证券代码: 600011 证券简称: 华能国际 公告编号: 2024-053 华能国际电力股份有限公司 关于控股股东之一致行动人增持公司股份 及后续增持计划的公告 （二）本次增持前，华能结构调整1号基金未持有公司股份；本次增持后，华能结 构调整1号基金持有公司15,000,000股A股股份，占公司总股本的0.0956%。 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、增持主体的基本情况 （一）本次增持主体为华能结构调整1号基金。华能结构调整1号基金为公司控股股 东之控股股东华能集团控股三级子公司华能投资管理有限公司的全资子公司天津华人 投资管理有限公司所管理的私募基金，华能集团直接及间接持有华能结构调整1号基金 86.25%份额，华能结构调整1号基金为华能集团的一致行动人。 1 华能国际电力股份有限公司（"公司"或"华能国际"）于2024年9月9日收到公司控股 股东之控股股东中国华能集团有限公司（"华能集团"）之一致行动人华能结构调整1 号证券投资私募基金（"华能结构调整1号基金"）管理人天津华 ...

Financial Performance - For the first half of 2024, the company reported consolidated operating revenue of RMB 118.806 billion, a decrease of 5.73% year-on-year[7]. - Net profit attributable to equity holders was RMB 7.775 billion, an increase of 19.80% year-on-year, with earnings per share at RMB 0.40[7]. - The total operating cost for the first half of 2024 was RMB 103.412 billion, a year-on-year decrease of 8.69%[24]. - Fuel costs amounted to RMB 68.114 billion, a year-on-year decrease of 12.11%[25]. - The operating profit for the first half of 2024 was RMB 14,494,248, an increase of 20.3% from RMB 12,050,363 in the previous year[103]. - The company reported a pre-tax profit of RMB 11,376,144 for the first half of 2024, compared to RMB 8,435,212 in the same period of 2023, an increase of approximately 34.4%[133]. - The comprehensive income attributable to equity holders for the same period was RMB 7,840,389,000, compared to RMB 6,863,532,000 in 2023, reflecting an increase of about 14.2%[106]. - The total comprehensive income for the six months ended June 30, 2024, was RMB 9,598,359,000, compared to RMB 6,763,693,000 in 2023, representing an increase of approximately 42.5%[106]. Electricity Generation and Market Performance - The total electricity generated by domestic power plants was 210.678 billion kWh, a slight decrease of 0.22% year-on-year, with an average utilization hour of 1,680 hours, down 120 hours[9]. - In Q2 2024, the total electricity generated by domestic power plants was 97.643 billion kWh, a year-on-year decrease of 6.24%[17]. - The average electricity price for the first half of 2024 was RMB 498.70 per MWh, down 3.21% year-on-year[18]. - The proportion of market-based electricity transactions for the first half of 2024 was 86.91%, a decrease of 0.77 percentage points year-on-year[18]. - Wind power generation increased by 12.53% year-on-year to 188.80 million kWh in the first half of 2024[18]. - Solar power generation surged by 74.24% year-on-year to 81.98 million kWh in the first half of 2024[18]. - In Singapore, the company’s market share for electricity generation was 20.4%, a decrease of 1.2 percentage points year-on-year, with a pre-tax profit of RMB 1.724 billion, down RMB 1.166 billion[13]. Capacity and Development Plans - The company added controllable power generation capacity of 3,102.19 MW in the first half, with low-carbon clean energy accounting for 32.78% of total capacity[12]. - As of June 30, 2024, the company has a controllable installed capacity of 138,570 MW, with low-carbon clean energy accounting for 32.78% of the total[16]. - The company plans to enhance its renewable energy development and optimize asset structure in the second half of 2024, focusing on high-quality completion of annual targets[14]. - The company anticipates a year-on-year growth of approximately 6.5% in electricity consumption for 2024, with an expected addition of around 300 million kilowatts in installed wind and solar capacity[46]. Financial Position and Cash Flow - The total assets as of June 30, 2024, were RMB 561.273 billion, an increase of 1.99% from the beginning of the year[35]. - Cash generated from operating activities was RMB 23.603 billion, a year-on-year increase of 71.53%[37]. - The net increase in cash and cash equivalents was RMB 4.176 billion, compared to a decrease of RMB 0.232 billion in the previous year[38]. - The company had a total long-term debt of RMB 186.988 billion as of June 30, 2024, compared to RMB 183.424 billion as of December 31, 2023[42]. - The company’s cash and cash equivalents rose to RMB 20,691,486, compared to RMB 16,849,858 at the end of 2023, indicating improved liquidity[99]. - The company’s total equity attributable to owners as of June 30, 2024, was RMB 138,763,115,000, an increase from RMB 115,664,522,000 in the previous year, reflecting a growth of approximately 19.9%[112]. Governance and Compliance - The company has maintained compliance with the corporate governance code and has established a robust governance structure[61]. - The board of directors has implemented measures to enhance corporate governance and operational quality[61]. - The company has established a comprehensive internal control system, including a detailed "Internal Control Manual" that outlines 25 business processes and 19 soft elements to ensure compliance and operational efficiency[67]. - The board of directors consists of 15 members, with Wang Kui as the chairman and Wang Zhijie as the vice chairman[71]. - The company strictly adheres to the regulations regarding insider trading and has implemented measures to prevent insider trading activities[70]. Environmental and Operational Strategies - The company is focusing on green low-carbon development, with continuous growth in wind and solar installed capacity[19]. - The company has implemented ultra-low emission modifications across all coal-fired power plants, achieving compliance with local environmental standards[50]. - The company is actively adapting to the "dual carbon" goals and is accelerating the technological upgrade and transformation of coal power units[46]. - The company is committed to addressing environmental risks by adopting advanced technologies for water conservation and wastewater treatment[50]. Risks and Challenges - The company faces significant pressure on coal supply due to limited domestic coal production growth and fluctuating international coal prices, which remain relatively high[47]. - The company identified risks related to extreme weather and rising labor costs in power construction, and is taking proactive measures to ensure project progress[51]. - The company faced foreign exchange risks due to long-term foreign currency borrowings, particularly in USD and PKR, which could impact financial performance[39].

公司已于近日完成了华能国际电力股份有限公司2024年度第十期超短期融 资券（"本期债券"）的发行。本期债券发行额为10亿元人民币，期限为90天，单 位面值为100元人民币，发行利率为1.93%。 本期债券由宁波银行股份有限公司为主承销商组织承销团，通过簿记建档、 集中配售的方式在全国银行间债券市场公开发行。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。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 证券代码: 600011 证券简称: 华能国际 公告编号:2024-052 华能国际电力股份有限公司 关于超短期融资券发行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25日 通过决议，同意公司自2023年年度股东大会批准时起至2024年年度股东大 ...

特此公告。 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25 日通过决议，同意公司在自2023年年度股东大会批准时起至2024年年度股东大 会结束时止，经相关监管部门核准后，在中国境内或境外一次或分次发行本金 余额不超过等值于1300亿元人民币的境内外债务融资工具，包括但不限于境内 市场的公司债券、企业债券和银行间债券市场发行的中期票据等境内债务融资 工具，以及境外市场的离岸人民币债券、境外美元债券和其它外币债券等境外 债务融资工具。 公司已于近日完成了华能国际电力股份有限公司2024年度第八期中期票据 （"本期债券"）的发行。本期债券发行额为13亿元人民币，期限为十年，单位 面值为100元人民币，发行利率为2.36%。 本期债券由招商银行股份有限公司、中信建投证券股份有限公司和长城证 券股份有限公司作为主承销商组织承销团，通过簿记建档、集中配售的方式在 全国银行间债券市场公开发行。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。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址 分别为www.chinamoney.com.c ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 华能国际电力股份有限公司 关于超短期融资券发行的公告 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25日 通过决议，同意公司自2023年年度股东大会批准时起至2024年年度股东大会结束 时止，一次或分次滚动发行本金余额不超过300亿元人民币的超短期融资券（即 在前述授权期限内的任一时点，公司发行的处于有效存续期内的超短期融资券本 金余额不超过300亿元人民币）。 公司已于近日完成了华能国际电力股份有限公司2024年度第九期超短期融 资券（"本期债券"）的发行。本期债券发行额为45亿元人民币，期限为92天，单 位面值为100元人民币，发行利率为1.95%。 本期债券由上海浦东发展银行股份有限公司和北京银行股份有限公司为主 承销商组织承销团，通过 ...

证券代码: 600011 证券简称: 华能国际 公告编号:2024-049 华能国际电力股份有限公司 关于中期票据发行的公告 本期债券由中信证券股份有限公司、中信建投证券股份有限公司、中信银行 股份有限公司、北京银行股份有限公司、中国民生银行股份有限公司和长城证券 股份有限公司作为主承销商组织承销团，通过簿记建档、集中配售的方式在全国 银行间债券市场公开发行。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。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 2024 年 8 月 10 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25日 通过决议，同意公司在自2023年年度股东大会批准时起至2024年年度股东大会结 束时止，经相关监管部门核准后，在中国 ...

Investment Rating - The report updates the target price to HKD 5.69, which represents a 23% upside from the current price of HKD 4.62, and assigns a "Buy" rating [6][10]. Core Insights - The Q2 2024 performance was below expectations due to multiple factors, including maintenance of thermal power units, reduced contributions from heating, increased coal consumption, poor wind resources, and rising R&D expenses [2][7]. - The company maintained its annual target of adding 10GW of new capacity despite rising curtailment rates and declining electricity prices in the first half of 2024 [4][8]. - Significant improvement in operating cash flow supports the company's dividend policy, with a cash balance of RMB 203 billion as of June 30, 2024, and a commitment to maintain a cash dividend payout ratio of no less than 50% under normal profit conditions [5][9]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of RMB 118.81 billion, a year-on-year decrease of 5.73%, while net profit attributable to shareholders was RMB 7.78 billion, a year-on-year increase of 19.8% [2][7]. - Q2 2024 revenue was RMB 53.4 billion, down 12% year-on-year, with net profit around RMB 2.9 billion, down 30% year-on-year [2][7]. Shareholder Information - Major shareholders include Huaneng International Power Development Company (32.28%) and China Huaneng Group Company (9.91%) [3]. Operational Metrics - The average settlement price for wind power in H1 2024 was RMB 511.89 per MWh, down 6.04% year-on-year, while for solar power it was RMB 426.98 per MWh, down 9.77% year-on-year [4][8]. - The wind curtailment rate increased to 5.56%, and the solar curtailment rate rose to 6.05% in H1 2024 [4][8]. Cash Flow and Dividends - Operating cash inflow for H1 2024 reached RMB 23.60 billion, a year-on-year increase of 71.53% [5][9]. - The company has a strong dividend tradition, with expectations for improved cash flow to support dividend payments [5][9].

证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 研究支持 联系人 市场表现： 相关研究 2024 年 08 月 08 日 华能国际 (600011.SH) 增持（维持） ——Q2 火风电量欠佳拖累业绩 火绿龙头有望率先受益电改 投资要点： ➢ 事件：公司披露 2024 年半年报，上半年实现营收 1188 亿元，同比下滑 5.73%；归母净利润 74.54 亿元，同比增长 18.16%；扣非后归母净利润 71.8 亿元，同比增长 28.87%。单二季度 实现营收 534 亿元，同比下滑 12.05%；归母净利润 28.58 亿元，同比下滑 29.58%；扣非后 归母净利润 28.02 亿元，同比下滑 21.35%。二季度业绩低于市场预期。 ➢ 上半年煤价下滑业绩正增长，二季度风况欠佳拖累整体业绩。根据公告，公司上半年实现利润 总额约 112 亿元， ...

证券代码: 600011 证券简称: 华能国际 公告编号:2024-048 华能国际电力股份有限公司 关于超短期融资券发行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2024 年 8 月 9 日 本期债券由中国银行股份有限公司和兴业银行股份有限公司为主承销商组 织承销团，通过簿记建档、集中配售的方式在全国银行间债券市场公开发行。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。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25日 通过决议，同意公司自2023年年度股东大会批准时起至2024年年度股东大会结束 时止，一次或分次滚动发行本金余额不超过300亿元人民币的超短期融资券（即 在前述授权期限内的任一时点，公司发行的处于有效存续期内的超短 ...

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company's 2024Q2 revenue was RMB 534.39 billion, a year-on-year decrease of 12.05%, with net profit attributable to the parent company of RMB 2.858 billion, a year-on-year decrease of 29.58% [1] - Operating cash flow in 2024Q2 was RMB 11.46 billion, a year-on-year increase of 50.37%, indicating improved cash flow despite declining profits [1] - The company's coal power business was significantly impacted by load factors, with a 40.21% year-on-year decline in profits from Tuas Power [1] - Green power business showed slight growth in 2024H1, with wind and solar power profits increasing by 0.2% and 24% respectively [1] - The company's 2024-2026 net profit attributable to the parent company is forecasted to be RMB 11.316 billion, RMB 12.032 billion, and RMB 12.492 billion, with year-on-year growth rates of 34.0%, 6.3%, and 3.8% respectively [1] Financial Performance - Revenue for 2023 was RMB 254.397 billion, with a year-on-year growth of 3.1%, and is expected to be RMB 253.373 billion, RMB 259.708 billion, and RMB 268.936 billion for 2024E, 2025E, and 2026E respectively [1] - Net profit attributable to the parent company for 2023 was RMB 8.446 billion, with expected growth rates of 34.0%, 6.3%, and 3.8% for 2024E, 2025E, and 2026E respectively [1] - Gross margin for 2023 was 12.1%, with slight fluctuations expected in the coming years, reaching 12.4% by 2026E [1] - ROE for 2023 was 6.4%, expected to increase to 8.8% in 2024E and remain stable around 8.6%-8.7% in the following years [1] - EPS for 2023 was RMB 0.54, expected to increase to RMB 0.72, RMB 0.77, and RMB 0.80 for 2024E, 2025E, and 2026E respectively [1] Business Segments - Coal power: In 2024Q2, the company's coal power generation was 78.133 billion kWh, a year-on-year decrease of 9.65%, with a profit of RMB 1.155 billion, down significantly from RMB 2.825 billion in 2024Q1 [1] - Green power: Wind and solar power generation in 2024Q2 was 16.16 billion kWh and 8.75 billion kWh respectively, with profits of RMB 1.616 billion and RMB 875 million, showing mixed performance compared to the previous year [1] - Overseas operations: Tuas Power's net profit in 2024H1 was RMB 1.429 billion, a year-on-year decrease of 40.21% [1] Valuation - The company's PE ratio for 2024E, 2025E, and 2026E is 10.5x, 9.8x, and 9.5x respectively, based on the closing price on August 2, 2024 [1] - The company's PB ratio is expected to remain stable around 0.9x in the coming years [2]