar power and increased installed capacity. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power reported 3.6% YoY growth in total power generation in 1Q-3Q23.In particular, solar and wind power showed substantial growth of 92.6% YoY and 12.4% YoY, respectively.In Sep 2023, CR Power’s total power generation increased by 2.6% YoY, driven by favourable conditions for wind and solar power and increased installed capacity. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power (836 HK) – Sep Operating Data Recap

<ul><li>CR Power unveiled its operating data for Aug and Jan-Aug 2023.</li><li>During Jan-Aug, CR Power recorded 3.8% YoY growth on total power generation with robust growth for solar/wind power generation.</li><li>In Aug, CR Power’s total power generation dropped by 12.3% YoY due to decline in thermal/wind power generation as hydro power generation improved together with unfavorable wind condition; while hydro/solar power generation rose significantly by 34.9%/194.7% YoY thanks to higher rainfall and favorable solar condition.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power unveiled its operating data for Aug and Jan-Aug 2023.During Jan-Aug, CR Power recorded 3.8% YoY growth on total power generation with robust growth for solar/wind power generation.In Aug, CR Power’s total power generation dropped by 12.3% YoY due to decline in thermal/wind power generation as hydro power generation improved together with unfavorable wind condition; while hydro/solar power generation rose significantly by 34.9%/194.7% YoY thanks to higher rainfall and favorable solar condition.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power (836 HK) – August Operating Data Recap

<ul><li>CR Power announced 1H23 results with core profit beating market expectation.</li><li>The Company targets to add 40,000MW renewable energy installed capacity and the proportion of installed capacity of renewable energy will exceed 50% by the end of the 14th Five-year Plan period.</li><li>CR Power added significant renewables capacity reserve to support continuous expansions. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power announced 1H23 results with core profit beating market expectation.The Company targets to add 40,000MW renewable energy installed capacity and the proportion of installed capacity of renewable energy will exceed 50% by the end of the 14th Five-year Plan period.CR Power added significant renewables capacity reserve to support continuous expansions. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power (836 HK) – 1H23 Thermal Power Earnings Turnaround

<ul><li>In 2023, CR Power aims to achieve newly-added attributable installed capacity of 7,000MW in wind and solar power.</li><li>We estimate CRP will achieve 3850 MW newly-added attributable installed capacity of solar power and 3150 MW of wind power, as lower upstream costs increase installation willingness.</li><li>Additionally, CRP’s announcement on the spin-off of its new energy business to A shares will unlock the CR Power’s valuation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 2023, CR Power aims to achieve newly-added attributable installed capacity of 7,000MW in wind and solar power.We estimate CRP will achieve 3850 MW newly-added attributable installed capacity of solar power and 3150 MW of wind power, as lower upstream costs increase installation willingness.Additionally, CRP’s announcement on the spin-off of its new energy business to A shares will unlock the CR Power’s valuation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Power (836 HK) – Unlock Potential Value

Hong Kong

China Resources Power Holdings Co. Ltd. is an investment holding company that invests in, develops, operates, and manages power plants and coal mine projects across mainland China. It generates power from thermal sources (coal and gas) and renewable energy (wind, solar, and hydro), and also engages in coal mining and energy distribution. The company was founded in 2001 and is headquartered in Wan Chai, Hong Kong.

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China Resources Power (836 HK)

CMBI Research Focus List (July Edition) – Our best high conviction stock ideas

We project Li Auto’s net profit to rise 27% QoQ to RMB 1.2bn in 2Q23E. Profitability in FY24E could also beat expectation on greater economies of...

CMB International

CR Power (836 HK) – Sep Operating Data Recap

CR Power reported 3.6% YoY growth in total power generation in 1Q-3Q23. In particular, solar and wind power showed substantial growth of 92.6% YoY...

CMB International

CR Power (836 HK) – August Operating Data Recap

During Jan-Aug, CR Power recorded 3.8% YoY growth on total power generation with robust growth for solar/wind power generation.

CMB International

CR Power (836 HK) – 1H23 Thermal Power Earnings Turnaround

The Company targets to add 40,000MW renewable energy installed capacity and the proportion of installed capacity of renewable energy will exceed...

CMB International

CR Power (836 HK) – Unlock Potential Value

Additionally, CRP’s announcement on the spin-off of its new energy business to A shares will unlock the CR Power’s valuation.

CMB International

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