Investment Rating - The report maintains a "Buy" rating for Huaneng International [4] Core Views - The company reported a revenue of 118.81 billion yuan for the first half of 2024, a year-on-year decrease of 5.73%, while the net profit attributable to shareholders increased by 18.16% to 7.45 billion yuan [2] - In Q2 2024, the company achieved a revenue of 53.4 billion yuan, down 12.05% year-on-year, and a net profit of 2.86 billion yuan, down 29.58% year-on-year [2] - The profitability of the thermal and wind power segments declined sequentially in Q2 due to cost pressures and reduced utilization hours [2] Summary by Relevant Sections Financial Performance - The total electricity generation for H1 2024 was 1,704 million kWh for coal, 123.34 million kWh for gas, 188.80 million kWh for wind, 81.98 million kWh for solar, 5 million kWh for hydro, and 3.66 million kWh for biomass, with year-on-year changes of -3.19%, -4.14%, +12.53%, +74.24%, +52.67%, and -19.44% respectively [2] - In Q2 2024, the electricity generation was 781.33 million kWh for coal, 51.80 million kWh for gas, 88.51 million kWh for wind, 49.77 million kWh for solar, 3.17 million kWh for hydro, and 1.85 million kWh for biomass, with year-on-year changes of -9.65%, -7.28%, +1.8%, +74.57%, +20.23%, and -29.29% respectively [2] - The total profit for H1 2024 was 3.98 billion yuan for coal, 570 million yuan for gas, 4.03 billion yuan for wind, 1.25 billion yuan for solar, 52 million yuan for hydro, and a loss of 440 million yuan for biomass, with year-on-year changes of +571%, +63%, +0.2%, +24%, +4402%, and a loss increase of 1620% respectively [2] - In Q2 2024, the profits were 1.155 billion yuan for coal, 34 million yuan for gas, 1.616 billion yuan for wind, 875 million yuan for solar, 47 million yuan for hydro, and a loss of 390 million yuan for biomass, with sequential changes of -59.12%, -93.66%, -33.06%, +136.49%, +840%, and a loss increase of 680% respectively [2] Profitability Forecast - The report adjusts the net profit forecasts for 2024E-2026E to 12.33 billion yuan, 12.72 billion yuan, and 13.22 billion yuan respectively, down from previous estimates of 16.37 billion yuan, 16.73 billion yuan, and 17.05 billion yuan [3] - The corresponding EPS for these years is projected to be 0.79 yuan, 0.81 yuan, and 0.84 yuan, with P/E ratios of 10, 10, and 9 respectively [3] - The average on-grid settlement price for the company's power plants in China for H1 2024 was 498.70 yuan per MWh, a year-on-year decrease of 3.21% [3] Market Position - The company is positioned to benefit from the ongoing trend of energy transition and significant cash flow improvement [3]

丨证券研究报告丨 公司研究丨点评报告丨华能国际（600011.SH） [Table_Title] 单季业绩受限基数影响，旺季已至经营有望改观 报告要点 [Table_Summary] 公司二季度煤电业务利润达到 11.55 亿元，同比增长 74.21%，煤电度电利润总额达到 0.015 元 /千瓦时，同比增长 0.007 元/千瓦时，但环比回落 0.016 元/千瓦时，环比回落主要原因系季节 因素以及水电高发共同限制煤电电量。受偏弱来风影响，二季度新能源业绩有所承压，且新加 坡业务去年存在高基数影响，上半年利润总额为 17.24 亿元，同比下降 40.35%。整体来看， 得益于成本端显著修复，上半年公司实现归母业绩 74.54 亿元，同比增长 18.16%；但二季度 因风电及大士能源的拖累，实现归母业绩 28.58 亿元，同比下降 29.58%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 %% %% re ...

2024 牛 08 ♬ 02 日 译 本环尤依件2024 牛牛棋 本环 年能国际（600011）本用孝孝 英入 ( ##) 当前价：7.54 无 目标价：一一无（６个月） 煤价下降支撑火电业绩，风电盈利承压 表达夫,森 ● 李仲：公司友市 2024 年半年报，全年实现营校 1188亿元，同比下降 5.73%; 实现归书诗利润 74.54亿元，同比指长 18.16%；24Q2 实现容谈 534亿元，同 比下滑 12.05%，环比下滑 18.25%，实现包草冷利润 28.58 亿元，同比下滑 29.58%，环比下滑 37.82%。 。株式走屯利润网比麻比分别+0.007/-0.016 无。24Q1 公司煤机实现利润总额 11.55 亿元，同比/环比分别+74.2%/-59.1%，实现上网收量 781 亿千瓦叶，网 比/环比分别-9.65%/-15.3%，对应 24Q2 度 电利润 0.015 无/千瓦叶（同比/环比 分别+0.007 元/-0.016 元)。报告前内市场煤价保持低位运行，公司持续办大成 本答控力度，实现半位燃料成本同比下降，环比够有下滑主奏系水屯出力较好， 火屯上用屯至下滑所及。 。 风也显射来压 ...

公用事业 2024 年 08 月 01 日 华能国际 (600011) ——火电电量承压 Q2 业绩环比下滑 财务状况持续向好 | --- | --- | |------------------------------------|---------------------| | 市场数据： | 2024 年 08 月 01 日 | | 收盘价（元） | 7.74 | | 一年内最高/最低（元） | 10.22/6.90 | | 市净率 | 2.2 | | 息率（分红/股价） | 2.58 | | 流通 A 股市值（百万元） | 85,122 | | 上证指数/深证成指 | 2,932.39/8,673.58 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |--------------------------|---------------------| | 基础数据: | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.56 | | 资产负债率% | 68.05 | | 总股本/流通 A 股（百万） | 15,698/10,998 | | 流通 B 股 ...

Investment Rating - Maintain "Overweight" rating [1][4] Core Views - The company's Q2 2024 performance fell short of expectations, with both coal power and wind power segments experiencing significant declines in profit [3] - Coal power profit dropped due to reduced power generation and increased coal consumption, with profit per kWh decreasing by 0.016 yuan/kWh compared to Q1 2024 [3] - Wind power profit declined by 23% YoY in Q2 2024, likely due to poor wind conditions, with profit per kWh decreasing by 0.058 yuan/kWh compared to Q1 2024 [3] - The company's revenue for H1 2024 was 118.8 billion yuan, down 5.7% YoY, while net profit attributable to shareholders was 7.45 billion yuan, up 18.2% YoY [3] Financial Performance and Forecast - Revenue is expected to grow modestly from 257.08 billion yuan in 2024E to 268.66 billion yuan in 2026E, with growth rates of 1.1%, 2.5%, and 1.9% respectively [4][5] - Net profit attributable to shareholders is forecasted to increase from 11.83 billion yuan in 2024E to 13.51 billion yuan in 2026E, with growth rates of 40.1%, 7.9%, and 5.8% respectively [4][5] - Gross margin is projected to improve from 16.2% in 2024E to 17.6% in 2026E, reflecting better profitability [5][6] - ROE is expected to remain stable around 8.3% from 2024E to 2026E [5][6] Segment Performance - Coal power segment profit in Q2 2024 was 1.16 billion yuan, down 59.1% QoQ, with profit per kWh at 0.015 yuan/kWh [3] - Wind power segment profit in Q2 2024 was 1.62 billion yuan, down 33.1% QoQ, with profit per kWh at 0.183 yuan/kWh [3] - The company added 185.4MW of wind power capacity and 1,252.9MW of solar capacity in Q2 2024, while decommissioning 47.5MW of wind capacity [3] Valuation Metrics - P/E ratio is expected to decline from 10.27x in 2024E to 8.99x in 2026E, indicating improving valuation [6] - P/B ratio is forecasted to decrease from 0.86x in 2024E to 0.73x in 2026E [6] - EV/EBITDA is projected to improve from 6.06x in 2024E to 5.79x in 2026E [6]

[Table_Page] 中报点评|电力 证券研究报告 [Table_Title] 华能国际(600011.SH)/华能国际电 力股份(00902.HK) 二季度火电风电盈利承压，现金流持续改善 [Table_Summary] 核心观点： ⚫ 二季度业绩盈利 29 亿元，火电、风电利润承压。公司发布 2024 年中 报，上半年实现营收 1188 亿元(同比-5.7%)，归母净利润 74.5 亿元（同 比+18.2%，Q1、Q2 分别为 46、29 亿元）。分板块税前利润，Q1、Q2 煤电盈利 28、12 亿元，折度电 3.1、1.5 分/度，环比下降预计为非供 暖季煤耗增加等影响，计算 Q2 煤耗环比提升 25 克/千瓦时、影响度电 2.5 分；上半年绿电盈利 53 亿元(同比+5.0%)，其中 Q2 风电盈利同比 下降 23%、考虑为利用小时数下降致电量减少影响。上半年经营现金 流 236 亿元(同比+71.5%)，投资现金流净流出 225 亿元(同比+6.3%)。 ⚫ 看好净资产持续修复，容量及辅助服务稳定盈利。2024H1 公司还原后 的归母净资产为 559 亿元(不含永续债 796 亿元)、较上年末增 ...

公司点评报告 · 公用非亚生业 煤电盈利大幅改善，风光盈利分化明显 华能国际 2024 年中报点评 2024 年 08 月 01 日 核心观点 • 事件:公司发布 2024 年中报,上半年实现营收 1188.06亿元,同比下降 5.73%, 实现月母净利 74.54 亿元（扣非 71.80 亿元），同比增长 18.16%（扣非 同比 增长 28.87%）。24Q2 单季度实现暂收 534.39 亿元，同比下降 12.05%，实 现归母净利 28.58 亿元（扣非 28.02 亿元），同比下降 29.58%（扣非同比下 降 21.35%) 。 • 盆利能力、現金漢大幅提升，资产负债率下降：上半年公司毛利率、净利 率分别为 15.57%、7.71%，同比分别+3.53pct、+2.46pct；期间费用率 6.50%， 同比+0.38pct, 岑虚到答收下滑, 期间费用同比基本持平 ; ROE(加权) 10.75%, 同比+0.85pct；上半年公司资产负債率 68.05%，同比-2.85pct；经现净额 236.03 亿元，同比增加 71.54%, • 煤电盈利大幅改善，风光盈利分化明显：分板块来看，上半年煤电/ ...

证券研究报告·公司点评报告·电力 华能国际（600011） 2024 半年报点评：业绩符合预期，受新加坡 大士能源和风电板块拖累，Q2 业绩下滑 2024 年 08 月 01 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 246725 | 254397 | 265480 | 271375 | 289333 | | 同比（%） | 20.31 | 3.11 | 4.36 | 2.22 | 6.62 | | 归母净利润（百万元） | (7387) | 8446 | 13083 | 15678 | 17525 | | 同比（%） | 26.17 | 214.33 | 54.91 | 19.83 | 11.78 | | EPS-最新摊薄（元/股） | (0.47) ...

Investment Rating - The report maintains a "Buy" rating for Huaneng International, expecting a relative price increase of over 20% in the next six months [9]. Core Views - In the first half of 2024, Huaneng International reported a revenue of 118.806 billion yuan, a year-on-year decrease of 5.73%, while the net profit attributable to shareholders increased by 18.16% to 7.454 billion yuan [1]. - The decline in revenue was attributed to a 0.22% decrease in electricity generation and a 3.21% drop in average electricity settlement prices, alongside a significant 26.26% decrease in Singapore operations [1]. - The company benefited from a reduction in coal prices, with the average coal price down 11.20%, and a decrease in financial expenses by 419 million yuan, contributing to the increase in net profit [1]. - The profit per kilowatt-hour for coal-fired generation showed a significant year-on-year increase of 92.8% in 2Q24, despite a decrease in electricity generation [1]. Financial Summary - For 2024-2026, the projected net profits are 12.577 billion yuan, 13.851 billion yuan, and 15.607 billion yuan, respectively, with corresponding P/E ratios of 11.8, 10.7, and 9.5 [2][3]. - The company’s revenue is expected to grow from 254.397 billion yuan in 2023 to 272.653 billion yuan in 2026, with a modest growth rate of around 2% annually [3][6]. - The net profit is projected to increase significantly in 2024, with a growth rate of 49% compared to 2023 [3][6]. Operational Performance - In 1H24, the company added 1.0545 million kilowatts of wind power and 1.9897 million kilowatts of solar power capacity, bringing total installed capacities to 16.518 million kilowatts for wind and 15.09 million kilowatts for solar [2]. - The profit per kilowatt-hour for wind and solar energy decreased by 11.0% and 28.7% respectively in 1H24, influenced by various factors including electricity prices and natural conditions [2].

证券研究报告 | 2024年08月01日 20.0 0.0 p of 核心观点 或其成后 外部分优于大声 ( 塩珠 ) 合理体伍8. 58 – 9. 31 元 7. 95 元校自治 124800/124800 百万元总市值/亚酒市值 52 周嘉高价/最低价10. 22/6. 90 天 远３个月日均成交取544. 97 西方克 市场市场 亞利预测和财务撤标20222023 246, 725254, 397营业收入(百万元)249, 874252, 582156, 483 (+/-A)20. 6%3. 11.−1.8%1. 19 净粒润(商万元)−7387844612027 –28. 0%-214, 38(+/-X)36. 914. 15 等原校堂〈元〉40.470. 540. 740. 77 EBIT Margin0. 258. 859.9910. 05.10, 35 净亮产牧益率（ROE）–6. 8%6. 45.8. 458. 45. 用影影 (PE)−17, 415. 311, 210, 710. 0 EY/EB I TDA21. 110. 69.99. 69. 5 0. 980. 93市净厚 (PB)1. ...