Investment Rating - The investment rating for Huaneng International is "Outperform" (maintained) [2] Core Views - The report highlights that the decline in coal prices has significantly improved profitability, and an adjustment in capacity electricity prices is imminent [7] - The company reported a revenue of RMB 112.03 billion in H1 2025, a decrease of 5.7% year-on-year, while the net profit attributable to shareholders was RMB 9.26 billion, an increase of 24.3% year-on-year, exceeding expectations [7] - The report emphasizes the company's ability to leverage falling coal costs to enhance profit margins in thermal power generation [7] - The company is actively expanding its renewable energy capacity, with significant increases in wind and solar installations [7] - The adjustment in capacity electricity pricing is expected to stabilize profitability and enhance the value of thermal power generation [7] - The report projects an increase in net profit for 2025-2027, with corresponding price-to-earnings ratios indicating a favorable valuation [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at RMB 241.48 billion, with a year-on-year decline of 1.7% [6] - The net profit attributable to shareholders is projected to be RMB 13.05 billion in 2025, reflecting a year-on-year growth of 28.7% [6] - Earnings per share are expected to rise to RMB 0.83 in 2025, with a gross margin of 17.2% [6] - The return on equity (ROE) is forecasted to be 8.8% in 2025 [6] - The report indicates a significant improvement in profit margins due to lower coal prices, with thermal power profit per kilowatt-hour increasing by 98% year-on-year [7]

不过，利润方面，上半年国内煤炭市场供需矛盾继续缓解，秦皇岛Q5500动力煤价格同比下降约20%。华能国际优化采购策略，前6个月 累计采购煤炭8713.67万吨，同比下降10.70%；境内除税发电耗用标准煤单价917.05元/吨，同比下降9.23%。火电板块税前利润汇总金额 80.66亿元，同比增利35.6亿元。 与此同时，华能国际在新能源布局上持续加大力度。上半年新增并网可控发电装机容量798.73万千瓦，均为低碳清洁能源项目，其中新 能源装机容量约626.2万千瓦，低碳清洁能源装机容量占比达到39.12%，同比提高6.34个百分点。装机规模持续增长之下，光伏板块税前 利润汇总金额18.23亿元，同比增利5.78亿元。 截至6月末，华能国际可控发电装机容量共15299.2万千瓦。就低碳清洁能源看，风电装机容量2003.8万千瓦（含海上风电588万千瓦）， 太阳能发电2405万千瓦，水电37万千瓦，天然气发电1523.2万千瓦，生物质能源16万千瓦。 招商证券环保及公用事业分析师宋盈盈分析，华能国际核心财务表现超预期，尤其是第二季度单季实现净利润42.89亿元，同比大幅增长 50.09%，主要得益于成本优化与新 ...

证券之星消息，7月30日电力板块较上一交易日上涨0.62%，华能国际领涨。当日上证指数报收于3615.72，上涨0.17%。深证成指报收于 11203.03，下跌0.77%。电力板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日电力板块主力资金净流出4.11亿元，游资资金净流出7.03亿元，散户资金净流入11.13亿元。电力板块个股资金流向见下 表： ...

华福证券研报指出，华能国际1H2025实现归母净利润92.62亿元，同比增加24.26%；2Q2025归母净利润 42.89亿元，同比增长50.09%。1H25营收下滑利润反增，盈利能力同比向好。2Q2025，公司同样是营收 下滑利润反增。此外，上半年，公司计提了2.56亿元的资产减值损失和0.04亿元的信用减值损失，影响 合并层利润总额2.60亿元。1H2025，公司新增风电装机1928.45兆瓦，新增光伏装机4334.46兆瓦，合计 风光新增投产装机6262.91兆瓦，公司大力推进绿色低碳发展。该行根据当下市场煤价数据调整公司入 炉煤价预期，维持"买入"评级。 ...

摩根士丹利发布研报称，华能国际（600011）电力股份(00902)今年第二季净利润同比大幅增长50%，达 到43亿元人民币(下同)，高于该行此前预期的36亿元，主要得益于燃煤与光伏发电利润超出预期。评级 为"与大市同步"，目标价5.5港元。 大摩表示，华能上半年火电与光伏为盈利增长的主要动能，两者电价保持稳健，燃煤发电受益于燃料成 本下降，第二季单位利润维持在0.044元/千瓦时(2024年同期为0.015元/千瓦时)。光伏则因新增产能持续 释放而表现强劲，单位利润仅同比下降0.5分。风电单位利润下降趋势亦较预期温和，同比下降1.9分， 但减幅较2025年第一季有所改善。 ...

大摩表示，华能上半年火电与光伏为盈利增长的主要动能，两者电价保持稳健，燃煤发电受益于燃料成 本下降，第二季单位利润维持在0.044元/千瓦时(2024年同期为0.015元/千瓦时)。光伏则因新增产能持续 释放而表现强劲，单位利润仅同比下降0.5分。风电单位利润下降趋势亦较预期温和，同比下降1.9分， 但减幅较2025年第一季有所改善。 智通财经APP获悉，摩根士丹利发布研报称，华能国际电力股份(00902)今年第二季净利润同比大幅增长 50%，达到43亿元人民币(下同)，高于该行此前预期的36亿元，主要得益于燃煤与光伏发电利润超出预 期。评级为"与大市同步"，目标价5.5港元。 ...

金融界消息 截至2025年7月30日收盘，华能国际（600011）报收于7.62元，上涨8.39%，换手率3.32%， 成交量364.95万手，成交金额27.40亿元。 资金流向方面，今日主力资金净流入2.42亿元，占比成交额8.85%。其中，超大单净流入3.12亿元、占 成交额11.39%，大单净流出6980.62万元、占成交额2.55%，中单净流出流出17880.12万元、占成交额 6.53%，小单净流出6357.71万元、占成交额2.32%。 华能国际最新一期业绩显示，截至2025中报，公司营业总收入1120.32亿元、同比减少5.70%，归属净利 润92.62亿元，同比增长24.26%，扣非净利润88.06亿元，同比增长22.64%，流动比率0.570、速动比率 0.505、资产负债率64.52%。 天眼查商业履历信息显示，华能国际电力股份有限公司，成立于1994年，位于保定市，是一家以从事电 力、热力生产和供应业为主的企业。企业注册资本1569809.3359万人民币，实缴资本814725.4623万人民 币。公司法定代表人为王葵。 通过天眼查大数据分析，华能国际电力股份有限公司共对外投资了209家 ...

Core Viewpoint - Morgan Stanley reported that Huaneng International Power's net profit for Q2 this year increased significantly by 50% year-on-year, reaching 4.3 billion yuan, exceeding the bank's previous expectation of 3.6 billion yuan, primarily driven by better-than-expected profits from coal and photovoltaic power generation [1] Financial Performance - The main drivers of profit growth in the first half of the year were thermal and photovoltaic power, with both maintaining stable electricity prices [1] - Coal-fired power generation benefited from a decrease in fuel costs, with Q2 unit profit remaining at 0.044 yuan per kilowatt-hour, compared to 0.015 yuan per kilowatt-hour in the same period of 2024 [1] - Photovoltaic power generation showed strong performance due to the continuous release of new capacity, with unit profit only declining by 0.5 cents year-on-year [1] Wind Power Performance - The unit profit for wind power showed a milder decline than expected, decreasing by 1.9 cents year-on-year, but the reduction was an improvement compared to Q1 2025 [1] Investment Rating - Morgan Stanley maintains a "Market Perform" rating for Huaneng International Power, with a target price set at 5.5 Hong Kong dollars [1]

Group 1 - The A-share power sector experienced a significant rally, with Huaneng International hitting the daily limit up [1] - Other companies such as Huadian International, Datang Power, Guodian Power, Longyuan Power, and China General Nuclear Power also saw increases in their stock prices [1]

Core Viewpoint - The A-share electricity sector experienced a short-term surge, with Huaneng International hitting the daily limit, followed by increases in Guodian Power, Longyuan Power, Shanghai Electric, Chuanwei Energy, *ST Baoshi, and Guotou Power [1] Company Summary - Huaneng International reached the daily limit in stock price increase, indicating strong market interest and potential investor confidence [1] - Guodian Power, Longyuan Power, Shanghai Electric, Chuanwei Energy, *ST Baoshi, and Guotou Power also saw significant stock price increases, reflecting a broader positive trend in the electricity sector [1]