本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 华能国际电力股份有限公司 关于超短期融资券发行的公告 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25日 通过决议，同意公司自2023年年度股东大会批准时起至2024年年度股东大会结束 时止，一次或分次滚动发行本金余额不超过300亿元人民币的超短期融资券（即 在前述授权期限内的任一时点，公司发行的处于有效存续期内的超短期融资券本 金余额不超过300亿元人民币）。 公司已于近日完成了华能国际电力股份有限公司2024年度第九期超短期融 资券（"本期债券"）的发行。本期债券发行额为45亿元人民币，期限为92天，单 位面值为100元人民币，发行利率为1.95%。 本期债券由上海浦东发展银行股份有限公司和北京银行股份有限公司为主 承销商组织承销团，通过 ...

证券代码: 600011 证券简称: 华能国际 公告编号:2024-049 华能国际电力股份有限公司 关于中期票据发行的公告 本期债券由中信证券股份有限公司、中信建投证券股份有限公司、中信银行 股份有限公司、北京银行股份有限公司、中国民生银行股份有限公司和长城证券 股份有限公司作为主承销商组织承销团，通过簿记建档、集中配售的方式在全国 银行间债券市场公开发行。本期债券募集资金将用于补充公司营运资金、调整债 务结构、偿还银行借款及即将到期的债券。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 2024 年 8 月 10 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25日 通过决议，同意公司在自2023年年度股东大会批准时起至2024年年度股东大会结 束时止，经相关监管部门核准后，在中国 ...

Investment Rating - The report updates the target price to HKD 5.69, which represents a 23% upside from the current price of HKD 4.62, and assigns a "Buy" rating [6][10]. Core Insights - The Q2 2024 performance was below expectations due to multiple factors, including maintenance of thermal power units, reduced contributions from heating, increased coal consumption, poor wind resources, and rising R&D expenses [2][7]. - The company maintained its annual target of adding 10GW of new capacity despite rising curtailment rates and declining electricity prices in the first half of 2024 [4][8]. - Significant improvement in operating cash flow supports the company's dividend policy, with a cash balance of RMB 203 billion as of June 30, 2024, and a commitment to maintain a cash dividend payout ratio of no less than 50% under normal profit conditions [5][9]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of RMB 118.81 billion, a year-on-year decrease of 5.73%, while net profit attributable to shareholders was RMB 7.78 billion, a year-on-year increase of 19.8% [2][7]. - Q2 2024 revenue was RMB 53.4 billion, down 12% year-on-year, with net profit around RMB 2.9 billion, down 30% year-on-year [2][7]. Shareholder Information - Major shareholders include Huaneng International Power Development Company (32.28%) and China Huaneng Group Company (9.91%) [3]. Operational Metrics - The average settlement price for wind power in H1 2024 was RMB 511.89 per MWh, down 6.04% year-on-year, while for solar power it was RMB 426.98 per MWh, down 9.77% year-on-year [4][8]. - The wind curtailment rate increased to 5.56%, and the solar curtailment rate rose to 6.05% in H1 2024 [4][8]. Cash Flow and Dividends - Operating cash inflow for H1 2024 reached RMB 23.60 billion, a year-on-year increase of 71.53% [5][9]. - The company has a strong dividend tradition, with expectations for improved cash flow to support dividend payments [5][9].

证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 研究支持 联系人 市场表现： 相关研究 2024 年 08 月 08 日 华能国际 (600011.SH) 增持（维持） ——Q2 火风电量欠佳拖累业绩 火绿龙头有望率先受益电改 投资要点： ➢ 事件：公司披露 2024 年半年报，上半年实现营收 1188 亿元，同比下滑 5.73%；归母净利润 74.54 亿元，同比增长 18.16%；扣非后归母净利润 71.8 亿元，同比增长 28.87%。单二季度 实现营收 534 亿元，同比下滑 12.05%；归母净利润 28.58 亿元，同比下滑 29.58%；扣非后 归母净利润 28.02 亿元，同比下滑 21.35%。二季度业绩低于市场预期。 ➢ 上半年煤价下滑业绩正增长，二季度风况欠佳拖累整体业绩。根据公告，公司上半年实现利润 总额约 112 亿元， ...

证券代码: 600011 证券简称: 华能国际 公告编号:2024-048 华能国际电力股份有限公司 关于超短期融资券发行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2024 年 8 月 9 日 本期债券由中国银行股份有限公司和兴业银行股份有限公司为主承销商组 织承销团，通过簿记建档、集中配售的方式在全国银行间债券市场公开发行。本 期债券募集资金将用于补充公司营运资金、调整债务结构、偿还银行借款及即将 到期的债券。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25日 通过决议，同意公司自2023年年度股东大会批准时起至2024年年度股东大会结束 时止，一次或分次滚动发行本金余额不超过300亿元人民币的超短期融资券（即 在前述授权期限内的任一时点，公司发行的处于有效存续期内的超短 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company's 2024Q2 revenue was RMB 534.39 billion, a year-on-year decrease of 12.05%, with net profit attributable to the parent company of RMB 2.858 billion, a year-on-year decrease of 29.58% [1] - Operating cash flow in 2024Q2 was RMB 11.46 billion, a year-on-year increase of 50.37%, indicating improved cash flow despite declining profits [1] - The company's coal power business was significantly impacted by load factors, with a 40.21% year-on-year decline in profits from Tuas Power [1] - Green power business showed slight growth in 2024H1, with wind and solar power profits increasing by 0.2% and 24% respectively [1] - The company's 2024-2026 net profit attributable to the parent company is forecasted to be RMB 11.316 billion, RMB 12.032 billion, and RMB 12.492 billion, with year-on-year growth rates of 34.0%, 6.3%, and 3.8% respectively [1] Financial Performance - Revenue for 2023 was RMB 254.397 billion, with a year-on-year growth of 3.1%, and is expected to be RMB 253.373 billion, RMB 259.708 billion, and RMB 268.936 billion for 2024E, 2025E, and 2026E respectively [1] - Net profit attributable to the parent company for 2023 was RMB 8.446 billion, with expected growth rates of 34.0%, 6.3%, and 3.8% for 2024E, 2025E, and 2026E respectively [1] - Gross margin for 2023 was 12.1%, with slight fluctuations expected in the coming years, reaching 12.4% by 2026E [1] - ROE for 2023 was 6.4%, expected to increase to 8.8% in 2024E and remain stable around 8.6%-8.7% in the following years [1] - EPS for 2023 was RMB 0.54, expected to increase to RMB 0.72, RMB 0.77, and RMB 0.80 for 2024E, 2025E, and 2026E respectively [1] Business Segments - Coal power: In 2024Q2, the company's coal power generation was 78.133 billion kWh, a year-on-year decrease of 9.65%, with a profit of RMB 1.155 billion, down significantly from RMB 2.825 billion in 2024Q1 [1] - Green power: Wind and solar power generation in 2024Q2 was 16.16 billion kWh and 8.75 billion kWh respectively, with profits of RMB 1.616 billion and RMB 875 million, showing mixed performance compared to the previous year [1] - Overseas operations: Tuas Power's net profit in 2024H1 was RMB 1.429 billion, a year-on-year decrease of 40.21% [1] Valuation - The company's PE ratio for 2024E, 2025E, and 2026E is 10.5x, 9.8x, and 9.5x respectively, based on the closing price on August 2, 2024 [1] - The company's PB ratio is expected to remain stable around 0.9x in the coming years [2]

Investment Rating - The report maintains a "Buy" rating for Huaneng International [4] Core Views - The company reported a revenue of 118.81 billion yuan for the first half of 2024, a year-on-year decrease of 5.73%, while the net profit attributable to shareholders increased by 18.16% to 7.45 billion yuan [2] - In Q2 2024, the company achieved a revenue of 53.4 billion yuan, down 12.05% year-on-year, and a net profit of 2.86 billion yuan, down 29.58% year-on-year [2] - The profitability of the thermal and wind power segments declined sequentially in Q2 due to cost pressures and reduced utilization hours [2] Summary by Relevant Sections Financial Performance - The total electricity generation for H1 2024 was 1,704 million kWh for coal, 123.34 million kWh for gas, 188.80 million kWh for wind, 81.98 million kWh for solar, 5 million kWh for hydro, and 3.66 million kWh for biomass, with year-on-year changes of -3.19%, -4.14%, +12.53%, +74.24%, +52.67%, and -19.44% respectively [2] - In Q2 2024, the electricity generation was 781.33 million kWh for coal, 51.80 million kWh for gas, 88.51 million kWh for wind, 49.77 million kWh for solar, 3.17 million kWh for hydro, and 1.85 million kWh for biomass, with year-on-year changes of -9.65%, -7.28%, +1.8%, +74.57%, +20.23%, and -29.29% respectively [2] - The total profit for H1 2024 was 3.98 billion yuan for coal, 570 million yuan for gas, 4.03 billion yuan for wind, 1.25 billion yuan for solar, 52 million yuan for hydro, and a loss of 440 million yuan for biomass, with year-on-year changes of +571%, +63%, +0.2%, +24%, +4402%, and a loss increase of 1620% respectively [2] - In Q2 2024, the profits were 1.155 billion yuan for coal, 34 million yuan for gas, 1.616 billion yuan for wind, 875 million yuan for solar, 47 million yuan for hydro, and a loss of 390 million yuan for biomass, with sequential changes of -59.12%, -93.66%, -33.06%, +136.49%, +840%, and a loss increase of 680% respectively [2] Profitability Forecast - The report adjusts the net profit forecasts for 2024E-2026E to 12.33 billion yuan, 12.72 billion yuan, and 13.22 billion yuan respectively, down from previous estimates of 16.37 billion yuan, 16.73 billion yuan, and 17.05 billion yuan [3] - The corresponding EPS for these years is projected to be 0.79 yuan, 0.81 yuan, and 0.84 yuan, with P/E ratios of 10, 10, and 9 respectively [3] - The average on-grid settlement price for the company's power plants in China for H1 2024 was 498.70 yuan per MWh, a year-on-year decrease of 3.21% [3] Market Position - The company is positioned to benefit from the ongoing trend of energy transition and significant cash flow improvement [3]

2024 牛 08 ♬ 02 日 译 本环尤依件2024 牛牛棋 本环 年能国际（600011）本用孝孝 英入 ( ##) 当前价：7.54 无 目标价：一一无（６个月） 煤价下降支撑火电业绩，风电盈利承压 表达夫,森 ● 李仲：公司友市 2024 年半年报，全年实现营校 1188亿元，同比下降 5.73%; 实现归书诗利润 74.54亿元，同比指长 18.16%；24Q2 实现容谈 534亿元，同 比下滑 12.05%，环比下滑 18.25%，实现包草冷利润 28.58 亿元，同比下滑 29.58%，环比下滑 37.82%。 。株式走屯利润网比麻比分别+0.007/-0.016 无。24Q1 公司煤机实现利润总额 11.55 亿元，同比/环比分别+74.2%/-59.1%，实现上网收量 781 亿千瓦叶，网 比/环比分别-9.65%/-15.3%，对应 24Q2 度 电利润 0.015 无/千瓦叶（同比/环比 分别+0.007 元/-0.016 元)。报告前内市场煤价保持低位运行，公司持续办大成 本答控力度，实现半位燃料成本同比下降，环比够有下滑主奏系水屯出力较好， 火屯上用屯至下滑所及。 。 风也显射来压 ...

公用事业 2024 年 08 月 01 日 华能国际 (600011) ——火电电量承压 Q2 业绩环比下滑 财务状况持续向好 | --- | --- | |------------------------------------|---------------------| | 市场数据： | 2024 年 08 月 01 日 | | 收盘价（元） | 7.74 | | 一年内最高/最低（元） | 10.22/6.90 | | 市净率 | 2.2 | | 息率（分红/股价） | 2.58 | | 流通 A 股市值（百万元） | 85,122 | | 上证指数/深证成指 | 2,932.39/8,673.58 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |--------------------------|---------------------| | 基础数据: | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.56 | | 资产负债率% | 68.05 | | 总股本/流通 A 股（百万） | 15,698/10,998 | | 流通 B 股 ...

Investment Rating - Maintain "Overweight" rating [1][4] Core Views - The company's Q2 2024 performance fell short of expectations, with both coal power and wind power segments experiencing significant declines in profit [3] - Coal power profit dropped due to reduced power generation and increased coal consumption, with profit per kWh decreasing by 0.016 yuan/kWh compared to Q1 2024 [3] - Wind power profit declined by 23% YoY in Q2 2024, likely due to poor wind conditions, with profit per kWh decreasing by 0.058 yuan/kWh compared to Q1 2024 [3] - The company's revenue for H1 2024 was 118.8 billion yuan, down 5.7% YoY, while net profit attributable to shareholders was 7.45 billion yuan, up 18.2% YoY [3] Financial Performance and Forecast - Revenue is expected to grow modestly from 257.08 billion yuan in 2024E to 268.66 billion yuan in 2026E, with growth rates of 1.1%, 2.5%, and 1.9% respectively [4][5] - Net profit attributable to shareholders is forecasted to increase from 11.83 billion yuan in 2024E to 13.51 billion yuan in 2026E, with growth rates of 40.1%, 7.9%, and 5.8% respectively [4][5] - Gross margin is projected to improve from 16.2% in 2024E to 17.6% in 2026E, reflecting better profitability [5][6] - ROE is expected to remain stable around 8.3% from 2024E to 2026E [5][6] Segment Performance - Coal power segment profit in Q2 2024 was 1.16 billion yuan, down 59.1% QoQ, with profit per kWh at 0.015 yuan/kWh [3] - Wind power segment profit in Q2 2024 was 1.62 billion yuan, down 33.1% QoQ, with profit per kWh at 0.183 yuan/kWh [3] - The company added 185.4MW of wind power capacity and 1,252.9MW of solar capacity in Q2 2024, while decommissioning 47.5MW of wind capacity [3] Valuation Metrics - P/E ratio is expected to decline from 10.27x in 2024E to 8.99x in 2026E, indicating improving valuation [6] - P/B ratio is forecasted to decrease from 0.86x in 2024E to 0.73x in 2026E [6] - EV/EBITDA is projected to improve from 6.06x in 2024E to 5.79x in 2026E [6]