Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][22] Core Views - The company's revenue decreased year-on-year due to a decline in electricity generation and prices, but the net profit attributable to shareholders increased due to lower fuel costs [1][7] - The company completed an asset injection, significantly increasing its installed capacity, which is expected to drive steady growth in performance [2][20][21] - The profit forecast has been raised due to the decline in coal prices, with expected net profits for 2025-2027 being 70.1 billion, 72.0 billion, and 74.7 billion respectively, reflecting year-on-year growth of 22.9%, 2.7%, and 3.8% [3][22] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 599.53 billion (-8.98% YoY) and a net profit of 39.04 billion (+13.15% YoY) [1][7] - The company's operating cash flow significantly increased by 87.09% to 154.62 billion, primarily due to reduced fuel procurement expenses [1][17] - The gross margin improved to 10.72%, an increase of 2.10 percentage points, driven by lower coal prices [13] - The company’s return on equity (ROE) increased to 7.67%, up 1.01 percentage points from the previous year [17] Installed Capacity and Projects - The company has completed the acquisition of several subsidiaries, adding a total of 1,275.86 MW from Jiangsu Company and other significant capacities from various companies [2][20] - As of June 2025, the company has a total approved and under-construction capacity of 11,966 MW, with coal power accounting for 4,680 MW and pumped storage for 5,698 MW [21]

Core Viewpoint - The company reported its 2025 interim results, showing a decline in revenue but an increase in net profit, indicating stable performance amidst challenging market conditions [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was 59.953 billion yuan, a year-on-year decrease of 8.98% [1]. - The net profit attributable to shareholders was 3.904 billion yuan, reflecting a year-on-year increase of 13.15%, meeting expectations [1]. - The total electricity generation for the first half of 2025 was 120.621 billion kWh, a decrease of approximately 6.41% compared to the adjusted figures from the previous year [1]. Pricing and Cost Dynamics - The average on-grid electricity price was 0.517 yuan per kWh, a slight decrease of 0.007 yuan per kWh from the adjusted figures of the previous year, indicating stable pricing strategies [1]. - The average price of Qinhuangdao Q5500 thermal coal was 675.67 yuan per ton, down 199.21 yuan per ton, a decline of 22.77% year-on-year, contributing to improved profitability [2]. - Fuel costs decreased by 13.28% year-on-year, with the standard coal price at 850.74 yuan per ton, down approximately 12.98% from the previous year [2]. Capacity Expansion and Growth - The company added 17.6247 million kW of new installed capacity in the first half of 2025, bringing the total installed capacity to 77.4446 million kW [2]. - The company has 11.966 million kW of approved and under-construction capacity, which will support future growth as these projects come online [2]. Shareholder Returns - The company plans to distribute a cash dividend of 0.09 yuan per share (before tax) to all shareholders registered by the mid-year equity distribution date [2]. - The dividend for 2024 was 0.21 yuan per share, resulting in a dividend yield of 3.96% for A shares and 5.38% for H shares based on the latest closing price as of August 29, 2025 [2]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 6.636 billion, 7.117 billion, and 7.424 billion yuan respectively [3]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 9, 9, and 8 times for the respective years, maintaining a "buy" rating [3].

Core Insights - Company reported a revenue of 59.953 billion yuan for the first half of 2025, a decrease of 8.98% year-on-year, while net profit attributable to shareholders increased by 13.15% to 3.904 billion yuan [1] - The company completed asset restructuring, leading to significant performance improvement [1] - The average on-grid electricity price was 516.8 yuan per megawatt-hour, down 1.44% year-on-year, while the fuel cost decreased by 13.28% to 37.952 billion yuan [2] Financial Performance - The company achieved a gross margin of 10.72%, an increase of 2.1 percentage points year-on-year, and a net margin of 8.26%, up 1.16 percentage points [3] - Investment income rose to 2.481 billion yuan, a year-on-year increase of 9.25%, with contributions from Huadian New Energy [3] - The company plans to distribute an interim dividend of 0.09 yuan per share, with a payout ratio of 26.8% [1] Operational Metrics - Total on-grid electricity generation was 113.289 billion kilowatt-hours, a decrease of 6.46% year-on-year, with thermal power generation down 7.1% [2] - The company’s controllable installed capacity reached 77.4446 million kilowatts, a 29.5% increase from the end of 2024 [3] - The company’s fuel cost per kilowatt-hour for thermal power was 0.325 yuan, a decrease of 0.023 yuan year-on-year [2] Future Outlook - The company maintains profit forecasts for 2025-2027, with net profit expectations of 6.534 billion, 7.171 billion, and 7.973 billion yuan, representing year-on-year growth of 15%, 10%, and 11% respectively [3] - The company is expected to benefit from ongoing projects and asset injections, contributing to high growth potential [3]

据证券之星公开数据整理，近期华电国际(600027)发布2025年中报。截至本报告期末，公司营业总收入 599.53亿元，同比下降8.98%，归母净利润39.04亿元，同比上升13.15%。按单季度数据看，第二季度营 业总收入333.76亿元，同比下降4.42%，第二季度归母净利润19.73亿元，同比上升24.27%。本报告期华 电国际盈利能力上升，毛利率同比增幅24.41%，净利率同比增幅16.46%。 分析师工具显示：证券研究员普遍预期2025年业绩在70.93亿元，每股收益均值在0.62元。 该公司被1位明星基金经理持有，持有该公司的最受关注的基金经理是交银施罗德基金的杨金金，在 2024年的证星公募基金经理顶投榜中排名前五十，其现任基金总规模为89.63亿元，已累计从业5年116 天。 本次财报公布的各项数据指标表现一般。其中，毛利率10.72%，同比增25.93%，净利率8.26%，同比增 29.96%，销售费用、管理费用、财务费用总计24.65亿元，三费占营收比4.11%，同比减1.31%，每股净 资产4.1元，同比增2.55%，每股经营性现金流1.42元，同比增75.45%，每股收益0.33元， ...

华电国际电力股份有限公司 华电国际电力股份有限公司 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法律责任。 华电国际电力股份有限公司（以下简称"本公司"）第十届董事会第二十五次会议 （以下简称"本次会议"）于 2025 年 8 月 28 日在中华人民共和国山东省济南市历下区 经十路 14668 号济南燕子山庄召开。本次会议通知已于 2025 年 8 月 14 日以电子邮件形 式发出。本公司董事长刘雷先生主持了本次会议，本公司全体 12 名董事亲自出席会议。 本次会议符合有关法律、法规及《公司章程》的规定，本次会议合法有效。本公司监事 会主席刘书君先生、监事马敬安先生及职工监事唐晓平先生列席了本次会议。 一、审议并批准《总经理中期工作报告》。 本议案的表决情况：12 票同意、0 票反对、0 票弃权。 二、审议并批准《公司中期发展报告》。 本议案涉及的非关联交易事项表决情况：12 票同意、0 票反对、0 票弃权。 另外，关于本公司与中国华电集团有限公司共同向华电金沙江上游水电开发有限公 司（以下简称"华电金上"）出资之关联交易，该议题已经 ...

二、审议并批准本公司按照上海证券交易所和香港联交所上市规则编制的 A 股 业绩公告。监事会认为，本公司境内外中报编制和审议程序符合法律、法规、公司章程 和本公司内部管理制度的各项规定；中报的内容和格式符合中国证监会和证券交易所的 各项规定，所包含的信息能够真实地反映出本公司当期的经营管理和财务状况；在提出 本意见前，没有发现参与中报编制和审议的人员有违反保密规定的行为。 三、审议并通过《关于 2025 年中期现金分红预案的议案》。 特此公告。 华电国际电力股份有限公司 证券代码：600027 证券简称：华电国际 公告编号：2025-073 华电国际电力股份有限公司 本公司监事会及全体监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法律责任。 华电国际电力股份有限公司（以下简称"本公司"）第十届监事会第十四次会议（以 下简称"本次会议"）于 2025 年 8 月 28 日在中华人民共和国山东省济南市历下区经十 路 14668 号济南燕子山庄召开，本次会议通知已于 2025 年 8 月 14 日以电子邮件形式发 出。本公司 3 名监事亲自出席本次会议，会议合法 ...

Investment Rating - The report maintains a rating of "Accumulate" for Huadian International [4] Core Views - The company reported a revenue of 59.953 billion yuan in the first half of 2025, a year-on-year decrease of 8.98%, while the net profit attributable to shareholders increased by 13.15% to 3.904 billion yuan [1][7] - The completion of asset injections is expected to enhance performance in the second half of the year [7] - The company plans to distribute an interim dividend of 0.09 yuan per share, with a payout ratio of 26.8% [7] Financial Data and Valuation - The total revenue for 2025 is estimated at 114.429 billion yuan, with a year-on-year growth of 1% [3] - The net profit attributable to shareholders is projected to be 6.534 billion yuan in 2025, reflecting a 15% year-on-year increase [3] - The current price-to-earnings (PE) ratio is 9.4, with projections of 8.6 in 2026 and 7.7 in 2027 [3][11] - The company’s total assets are expected to reach 226.263 billion yuan by 2025 [8] Performance Metrics - The company achieved a gross margin of 10.72% in the first half of 2025, an increase of 2.1 percentage points year-on-year [7] - The net profit margin was 8.26%, up by 1.16 percentage points year-on-year [7] - The return on equity (ROE) is projected to improve to 9.2% in 2025 [11] Operational Highlights - The company’s total installed capacity reached 77.4446 million kilowatts, a 29.5% increase compared to the end of 2024 [7] - The average on-grid electricity price was 516.8 yuan per megawatt-hour, a decrease of 1.44% year-on-year [7] - The company’s coal price decreased by 12.98% year-on-year to 850.74 yuan per ton, contributing to a reduction in fuel costs [7]

Investment Rating - The report maintains a "Strong Buy" rating for Huadian International, expecting it to outperform the benchmark index by over 20% in the next six months [1][25]. Core Insights - The company's performance in the first half of 2025 shows a net profit attributable to shareholders of 3.904 billion yuan, a year-on-year increase of 13.15%, with Q2 net profit reaching 1.973 billion yuan, up 24.27% year-on-year [1]. - Revenue for the first half of 2025 was 59.953 billion yuan, a decrease of 8.98% year-on-year, while Q2 revenue was 33.376 billion yuan, down 4.42% year-on-year [1]. - The gross profit margin improved to 10.72% in the first half of 2025, an increase of 2.10 percentage points year-on-year [1]. Financial Performance Summary - **Revenue and Profitability**: - Total revenue for 2024 is projected at 112.994 billion yuan, with a growth rate of -3.6%. For 2025, revenue is expected to rise to 126.910 billion yuan, reflecting a growth rate of 12.3% [4]. - The net profit attributable to shareholders is forecasted to be 5.703 billion yuan in 2024, increasing to 7.086 billion yuan in 2025, with a growth rate of 24.3% [4]. - **Earnings Per Share (EPS)**: - EPS is projected to be 0.49 yuan in 2024, increasing to 0.61 yuan in 2025, and further to 0.69 yuan in 2026 [4]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is expected to decrease from 11 in 2024 to 9 in 2025, and further to 8 in 2026 [4]. - The price-to-book (P/B) ratio is projected to decline from 0.9 in 2024 to 0.8 in 2025 [4]. Operational Data Summary - **Power Generation**: - In the first half of 2025, the company generated 120.621 billion kWh of electricity, a year-on-year decrease of 6.41% [8]. - The average utilization hours for power generation units were 1,595 hours, down 115 hours year-on-year [8]. - **Installed Capacity**: - As of August 2025, the company's installed capacity reached 77.4 GW, with coal, gas, and hydropower capacities at 54.4 GW, 20.6 GW, and 2.5 GW respectively [8]. - **Cost Management**: - Fuel costs in the first half of 2025 were approximately 37.952 billion yuan, a decrease of 13.28% year-on-year, primarily due to falling coal prices [8]. Investment Recommendation - The report forecasts net profits of 7.1 billion yuan in 2025, 8.0 billion yuan in 2026, and 9.1 billion yuan in 2027, with corresponding growth rates of 24.3%, 12.6%, and 14.1% [8]. - The target price for the stock is set at 7.3 yuan, representing a potential upside of approximately 38% from the current price of 5.33 yuan [8].

Core Viewpoint - In the first half of 2025, the company achieved operating revenue of 59.953 billion yuan, a year-on-year decrease of 8.98%, while net profit attributable to shareholders increased by 13.15% to 3.904 billion yuan. The decline in revenue was mainly due to a decrease in power generation, lower on-grid electricity prices, and optimization of coal trading models. The increase in net profit was primarily driven by the decline in thermal coal prices, which improved fuel costs [1][2][3] Financial Performance - The company's fuel costs in the first half of 2025 amounted to 37.952 billion yuan, a year-on-year decrease of 13.28%. The average price of standard coal for the company was 850.74 yuan per ton, down approximately 12.98% year-on-year [1][3] - The management expenses for the first half of 2025 were 0.829 billion yuan, with a management expense ratio of 1.38%, an increase of 0.12 percentage points year-on-year. Financial expenses were 1.635 billion yuan, with a financial expense ratio of 2.73%, a decrease of 0.18 percentage points year-on-year. The total period expense ratio was 4.12%, a decrease of 0.05 percentage points year-on-year [1][3] - The company reported investment income of 2.481 billion yuan in the first half of 2025, a year-on-year increase of approximately 9.25%, mainly due to increased earnings from affiliated companies [3] Operational Metrics - As of August 2025, the company's controllable installed capacity was 77.4446 million kilowatts, with coal power, gas power, and hydropower capacities at 54.404 million, 20.58 million, and 2.46 million kilowatts, respectively. The company added 17.62 million kilowatts of installed capacity, primarily due to asset injections from the parent company [4] - The total power generation in the first half of 2025 was 120.621 billion kilowatt-hours, a year-on-year decrease of approximately 6.41%, while the on-grid electricity volume was 113.289 billion kilowatt-hours, a decrease of approximately 6.46% year-on-year. The average utilization hours of the company's power generation units were 1,595 hours, a decrease of 115 hours year-on-year [4] - The average on-grid electricity price in the first half of 2025 was 516.80 yuan per megawatt-hour, a year-on-year decrease of approximately 1.44% [4] Future Outlook - The company expects net profits attributable to shareholders for 2025 to 2027 to be 6.901 billion yuan, 7.185 billion yuan, and 7.417 billion yuan, respectively. The corresponding earnings per share (EPS) are projected to be 0.51 yuan, 0.53 yuan, and 0.55 yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company, with expected PE valuations of 9x, 8x, and 7x for the years 2025, 2026, and 2027 respectively [5] Core Insights - In the first half of 2025, the company achieved a revenue of 59.95 billion RMB, a year-on-year decrease of 8.98%, while the net profit attributable to shareholders was 3.90 billion RMB, reflecting a year-on-year increase of 13.15% [2] - The average on-grid electricity price was approximately 517.1 RMB/MWh, with a slight year-on-year decrease of 1.4% [3] - The company is expected to see a rebound in electricity demand in the third quarter of 2025, driven by high temperatures, which will enhance the utilization hours of thermal power assets [4] - The company has a total of 11.966 million kW of approved and under-construction units, which will contribute to long-term growth [4] Financial Performance Summary - For the years 2025 to 2027, the company is projected to achieve net profits of 6.98 billion RMB, 7.29 billion RMB, and 9.32 billion RMB respectively, with EPS of 0.60 RMB, 0.63 RMB, and 0.80 RMB [5] - The company’s sales gross margin improved to 10.72%, an increase of 2.1 percentage points year-on-year [3] - The average coal price for the company decreased by 12.98% year-on-year to 850.74 RMB/ton, leading to a reduction in fuel costs [3] Revenue and Profit Growth Projections - The company’s revenue is expected to grow from 116.223 billion RMB in 2025 to 129.639 billion RMB in 2027, with a compound annual growth rate of approximately 5.5% [10] - The net profit growth rate is projected to be 22.36% in 2026 and 27.83% in 2027, indicating strong profitability potential [10]