[Table_Page] 中报点评|电力 证券研究报告 [Table_Title] 华能国际(600011.SH)/华能国际电 力股份(00902.HK) 二季度火电风电盈利承压，现金流持续改善 [Table_Summary] 核心观点： ⚫ 二季度业绩盈利 29 亿元，火电、风电利润承压。公司发布 2024 年中 报，上半年实现营收 1188 亿元(同比-5.7%)，归母净利润 74.5 亿元（同 比+18.2%，Q1、Q2 分别为 46、29 亿元）。分板块税前利润，Q1、Q2 煤电盈利 28、12 亿元，折度电 3.1、1.5 分/度，环比下降预计为非供 暖季煤耗增加等影响，计算 Q2 煤耗环比提升 25 克/千瓦时、影响度电 2.5 分；上半年绿电盈利 53 亿元(同比+5.0%)，其中 Q2 风电盈利同比 下降 23%、考虑为利用小时数下降致电量减少影响。上半年经营现金 流 236 亿元(同比+71.5%)，投资现金流净流出 225 亿元(同比+6.3%)。 ⚫ 看好净资产持续修复，容量及辅助服务稳定盈利。2024H1 公司还原后 的归母净资产为 559 亿元(不含永续债 796 亿元)、较上年末增 ...

公司点评报告 · 公用非亚生业 煤电盈利大幅改善，风光盈利分化明显 华能国际 2024 年中报点评 2024 年 08 月 01 日 核心观点 • 事件:公司发布 2024 年中报,上半年实现营收 1188.06亿元,同比下降 5.73%, 实现月母净利 74.54 亿元（扣非 71.80 亿元），同比增长 18.16%（扣非 同比 增长 28.87%）。24Q2 单季度实现暂收 534.39 亿元，同比下降 12.05%，实 现归母净利 28.58 亿元（扣非 28.02 亿元），同比下降 29.58%（扣非同比下 降 21.35%) 。 • 盆利能力、現金漢大幅提升，资产负债率下降：上半年公司毛利率、净利 率分别为 15.57%、7.71%，同比分别+3.53pct、+2.46pct；期间费用率 6.50%， 同比+0.38pct, 岑虚到答收下滑, 期间费用同比基本持平 ; ROE(加权) 10.75%, 同比+0.85pct；上半年公司资产负債率 68.05%，同比-2.85pct；经现净额 236.03 亿元，同比增加 71.54%, • 煤电盈利大幅改善，风光盈利分化明显：分板块来看，上半年煤电/ ...

证券研究报告·公司点评报告·电力 华能国际（600011） 2024 半年报点评：业绩符合预期，受新加坡 大士能源和风电板块拖累，Q2 业绩下滑 2024 年 08 月 01 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 246725 | 254397 | 265480 | 271375 | 289333 | | 同比（%） | 20.31 | 3.11 | 4.36 | 2.22 | 6.62 | | 归母净利润（百万元） | (7387) | 8446 | 13083 | 15678 | 17525 | | 同比（%） | 26.17 | 214.33 | 54.91 | 19.83 | 11.78 | | EPS-最新摊薄（元/股） | (0.47) ...

Investment Rating - The report maintains a "Buy" rating for Huaneng International, expecting a relative price increase of over 20% in the next six months [9]. Core Views - In the first half of 2024, Huaneng International reported a revenue of 118.806 billion yuan, a year-on-year decrease of 5.73%, while the net profit attributable to shareholders increased by 18.16% to 7.454 billion yuan [1]. - The decline in revenue was attributed to a 0.22% decrease in electricity generation and a 3.21% drop in average electricity settlement prices, alongside a significant 26.26% decrease in Singapore operations [1]. - The company benefited from a reduction in coal prices, with the average coal price down 11.20%, and a decrease in financial expenses by 419 million yuan, contributing to the increase in net profit [1]. - The profit per kilowatt-hour for coal-fired generation showed a significant year-on-year increase of 92.8% in 2Q24, despite a decrease in electricity generation [1]. Financial Summary - For 2024-2026, the projected net profits are 12.577 billion yuan, 13.851 billion yuan, and 15.607 billion yuan, respectively, with corresponding P/E ratios of 11.8, 10.7, and 9.5 [2][3]. - The company’s revenue is expected to grow from 254.397 billion yuan in 2023 to 272.653 billion yuan in 2026, with a modest growth rate of around 2% annually [3][6]. - The net profit is projected to increase significantly in 2024, with a growth rate of 49% compared to 2023 [3][6]. Operational Performance - In 1H24, the company added 1.0545 million kilowatts of wind power and 1.9897 million kilowatts of solar power capacity, bringing total installed capacities to 16.518 million kilowatts for wind and 15.09 million kilowatts for solar [2]. - The profit per kilowatt-hour for wind and solar energy decreased by 11.0% and 28.7% respectively in 1H24, influenced by various factors including electricity prices and natural conditions [2].

证券研究报告 | 2024年08月01日 20.0 0.0 p of 核心观点 或其成后 外部分优于大声 ( 塩珠 ) 合理体伍8. 58 – 9. 31 元 7. 95 元校自治 124800/124800 百万元总市值/亚酒市值 52 周嘉高价/最低价10. 22/6. 90 天 远３个月日均成交取544. 97 西方克 市场市场 亞利预测和财务撤标20222023 246, 725254, 397营业收入(百万元)249, 874252, 582156, 483 (+/-A)20. 6%3. 11.−1.8%1. 19 净粒润(商万元)−7387844612027 –28. 0%-214, 38(+/-X)36. 914. 15 等原校堂〈元〉40.470. 540. 740. 77 EBIT Margin0. 258. 859.9910. 05.10, 35 净亮产牧益率（ROE）–6. 8%6. 45.8. 458. 45. 用影影 (PE)−17, 415. 311, 210, 710. 0 EY/EB I TDA21. 110. 69.99. 69. 5 0. 980. 93市净厚 (PB)1. ...

Financial Performance - For 1H24, the company's operating revenue was 118.8 billion yuan, a year-on-year decrease of 5.73% while the net profit attributable to shareholders (excluding perpetual bonds) was 6.32 billion yuan, an increase of 24.8% [1] - Earnings per share stood at 0.40 yuan, with no interim dividend declared [1] R&D and Management Expenses - Starting from Q2, there has been an increase in expenses related to the implementation of certain research projects [2] Dividend Policy - The company has cumulatively distributed dividends of 62.7 billion yuan since its listing, maintaining a policy of distributing at least 50% of the distributable profits in cash when conditions allow [3] Operations - In the first half of the year, the company added a grid-connected capacity of 3,102.2 MW, including 1,054.5 MW from wind power and 1,989.7 MW from solar power, bringing the total installed capacity to 138.57 GW, with low-carbon clean energy accounting for 32.78% [4] Electricity Generation and Pricing - Domestic electricity generation was 210.678 billion kWh, a slight decrease of 0.22% year-on-year, with an average settlement price of 498.7 yuan/MWh, down 3.21% [5] - Wind power abandonment rate increased to 5.56%, while solar power abandonment rate rose to 6.05% [5] - Average electricity prices for wind and solar power were 511.89 yuan/MWh and 426.98 yuan/MWh, respectively, reflecting decreases of 6.04% and 9.77% year-on-year [6] - The average fuel cost for domestic power plants was 300.5 yuan/MWh, down 11.18% year-on-year [7] Market Transactions and Green Energy - The company participated in green electricity trading, with a total transaction volume of 2.2 billion kWh, a year-on-year increase of 586 million kWh, and an average trading price of 441.68 yuan/MWh [6] - The carbon market saw a trading volume of 25 million tons, with an average price of 87.8 yuan/ton [10] Losses and Low-Carbon Transformation - The company operated 71 coal-fired power plants, with 20 reporting losses, resulting in a loss ratio of 28% [11] - The company is preparing projects for low-carbon transformation technologies, including biomass co-firing and carbon capture [11] Overseas Business - In Singapore, the company’s Da Shi Energy achieved a pre-tax profit of 1.724 billion yuan, despite a decrease in wholesale and retail electricity prices [12][13] - The company’s operations in Pakistan's Sahiwal power plant reached a record high, with total profits of 429 million yuan, an increase of 117 million yuan year-on-year [13] Management Comments on Future Outlook - The management emphasized the importance of adhering to a stable dividend policy and actively researching new policies to promote multiple dividends per year [3] - The company is closely monitoring the operating environment and market conditions to adapt its strategies accordingly [10] Q&A Session Summary Question: What is the company's strategy regarding dividend distribution? - The company reiterated its commitment to a stable dividend policy, aiming to distribute at least 50% of its distributable profits in cash when conditions permit [3] Question: How is the company addressing the challenges in the electricity market? - The management highlighted the need to adapt to changing market conditions and emphasized the importance of maintaining stable electricity prices [6][10] Question: What are the company's plans for low-carbon transformation? - The company is exploring various low-carbon technologies and is preparing projects to implement these technologies, while also seeking subsidies to improve profitability [11]

证券研究报告 | 半年报点评 2024 年 07 月 31 日 华能国际（600011.SH） 煤电持续改善，风电下滑拖累业绩 事件：公司发布 2024 年半年度报告。2024 年上半年，公司实现营业收入 1188.06 亿元，同比下降 5.73%；实现归母净利润 74.54 亿元，同比增长 18.16%；扣非归母净利润 71.80 亿元，同比增长 28.87%，基本每股收益 0.38 元。单二季度实现营业收入 534.39 亿元，同比下降 12.05%；实现归 母净利 28.58 亿元，同比下降 29.58%。 火电：度电利润环比明显改善，盈利能力持续提升。H1 公司燃煤/燃机上网 电量分别为 1704/123.34 亿千瓦时，同比分别-3.19%/-4.14%；利润总额分 别为 39.8/5.7 亿元，同比大幅提升。Q2 单季燃煤/燃机上网电量分别为 781.33/51.80 亿千瓦时，同比分别-9.65%/-7.28%，利润总额分别为 11.55/0.34 亿元，同比提升 74.21%/36%。测算 Q2 燃煤/燃机度电利润总 额分别为 0.015/0.007 元，环比下滑 1.6/6.8 分，同比增长 ...

业绩简评 2024 年 7 月 30 日晚间公司披露 24 年半年报，1H24 实现营收 1188.1 亿元，同比-5.7%；归母净利润 74.5 亿元，同比+18.2%。 其中，2Q24 实现营收 534.4 亿元，同比-12.1%；归母净利润 28.6 亿元，同比-29.6%。电量下滑+供热贡献下降+煤价较高 拖累 Q2 煤机板块盈利；季节性因素+新机转固+机组关停拖累 Q2 风电利润。 经营分析 电量下滑+供热贡献下降+煤价较高，2Q24 煤机盈利能力环比 下滑。公司 2Q24 煤机板块实现利润总额 11.6 亿元，对应度 电利润总额 0.015 元/KWh（环比-0.016 元/KWh）。根据公司经 营业绩公告，1H24 平均上网结算电价为 498.7 元/MWh，同比 -3.2%，相比 1Q24 数据同比降幅收窄，表明火电 2Q24 中长协 电价签订情况良好。煤电盈利环比下滑或受三方面因素影响： （1）2Q24 来水偏丰、机组检修因素影响下，煤机上网电量同 比-9.7%，度电固定成本上升；（2）采暖季结束，供热利润贡 献减少；（3）1H24 入炉除税标煤单价仍有 1010.3 元/吨，维 持高位。 ...

迁泰将投告 早能国际 (600011 CH) 2Q24 发电盈利仿同比提升, 风电永压 부휴房充中核点评 2024 年７月 31 日 | 中国内地发布 2Q24 煤屯量利伤两边向好，具屯量利永压 1H24 公司容妆/归苹冷利为 1188.1/74.5 亿元同比-5.73%/+18.16%，共中 2Q24 公司营业/归草净利润分别同比-12.05%/-29.58%至 534.4/28.6 亿元。 2Q24 业绩同比下添主国境外大士能添盘利同比下降，风屯利润总额同比 -4.83 亿元，煤屯屯呈阳北-9.7%饼况下度屯利润总额份同比+0.7 分。下河 屯圣预期, 鸿娄公司 24-26 辛妇寺寺村至 116/121/130 亿元（ 奇佳： 127/139/160 亿元)。预计公司 24 年新能涨炉幸冷利 75.44 亿元参火屯炉幸 材造 594.4 亿元，分别给予 24E PE23x 称 PB1.20x（寸比公司 Wind 一段 预期 24E PE/PB 14.3x/1.08x，公司派价考虑新能涨叠利能力支强及火风光 一体化化务支往：火屯镇助服务收益表现突出）、构除永续後后目标市值 1653 亿元，对总殷价 10.5 ...

华能国际 2024 年半年报点评 风电拖累业绩，海外业务亮点犹存 华能国际(600011) [Table_Industry] 电力/公用事业 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 11.10 | | | 上次预测: | 11.10 | | [当前价格： Table_CurPrice] | | 8.21 | | --- | --- | --- | --- | |----------|-----------------------------|----------------------------|-------------------------| | | 于鸿光(分析师) | 孙辉贤(研究助理) | 汪玥(研究助理) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang02590 ...