格隆汇8月7日丨华能国际(600011.SH)公布，公司已于近日完成了华能国际电力股份有限公司2025年度 第七期超短期融资券（"本期债券"）的发行。本期债券发行额为20亿元人民币，期限为99天，单位面值 为100元人民币，发行利率为1.43%。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。 ...

Investment Rating - The report maintains an "Outperform" rating for Huaneng International [3][5] Core Viewpoints - Huaneng International is a leading power generation company in China, benefiting from improved cash flow and dividend expectations due to the capacity price mechanism in thermal power [1][2] - The transition to a two-part pricing system for thermal power is expected to stabilize profitability, with coal prices anticipated to remain stable [2][3] - The company is increasing its investment in renewable energy, aiming for a 45% share of low-carbon clean energy capacity by the end of the 14th Five-Year Plan [2][3] Summary by Sections Company Overview - Huaneng International is a large-scale power enterprise engaged in the development, construction, and operation of coal, gas, and renewable energy projects, with a controllable installed capacity of 152.99 million kW as of June 2025 [1][14] - The company’s revenue primarily comes from electricity and heat supply, with coal power contributing significantly to profits [1][17] Profitability and Financial Indicators - The report forecasts net profits for the parent company of 12.52 billion, 13.05 billion, and 13.56 billion yuan for 2025-2027, reflecting a growth rate of 23.5%, 4.3%, and 3.9% respectively [3][4] - The earnings per share (EPS) are projected to be 0.80, 0.83, and 0.86 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 9.5, 9.1, and 8.7 [3][4] Investment Recommendations - The stock value is estimated to be between 7.98 and 8.73 yuan, indicating a premium of 6% to 16% over the current stock price of 7.58 yuan [3][5] - The report emphasizes the potential for stable dividends supported by improved cash flow and capital expenditure management [2][68]

星展发布研报称，预期华能国际（600011）电力股份(00902)主要受惠于较低的燃料成本，今年的盈利 增长超过30%，且当前估值相当吸引，加上收益率高于5%，并拥有稳健的增长前景，因此维持"买 入"评级，将目标价由5.2港元上调至5.8港元，列为行业首选。 该行预期华能国际电力股份受惠于燃料成本下降，今年上半年的净利润将上升约16%。另外，公司计划 今年新增约14GW的清洁能源产能，惟由于需求疲弱，上半年发电量下降2.4%。因此，该行将公司全年 发电量增长预测下调2.6个百分点至3.4%。 ...

智通财经APP获悉，星展发布研报称，预期华能国际电力股份(00902)主要受惠于较低的燃料成本，今年 的盈利增长超过30%，且当前估值相当吸引，加上收益率高于5%，并拥有稳健的增长前景，因此维 持"买入"评级，将目标价由5.2港元上调至5.8港元，列为行业首选。 该行预期华能国际电力股份受惠于燃料成本下降，今年上半年的净利润将上升约16%。另外，公司计划 今年新增约14GW的清洁能源产能，惟由于需求疲弱，上半年发电量下降2.4%。因此，该行将公司全年 发电量增长预测下调2.6个百分点至3.4%。 ...

星展发表研究报告指，预期华能国际电力受惠于燃料成本下降，今年上半年的净利润将上升约16%。另 外，公司计划今年新增约14GW的清洁能源产能，惟由于需求疲弱，上半年发电量下降2.4%。因此，该 行将公司全年发电量增长预测下调2.6个百分点至3.4%。 该行预期，华能国电主要受惠于较低的燃料成本，今年的盈利增长超过30%，且当前估值相当吸引，加 上收益率高于5%，并拥有稳健的增长前景；因此维持"买入"评级，将目标价由5.2港元上调至5.8港元， 列为行业首选。 ...

报告指，第二季电价维持不变，但下调压力仍在增加。管理层认为燃煤电价相对坚挺是由于采取了积极 的"量价协调"策略，在高价时期增加发电量，而在价格回软时则限制发电量。然而，由于产能快速增长 及市场参与增加，可再生能源电价继续面临下调压力，风能及太阳能电价分别按季下跌每兆瓦时18元及 15元人民币。管理层预期下半年整体电价环境仍将受压，尤其是现货市场改革加速，以及可再生能源供 应增长超过需求。尽管如此，该行认为下半年价差仍会扩张。 大和发布研报称，参与了华能国际电力股份(00902)财报会议，虽然管理层认为第三季进一步扩大电力 和煤价的价差(dark spread)机会有限，但由于公司可能仍是独立电企领域中盈利成长最稳健的公司，因 此仍重申"跑赢大市"评级。纳入2026年目标估值后，目标价由5港元上调至5.8港元。 ...

大和发布研报称，参与了华能国际（600011）电力股份(00902)财报会议，虽然管理层认为第三季进一 步扩大电力和煤价的价差(dark spread)机会有限，但由于公司可能仍是独立电企领域中盈利成长最稳健 的公司，因此仍重申"跑赢大市"评级。纳入2026年目标估值后，目标价由5港元上调至5.8港元。 报告指，第二季电价维持不变，但下调压力仍在增加。管理层认为燃煤电价相对坚挺是由于采取了积极 的"量价协调"策略，在高价时期增加发电量，而在价格回软时则限制发电量。然而，由于产能快速增长 及市场参与增加，可再生能源电价继续面临下调压力，风能及太阳能电价分别按季下跌每兆瓦时18元及 15元人民币。管理层预期下半年整体电价环境仍将受压，尤其是现货市场改革加速，以及可再生能源供 应增长超过需求。尽管如此，该行认为下半年价差仍会扩张。 ...

大和发表报告指，参与了华能国际电力股份的财报会议，虽然管理层认为第三季进一步扩大电力和煤价 的价差机会有限，但由于公司可能仍是独立电企领域中盈利成长最稳健的公司，因此仍重申"跑赢大 市"评级，目标价由5港元上调至5.8港元。 ...

Core Viewpoint - Huaneng (Wuchang City) Clean Energy Co., Ltd. has been established with a registered capital of approximately 280 million RMB, focusing on wind power technology services and related systems development [1] Company Summary - The legal representative of the newly established company is Deng Zhengxin [1] - The company is wholly owned by Huaneng International (600011) through indirect shareholding [1] Industry Summary - The business scope includes wind power generation technology services, sales of wind turbine units and components, and research and development of wind farm-related systems [1]

Group 1 - The establishment of Huaneng (Wuchang City) Clean Energy Co., Ltd. has been reported, with a registered capital of approximately 280 million RMB [1] - The company is fully owned by Huaneng Heilongjiang Power Co., Ltd., which is a wholly-owned subsidiary of Huaneng International [1][4] - The business scope includes wind power generation technology services, sales of wind turbine units and components, solar power generation technology services, photovoltaic equipment leasing, and energy storage technology services [1][3] Group 2 - The legal representative of the new company is Deng Zhengxin, and it was established on August 5, 2025 [3] - The company operates in the electric power and heat production and supply industry [3] - The registered address is located in Wuchang City, Harbin, Heilongjiang Province [3]