Deutsche Bank has issued a research report stating that China Resources Power (00836) delivered a first-half net profit decline of 15.5% year-on-year, which came in slightly better than anticipated, thanks to a 16% year-on-year increase in thermal power segment earnings that partly offset a 31% decline in renewable energy profitability.

The company's total power generation rose 12.8% year-on-year during the period, with solar and thermal output climbing 43% and 17%, respectively, driven by capacity additions, while wind power generation dipped 3% due to lower wind speeds.

Citing the improved performance of its thermal power operations, Deutsche Bank has raised its earnings per share forecasts for 2026 through 2028 by 9% to 15%, lifting its target price from HK$21.5 to HK$23.5 while reaffirming a "Buy" rating on the stock.