股 票 研 究 [Table_industryInfo] 电力/公用事业 [ Table_Main[华ITnaf 能bol]e 国_Ti际tle]( 600011) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合预期，Q1 煤电修复可期 目标价格： 10.66 上次预测： 10.66 公 华能国际 2023年年报点评 当前价格： 9.18 司 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 2024.03.20 更 021-38031730 021-38038670 021-38031030 [交Ta易bl数e_M据a rket] 新 yuhongguang025906@gtjas sunhuixian026739@gtjas.com wangyue028681@gtjas.com 证书编号 .Sc0o8m8 0522020001 S0880122070052 S0880123070143 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 7.1 10 4- 41 ,0 1. 02 89 报 告 本报告导读： 总股本/流通A股（百万股） 15,698/10,998 流通 ...

证券研究报告 | 年报点评报告 2024年03月21日 华能国际（600011.SH） 业绩符合预期，煤电仍具修复弹性 华能国际发布2023年年度报告。2023年公司实现营业收入2543.97亿元， 买入（维持） 同比增长3.11%，归母净利润84.46亿元，同比扭亏，扣非净利润56亿元， 股票信息 同比扭亏，基本每股收益 0.35 元。按照每普通股人民币 0.2 元向股东派股 行业 电力 息。 前次评级 买入 全年发电量增价稳，盈利能力持续提升。2023年全年，公司中国境内上网 3月20日收盘价(元) 9.11 电量4478.56亿千瓦时，同比增长5.33%，平均上网结算电价为508.74元 总市值(百万元) 143,009.63 /兆瓦时，同比下降0.23%。2023年全年公司市场化交易电量比例为 总股本(百万股) 15,698.09 88.40%。2023年公司燃煤/燃机/风电/光伏/水电/生物质发电量分别为 其中自由流通股(%) 70.06 4010.04/284.93/324.37/109.97/7.89/9.57亿千瓦时，上网电价分别为 30日日均成交量(百万股) 57.54 491.76/721 ...

Investment Rating - The investment rating for Huaneng International is "Buy" with a maintained rating [1][8]. Core Views - The report highlights that Huaneng International achieved a revenue of 254.4 billion yuan in 2023, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 8.446 billion yuan, a significant increase of 214.33% year-on-year. However, the Q4 performance was impacted by impairment losses, leading to a net profit of -4.118 billion yuan in Q4 2023, a decrease of 19.54% year-on-year [1][2]. - The report anticipates that coal prices will decline further in 2024, supporting stable performance and future dividend expectations for the company [1]. - The profitability of thermal power improved in 2023, with expectations for further improvement in 2024 due to reduced fuel costs and increased electricity sales [1][2]. Summary by Sections Financial Performance - In 2023, Huaneng International's total revenue was 254.4 billion yuan, with a net profit of 8.446 billion yuan. The Q4 revenue was 63.075 billion yuan, with a net loss of 4.118 billion yuan due to impairment provisions [1][3]. - The company reported a significant increase in thermal power profits, with total profits reaching 433 million yuan, a year-on-year increase of 102.5% [1][2]. Future Projections - The forecast for net profit attributable to shareholders for 2024-2026 is 12.577 billion yuan, 13.851 billion yuan, and 15.607 billion yuan, respectively, with corresponding P/E ratios of 11.4, 10.3, and 9.2 [2][3]. - The target price for the stock is set at 10.95 yuan for 2024 [2][4]. Capital Expenditure - The planned capital expenditures for wind and solar power in 2024 are 29.544 billion yuan and 35.381 billion yuan, respectively, indicating a significant increase in investment in renewable energy [2][3].

Investment Rating - The investment rating for Huaneng International is "Buy" and is maintained [5]. Core Views - The company's operating performance continues to recover, with significant improvements in coal-fired power generation profitability, despite a substantial impairment loss of 3.099 billion yuan [5][6]. - In 2023, the company achieved a total operating revenue of 254.397 billion yuan, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 8.446 billion yuan, representing a year-on-year growth of 214.33% [5][6]. - The company plans to distribute a cash dividend of 0.2 yuan per share, achieving a cash dividend payout ratio of 57.14%, reflecting its commitment to shareholder returns [6]. Summary by Sections Operating Performance - In 2023, the company's coal-fired power generation saw a recovery, with a total electricity generation of 375.804 billion kWh, up 3.27% year-on-year. The average trading price of coal-fired electricity was 481.01 yuan/MWh, an increase of 21.19% compared to the benchmark price [5][6]. - The company recorded a profit of 4.33 billion yuan from coal-fired power generation, recovering from a loss of 17.325 billion yuan in the previous year [5][6]. New Energy Performance - By the end of 2023, the company's installed capacity for new energy reached 28.611 million kW, a year-on-year increase of 43.74%. Wind power generation increased by 16.14% to 31.835 billion kWh, while solar power generation surged by 81.67% to 10.911 billion kWh [6]. - The profit from the wind power segment was 5.913 billion yuan, a decrease of 3.22 billion yuan year-on-year, primarily due to increased grid parity projects and system peak load responsibilities [6]. Financial Outlook - The company adjusted its earnings expectations for 2024-2026, forecasting EPS of 1.04 yuan, 1.06 yuan, and 1.17 yuan, with corresponding PE ratios of 8.75, 8.63, and 7.77 [6].

Investment Rating - The investment rating for Huaneng International is "Buy" (maintained) [1] Core Views - The report highlights a cash dividend ratio of 57.14% for 2023, indicating a continuous improvement in dividend rates amid a downward cycle in capital expenditures for thermal power [1][3] - The report anticipates an improvement in the dividend rate for the thermal power sector in 2024, driven by a decline in capital expenditures and a downward trend in thermal coal prices [3] - The company achieved a significant increase in net profit of 214.33% year-on-year in 2023, attributed to a decrease in coal procurement costs [3][4] Financial Performance Summary - In 2023, Huaneng International reported total revenue of 254.4 billion yuan, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 8.446 billion yuan, a year-on-year increase of 214.33% [2][4] - The company’s earnings per share (EPS) for 2023 was 0.54 yuan, with a projected EPS of 0.83 yuan for 2024 and 1.12 yuan for 2026 [2][4] - The price-to-earnings (P/E) ratio is projected to be 10.80 for 2024, 9.01 for 2025, and 8.06 for 2026 [2][4] Segment Profit Analysis - The coal-fired segment achieved a total profit of 433 million yuan in 2023, a year-on-year increase of 102.5%, while the photovoltaic segment reported a profit of 2.044 billion yuan, a year-on-year increase of 78.08% [4] - The wind power segment's profit decreased by 5.16% year-on-year, totaling 5.913 billion yuan [4] Market Data - The closing price of Huaneng International's stock is 9.00 yuan, with a market capitalization of approximately 141.3 billion yuan [6] - The stock has a price-to-book (P/B) ratio of 2.69 and a net asset value per share of 3.35 yuan [6][7]

[Table_Main] 证券研究报告 | 公司点评 华能国际(600011.SH) 2024年03月22日 华能国际（600011.SH）：煤电 增持（维持） 所属行业：公用事业/电力 盈利修复，风光投产加速 当前价格(元)：8.99 证券分析师 投资要点 郭雪 资格编号：S0120522120001 事件：公司发布 2023 年年报，2023年公司实现营业收入 2543.97 亿元，同比增  邮箱：guoxue＠tebon.com.cn 长3.11%；实现归母净利润 84.46 亿元，同比增长214.33%； 联系人 卢璇 上网电量稳定增长，成本下降增强盈利能力。2023年公司实现营业收入 邮箱：luxuan＠tebon.com.cn  2543.97 亿元，同比增长3.11%；实现归母净利润 84.46 亿元，同比增长 市场表现 214.33%，扣非归母净利润56.11亿元，同比增长159.56%。营业收入的增长主 要由于公司2023年完成境内上网电量4478.6亿千瓦时，同比+5.3%；同时得益 华能国际 沪深300 23% 于燃料成本的下降，公司23年燃料采购费用为1565.7亿元，较22年下降 ...

上 市 公 司 公用事业 2024年03月21日 华能国际 (600011) 公 司 研 究 ——煤电扭亏为盈 降息有望提升盈利能力 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持） ⚫ 事件：公司发布2023年年报，2023全年实现归母净利润84.46亿元 (未扣除全年计提永续债利息29.16 亿元)，扣除永续债利息后归属于普通股股东净利润55.29亿元，拟分红0.2元/股。公司大幅扭亏但仍低于 我们的预期，上年同期数据为亏损73.87亿元。 证 市场数据： 2024年03月20日 ⚫ 2023全年煤电盈利修复低于预期，修复空间巨大。根据公司年报披露的分部业绩，公司2023年境内煤电、 券 收盘价（元） 9.11 研 一年内最高/最低（元） 10.55/6.9 气电实现税前利润总额4.33、7.77亿元、上年同期数据分别为-173.25、5.75亿元，煤电板块的扭亏主要 究 市净率 1.1 得益于煤价大幅下行且煤机利用小时同比提升。2023年，公司燃煤交易电价481.01元/兆瓦时，较基准电 报 息率（分红/股价） - 价上浮21.19%，同时境内火电厂售电单位燃料成本为326. ...

Investment Rating - The report maintains a "Strong Buy" rating for Huaneng International, with a target price of 10.68 CNY, indicating a potential upside of 17% from the current price of 9.18 CNY [2]. Core Views - The company's 2023 revenue reached 254.40 billion CNY, a year-on-year increase of 3.11%, while the net profit attributable to shareholders surged by 214.33% to 8.45 billion CNY [2][3]. - The fourth quarter of 2023 saw a revenue of 63.08 billion CNY, a slight increase of 0.48% year-on-year, but a net loss of 4.12 billion CNY attributable to shareholders [2]. - The report highlights the recovery in thermal power generation and rapid growth in wind and solar energy, with respective generation increases of 3.32%, 5.06%, 15.56%, and 81.03% for coal, gas, wind, and solar power [2]. - The company plans a capital expenditure of 80.15 billion CNY for 2024, with significant investments in wind and solar energy, reflecting a strategic shift towards renewable energy [2]. - The report anticipates that falling coal prices will enhance profitability in the thermal power sector, while ongoing electricity market reforms may lead to a revaluation of thermal power assets [2]. Financial Summary - For 2023, total revenue was 254,397 million CNY, with a projected revenue of 263,263 million CNY for 2024, reflecting a growth rate of 3.5% [3]. - The net profit for 2023 was 8,446 million CNY, with forecasts of 12,899 million CNY, 15,238 million CNY, and 17,875 million CNY for 2024, 2025, and 2026 respectively, indicating substantial growth rates [3][9]. - The earnings per share (EPS) for 2023 was 0.54 CNY, expected to rise to 0.82 CNY in 2024 [3][9]. - The company’s total assets were reported at 541,159 million CNY for 2023, with a projected increase to 591,924 million CNY in 2024 [9].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved a revenue of 254.4 billion yuan in 2023, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 8.446 billion yuan, marking a return to profitability [2][3] - The company plans to distribute a cash dividend of 0.20 yuan per share, with a payout ratio of 57% [2] - The profitability of coal power is improving, with a total coal power revenue of 188.8 billion yuan in 2023, up 2.55% year-on-year, despite a loss of 3 billion yuan in Q4 due to asset impairment [3] - The company is increasing its investment in renewable energy, with a projected capital expenditure of 64.9 billion yuan in 2024, a 32.44% increase from 2023 [3] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 254.4 billion yuan and a net profit of 8.446 billion yuan, recovering from a loss in the previous year [2][3] - The coal power segment generated 188.8 billion yuan in revenue, with a total electricity generation of 375.8 billion kWh, reflecting a 3.27% increase [3] - The company’s total profit from wind power decreased by 5% to 5.9 billion yuan, while solar power profit surged by 78% to 2 billion yuan due to rapid installation growth [3] Profitability and Valuation - The company’s net profit forecast for 2024 and 2025 has been revised down to 12.086 billion yuan and 13.541 billion yuan, respectively, with an additional forecast for 2026 at 14.878 billion yuan [3] - The earnings per share (EPS) are projected to be 0.77 yuan for 2024, 0.86 yuan for 2025, and 0.95 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 12, 11, and 10 [3] Capital Expenditure and Future Outlook - The company plans to increase its capital expenditure in renewable energy to 64.9 billion yuan in 2024, indicating a strong commitment to transitioning towards green energy [3] - The coal price is expected to continue declining, which will further enhance profitability in the coal power segment [3]

Financial Performance - The company achieved consolidated operating revenue of RMB 254.397 billion for the year ended December 31, 2023, representing a year-on-year increase of 3.11%[4]. - Net profit attributable to equity holders of the company was RMB 8.357 billion, an increase of RMB 16.384 billion compared to the previous year, reflecting a growth of 204.13%[4]. - The company reported earnings per share of RMB 0.35 for the year[4]. - The company reported a significant increase in investment income, reaching RMB 2.80 billion in 2023, compared to RMB 1.08 billion in 2022[157]. - The total profit for 2023 was RMB 13.00 billion, a significant turnaround from a loss of RMB 9.70 billion in 2022, representing a 234% increase[153]. - The net profit attributable to shareholders for 2023 was RMB 8.45 billion, compared to a loss of RMB 7.39 billion in 2022, marking a 214.33% improvement[153]. - The total comprehensive income for the year was 8,964,914,342, compared to a loss of 10,528,914,811 in 2022, reflecting a strong turnaround in financial performance[159]. Operational Highlights - The total on-grid electricity generation reached 447.856 billion kWh, a year-on-year increase of 5.33%[5]. - The company added controllable power generation capacity of 10,003.9 MW during the year, with low-carbon clean energy capacity accounting for approximately 31.24% of total controllable capacity[8]. - The company maintained a market share of 20.4% in the Singapore electricity market, with a total electricity generation of 11.271 billion kWh, a decrease of 10.84 billion kWh year-on-year[10]. - The company’s total heating supply reached 342 million GJ, reflecting a year-on-year increase of 5.93%[5]. - The company aims to complete an electricity generation volume of approximately 485 billion kWh in 2024[12]. Cost Management - The company procured 21.2 million tons of coal, with a unit fuel cost of RMB 326.43 per MWh, a decrease of 12.38% year-on-year[6]. - The total fuel cost for the company in 2023 was RMB 156.569 billion, an 8.17% decrease from RMB 170.507 billion in the previous year[23]. - The company's operating costs and expenses decreased by 5.43% to RMB 234.201 billion from RMB 247.657 billion in the previous year[22]. - The unit fuel cost for domestic thermal power plants was RMB 326.43 per MWh, down 12.38% from RMB 372.56 per MWh in the previous year[23]. Research and Development - The company’s research and development efforts resulted in 617 invention patents and 3,239 utility model patents granted[9]. - Research and development expenses for the year were RMB 1.533 billion, slightly down from RMB 1.608 billion in 2022[146]. Financial Position - The total assets as of December 31, 2023, amounted to RMB 550.316 billion, reflecting a growth of 7.44% from RMB 512.222 billion at the end of the previous year[33]. - The total liabilities decreased to RMB 370.962 billion from RMB 376.906 billion, a reduction of RMB 5.944 billion, with interest-bearing debt totaling approximately RMB 294.630 billion[34]. - The equity attributable to the company's shareholders increased by RMB 23.099 billion, primarily due to the net profit of RMB 8.357 billion and the issuance of special bonds for energy supply[35]. - The current ratio improved to 0.55 from 0.51, and the quick ratio increased to 0.48 from 0.43, indicating better liquidity management[36]. Cash Flow and Financing - The net cash generated from operating activities was RMB 45.497 billion, a 39.90% increase year-on-year, attributed to lower fuel procurement costs and increased electricity sales[39]. - The cash used in investing activities was RMB 54.529 billion, a 36.90% increase, mainly due to higher capital expenditures on renewable energy projects[40]. - The financing activities generated a net cash inflow of RMB 8.720 billion, an 11.35% increase, supporting the company's capital expenditures for renewable energy development[40]. - The company plans to increase capital expenditure in 2024 to RMB 61.65 billion for thermal power and RMB 353.81 billion for photovoltaic projects[41]. Dividend and Shareholder Information - The company plans to pay a cash dividend of RMB 3.14 billion, with an expected dividend of RMB 0.20 per share[45]. - The company has cumulatively distributed dividends amounting to RMB 62.687 billion since 1998[64]. - The total issued share capital of the company as of December 31, 2023, is 15,698,093,359 shares, with 70.06% held by domestic investors and 29.94% by foreign investors[63]. Corporate Governance - The company has maintained compliance with all corporate governance codes as per the listing rules during the reporting period[89]. - The current board consists of 15 directors, with 5 holding positions in Huaneng Group, ensuring independent operations[71]. - Independent non-executive directors confirmed their independence in March 2024[77]. Market Outlook - The total electricity consumption in China is expected to grow by approximately 6% year-on-year in 2024, with new power generation capacity exceeding 300 million kilowatts[50]. - The company aims to achieve a low-carbon clean energy installed capacity ratio of approximately 45% by the end of the 14th Five-Year Plan[47]. - The company faces risks related to coal procurement due to limited domestic coal production growth and high international coal prices[57]. Environmental and Social Responsibility - The company has successfully completed the preparation and disclosure of its ESG report for the eighth consecutive year, receiving recognition for best practices in ESG[94]. - The company has completed ultra-low emission modifications for all its coal-fired power plants, ensuring compliance with environmental standards[60].