丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨华能国际（600011.SH） [Table_Title] 火电经营释放向上弹性，单季扣非创历史新高 报告要点 [Table_Summary] 三季度成本的显著回落有效缓解量价下降的压力，三季度公司煤机实现利润总额 59.58 亿元， 同比增长 130.22%，煤机度电利润 0.060 元/千瓦时，同比增长 0.036 元/千瓦时。此外受资源 偏弱影响，风电利润总额 7.20 亿元，同比下降 38.46%；光伏利润总额 14.84 亿元，同比增长 25.23%。除火电主业经营显著改善以外，三季度资产及信用减值仅 3.67 亿元，同比减少 7.09 亿元；营业外支出仅 1.39 亿元，同比减少 5.00 亿元，得益于此，三季度公司实现归母 55.79 亿元，同比增长 88.54%；扣非 52.35 亿元，同比增长 82.97%，单季扣非业绩创历史新高。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S049052308 ...

人民财讯10月30日电，企查查APP显示，近日，山西建华能源有限公司成立，注册资本1亿元，经营范 围包含：风力发电技术服务；太阳能发电技术服务；光伏发电设备租赁；发电技术服务等。企查查股权 穿透显示，该公司由华能国际（600011）、山西安装、山西三建集团有限公司共同持股。 ...

Core Insights - The report indicates that the electricity industry is expected to stabilize as the power supply-demand structure shifts to a "wide electricity volume, tight power" scenario during the 14th Five-Year Plan period [3][28] - The overall performance of the dividend style sector has been poor, with electricity demand showing steady growth [3][12] Industry Review - The dividend style sector has underperformed, with the public utility sector and electricity industry lagging behind the CSI 300 index [12] - From Q1 to Q3 of 2025, China's total electricity consumption reached 7.77 trillion kWh, a year-on-year increase of 4.8% [3][18] - The supply-demand structure is expected to remain tight, with comprehensive electricity prices likely to stabilize [28] Electricity Sector - Coal prices have bottomed out and are expected to stabilize electricity prices; from July 2025, coal prices began to rebound, with the Jiangsu electricity market clearing price reaching 395.60 yuan/MWh, an increase of 82.80 yuan/MWh [4][42] - Hydropower remains stable with long-term investment value in a low-interest-rate environment; the net interest margin for hydropower has widened by 69 basis points compared to the previous year [4] - Nuclear power's marketization ratio is gradually increasing, with minimal impact from fluctuations in natural uranium prices [4] - Green electricity policies are becoming clearer, with market reforms entering a deeper phase [5] Grid Equipment - Investment in domestic grid equipment has shown a significant increase, with cumulative bidding amounts reaching 681.88 billion yuan, a year-on-year increase of 22.9% [6] - The export value of primary equipment has also maintained high growth, with liquid medium transformers and high-voltage switches seeing substantial increases [6] Beneficiary Targets - Beneficiary stocks include: - Thermal Power: Huaneng International, Huadian International, China Resources Power, Datang Power, and others [7] - Hydropower: Yangtze Power, Huaneng Hydropower, and others [7] - Nuclear Power: China National Nuclear Power, China General Nuclear Power, and others [7] - Green Power: Longyuan Power, China Power, and others [7] - Grid Equipment: Pinggao Electric, XJ Electric, and others [7]

天眼查App显示，近日，山西建华能源有限公司成立，法定代表人为杨书伟，注册资本1亿 人民币，经营范围含风力发电技术服务、太阳能发电技术服务、光伏发电设备租赁、发电技 术服务、电气设备修理、新兴能源技术研发、储能技术服务、以自有资金从事投资活动等， 由华能国际（600011）、山西三建集团有限公司、山西省安装集团股份有限公司共同持股。 【责任编辑：王少晨 】 ...

Core Viewpoint - Shanxi Jianhua Energy Co., Ltd. has been established with a registered capital of 100 million RMB, focusing on renewable energy services and technologies [1] Company Summary - The legal representative of Shanxi Jianhua Energy Co., Ltd. is Yang Shuwei [1] - The company’s business scope includes wind power generation technology services, solar power generation technology services, photovoltaic equipment leasing, power generation technology services, electrical equipment repair, emerging energy technology research and development, energy storage technology services, and investment activities using its own funds [1] - The company is jointly held by Huaneng International (600011), Shanxi Sanjian Group Co., Ltd., and Shanxi Province Installation Group Co., Ltd. [1]

每经AI快讯，华能国际(00902.HK)涨超8%，截至发稿，涨8.46%，报6.54港元，成交额2.94亿港元。 ...

华能国际（600011）(00902)涨超8%，截至发稿，涨8.46%，报6.54港元，成交额2.94亿港元。 招商证券则表示，冷冬预期下，公司火电有望充分发挥保供作用，Q4电量预计有所修复；全年煤价有 望维持较低水平，两部制电价实施稳定盈利，煤电业绩有望延续高增长；Q3公司新并网发电装机容量 230.81万千瓦，有望进一步贡献业绩增长。 消息面上，华能国际电力股份发布前三季度业绩，该公司取得营业收入1729.75亿元，同比减少6.19%； 归母净利润148.41亿元，同比增加42.52%。单看第三季度，该公司第三季度实现营业收入609.43亿元， 同比减少7.1%；实现归母净利润55.79亿元，同比增加88.5%。国盛证券（002670）认为，业绩增长主要 系燃料成本降低与新能源扩张带动。公司作为全国电力龙头优势突出，煤电利润持续改善，新能源转型 成长空间广阔。 ...

招商证券则表示，冷冬预期下，公司火电有望充分发挥保供作用，Q4电量预计有所修复；全年煤价有 望维持较低水平，两部制电价实施稳定盈利，煤电业绩有望延续高增长；Q3公司新并网发电装机容量 230.81万千瓦，有望进一步贡献业绩增长。 智通财经APP获悉，华能国际(00902)涨超8%，截至发稿，涨8.46%，报6.54港元，成交额2.94亿港元。 消息面上，华能国际电力股份发布前三季度业绩，该公司取得营业收入1729.75亿元，同比减少6.19%； 归母净利润148.41亿元，同比增加42.52%。单看第三季度，该公司第三季度实现营业收入609.43亿元， 同比减少7.1%；实现归母净利润55.79亿元，同比增加88.5%。国盛证券认为，业绩增长主要系燃料成本 降低与新能源扩张带动。公司作为全国电力龙头优势突出，煤电利润持续改善，新能源转型成长空间广 阔。 ...

华能国际电量下降的主要原因是，持续推进绿色低碳转型，风电和光伏装机容量持续增长，促进新能源 电量同比增长；受供需宽松、新能源装机增长挤占煤机发电空间等因素影响，公司煤机电量同比下降。 本报讯 （记者贺王娟）10月29日，华能国际电力股份有限公司（以下简称"华能国际"）披露2025年三 季报，前三季度该公司实现营业收入1730亿元，同比下滑6.19%；归属于上市公司股东的净利润148.4亿 元，同比增长42.52%。 根据华能国际初步统计，2025年第三季度，该公司中国境内各运行电厂按合并报表口径完成上网电量 1257.68亿千瓦时，同比下降3.67%；2025年前三季度，公司中国境内各运行电厂按合并报表口径累计完 成上网电量3314.51亿千瓦时，同比下降2.87%；2025年前三季度公司中国境内各运行电厂平均上网结算 电价为478.71元/兆瓦时，同比下降3.54%。2025年前三季度，公司市场化交易电量比例为85.00%，比去 年同期下降2.06个百分点。 （文章来源：证券日报） ...

Investment Rating - The investment rating for Huaneng International is "Buy" [5] Core Views - The company's performance has exceeded market expectations, driven by lower fuel costs and expansion in renewable energy [1][4] - The profitability of coal power has improved due to declining coal costs, which offset the pressure from electricity prices [2] - The expansion of renewable energy installations has led to significant growth in electricity generation and profit scale [3] Summary by Sections Financial Performance - For the first three quarters of 2025, Huaneng International reported revenue of 1729.75 billion yuan, a year-on-year decrease of 6.19%, while net profit attributable to shareholders was 148.41 billion yuan, an increase of 42.52% [1] - In Q3 2025, the company achieved revenue of 609.43 billion yuan, down 7.09% year-on-year, but net profit rose by 88.54% to 55.79 billion yuan [1] Electricity Generation and Pricing - In Q3 2025, the electricity generation from coal and gas units was 1000 billion kWh and 88 billion kWh, respectively, showing a year-on-year decline of 7.16% and 0.30% [2] - The average on-grid electricity price for the first three quarters of 2025 was 478.71 yuan per MWh, down 3.54% year-on-year [2] Renewable Energy Expansion - In Q3 2025, the company added 276.80 MW of wind power and 292.34 MW of solar power capacity, with corresponding electricity generation of 82 billion kWh and 83 billion kWh, marking year-on-year increases of 2.99% and 45.41% [3] - For the first nine months of 2025, the total installed capacity for wind and solar power reached 2205.25 MW and 4626.80 MW, with electricity generation of 292 billion kWh and 205 billion kWh, reflecting year-on-year growth of 8.90% and 47.73% [3] Investment Recommendations - The company is positioned as a leading player in the national power sector, with continuous improvement in coal power profitability and significant growth potential in renewable energy [4] - The profit forecasts for 2025-2027 have been revised upwards, with expected net profits of 150.12 billion yuan, 159.33 billion yuan, and 162.57 billion yuan, respectively [4]