03 Aug 2023
CNE’s 1H23 revenue was up by 11.3% YoY to Rmb1,490m, mainly due to a 14.5% YoY increase in power sales, which accounted for 80.2% of total revenue (1H22: 78.0%). Revenue from wind power rose by 14.1% YoY to Rmb1,012m, mainly driven by the increase in both capacity (+31.5% YoY to 3,189MW) and utilization hrs (+2.4% YoY to 1,353 hrs), while partly offset by 8.0% YoY decline in tariff to Rmb0.43/kWh as the contribution from lower-tariff grid parity projects increased to 61% (1H22: 44%). Revenue from solar was up by 16.7% YoY to Rmb184m with capacity remained at 451MW during 1H22-1H23. Avg solar utilization hrs was down by 7.6% YoY to 731 hrs and curtailment rose by 1.9ppt YoY to 6.3%. Avg solar tariff was Rmb0.5128/kWh, down from Rmb0.5338/kWh last year. Wind/solar accounted for 85%/15% of 1H23 power sales. EPC was down by 41% YoY while O&M rose by 52.8% YoY and accounted for 6.7%/10.5% of total revenue. 1H23 GPM was up by 1.3ppt to 60.8% amid further cost reduction in wind turbines. Admin cost ratio recorded a 0.8ppt YoY increase to 14.8% in 1H23 (1H22: 14.0%). Income tax increased by 4.4% YoY to Rmb45m. As a result, NP was up by 12.0% YoY to Rmb496m.