China Power International Development Limited
CPWIF · OTC
Company research
China Power International Development Limited (CPWIF) is a Hong Kong-incorporated, integrated energy holding company engaged in the development, construction, ownership, operation, and management of power generation facilities across the People's Republic of China. As a core subsidiary of State Power Investment Corporation (SPIC), one of China's five major state-owned power generating groups, the company operates across five key segments: Thermal Power Electricity, Hydropower Electricity, Wind Power Electricity, Photovoltaic Power Electricity, and Energy Storage. Beyond electricity generation and distribution through coal-fired, hydro, wind, solar, and natural gas power plants, China Power also provides energy storage solutions, green power transportation, integrated intelligent energy services, and logistics services. Founded in 2004 and headquartered in Wan Chai, Hong Kong, the company is listed on the Main Board of The Stock Exchange of Hong Kong and boasts a market capitalization of approximately USD 5.4 billion with a workforce of around 14,776 employees.
Research reports
First Shanghai notes that 2025 results were broadly in line but clean-energy profits came under pressure as wind, solar and hydropower segments faced weaker resources and pricing, while coal-fired earnings improved and free cash flow turned positive; they expect capex to normalize around RMB 20bn annually, forecast 2026–2028 net profit to rise from RMB 2.9bn to RMB 3.4bn, and cut the 12‑month target price to HK$4.00 while reiterating a buy rating based on stable thermal/hydro “ballast” and long-term green growth.
First Shanghai Securities Limited · September 18, 2025China Power (2380 HK) – 水电整合落地在即，未来业绩稳定性增强First Shanghai highlights steady profit growth with H1 2025 EBITDA up 5.6% and net profit up 0.7%, driven by stronger wind performance and expanding clean-energy capacity, and views the planned injection of core hydropower assets via a “red‑chip controls A” restructuring as a key driver of more stable earnings; they project 2025–2027 revenue rising from RMB 50.6bn to RMB 56.3bn and net profit from RMB 3.9bn to RMB 4.6bn, maintaining a buy rating and HK$4.73 target while flagging risks from market-driven electricity price volatility.
BOCOM International (Bank Of Communications International Securities) · August 22, 2025中国电力 (2380 HK) – 上半年盈利优于预期，2025–26 年盈利保持较快增长BOCOM International reports that 1H 2025 earnings modestly beat expectations, with stronger profits in thermal and wind power segments thanks to lower coal costs, improved wind resources and higher utilization, while hydropower and solar are weighed by weaker rainfall, irradiation and higher depreciation; they slightly trim 2025–2026 forecasts yet still expect EPS growth of about 19–21%, maintain a buy rating with HK$3.75 target, and emphasize an attractive 6–7% dividend yield supported by ongoing capacity additions and policy-backed clean-energy expansion.