Investment Rating - The report maintains an "OUTPERFORM" rating for Huadian Power International with a target price of HK$5.52, up from a previous target of HK$4.62 [3][14]. Core Insights - The company's profits have significantly recovered due to a decline in coal prices, achieving a revenue of RMB 117.18 billion in 2023, a year-on-year increase of 9.45%, and a net profit of RMB 4.52 billion compared to RMB 0.1 billion in the previous year [11][14]. - In Q1 2024, the company reported a revenue of RMB 30.95 billion, a decrease of 3.21% year-on-year, primarily due to increased hydropower generation in Hubei, which affected thermal power output. However, net profit rose by 64.21% year-on-year to RMB 1.86 billion, driven by lower coal prices [11][12][14]. - The company has a controlled installed capacity of 58,449.78 MW, with coal-fired power generation accounting for approximately 80% of this capacity [12]. Financial Performance - The company’s revenue projections for 2024-2026 are RMB 124.77 billion, RMB 126.45 billion, and RMB 128.71 billion, respectively, with net profits expected to be RMB 6.05 billion, RMB 7.36 billion, and RMB 8.38 billion [14]. - The report highlights a significant increase in hydropower generation, with a 24.8% year-on-year increase in Q1 2024, while thermal power generation saw a slight decline of 0.5% [12][13]. - Investment income for 2023 was RMB 3.776 billion, down 21.4% year-on-year, but the potential for high growth in new energy investments remains [13][14]. Market Position and Strategy - The company plans to expand its new energy capacity significantly, with Huadian Group aiming to add 75GW of new energy installed capacity during the "14th Five-Year Plan" [13]. - The report indicates that the overall trend of declining coal prices in 2024 is expected to improve thermal power profitability [14].

股 票 研 究 [Table_industryInfo] 电力 [ Table_Main[华I Tnaf 电bol]e 国_Ti际tle]电 力股份（1071） [评Tab级le_：Inv est] 增持 当前价格（港元）： 4.13 业绩符合预期，盈利趋势向上 2024.04.30 海 [ 交Ta易bl数e_M据a rket] 外 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 52周内股价区间（港元） 2.81-4.74 当前股本（百万股） 10,228 公 021-38031730 021-38038670 021-38031030 当前市值（百万港元） 42,240 司 yuhongguang025906@gtjas.c sunhuixian026739@gtjas.co wangyue028681@gtjas.com （ 证书编号 oSm08 80522020001 mS0 880122070052 S0880123070143 [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 1Q24业绩开门红，主业盈利改善明显。 华电国际电力股份 恒生指数 香 29% 摘要： ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，幷明確表示，概不對因本公告全部或任何部份內容而産生或 因倚賴該等內容而引致的任何損失承擔任何責任。 華電國際電力股份有限公司 Huadian Power International Corporation Limited* （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） 二零二四年第一季度業績 華電國際電力股份有限公司（「本公司」）二零二四年第一季度報告（「第一季度報告」） 內所載的財務資料均未經審計，並根據中國企業會計準則而編制。 本公告乃本公司根據《證券及期貨條例》（香港法例第 571章）第XIVA 部及香港聯合 交易所有限公司證券上市規則（「上市規則」）第 13.09(2)(a)條和第13.10B條作出。 一、重要提示 1.1 本公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準 ...

2023 年度報告 目錄 13 董事、監事及高級管理層 35 企業管治報告 56 財務報表－按國際財務報告 準則編製 2 6 8 18 管理層討論與分析 51 公司資料 131 五年財務概要 公司簡介 董事長報告書 業務回顧與展望 20 董事會報告書 52 獨立核數師報告 132 補充資料 2 華電國際電力股份有限公司 二零二三年年報 公司簡介 華電國際電力股份有限公司（「本公司」），連同其附屬公司（「本集團」）為中華人民共和國（「中國」）最大型的綜合能源公司之 一，其主要業務為建設、經營發電廠，包括大型高效的燃煤、燃氣發電機組及多項可再生能源項目。本集團在運營的控股 發電資產遍佈全國十二個省、市，地理位置優越，主要處於電力負荷中心、熱力負荷中心或煤炭資源豐富區域。截至本報 告日，本集團已投入運行的控股發電企業共計45家，控股裝機容量為58,449.78兆瓦，主要包括燃煤發電控股裝機46,890 兆瓦，燃氣發電控股裝機9,094.59兆瓦和水力發電控股裝機2,459兆瓦。 華電國際電力股份有限公司 二零二三年年報 3 公司簡介（續） | | | | 本公司 | | | --- | --- | --- | -- ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in Q4 2023 met expectations, with revenue of 116.4 billion RMB, a year-on-year increase of 9.8%, and a net profit attributable to shareholders of 4.6 billion RMB, marking a turnaround from losses [3]. - The report anticipates a potential increase in dividends, with a proposed dividend of 0.15 RMB per share, representing 43.7% of the net profit attributable to ordinary shareholders [3]. - The company's gross profit margin for 2023 was 6.4%, an increase of 6.0 percentage points year-on-year, attributed mainly to a decrease in fuel costs, which were approximately 75.5 billion RMB, down 8.93% year-on-year [3]. - The balance sheet is expected to continue improving, with a debt ratio of 62.6% as of Q4 2023, a slight decrease from the previous quarter [3]. Financial Summary - Revenue (million RMB): 2020: 89,382; 2021: 100,984; 2022: 105,960; 2023: 116,376; 2024E: 124,897; 2025E: 126,210; 2026E: 125,647 [2]. - Net profit attributable to shareholders (million RMB): 2020: 4,167; 2021: -3,342; 2022: -31; 2023: 4,601; 2024E: 6,442; 2025E: 6,576; 2026E: 7,034 [2]. - The report projects EPS for 2024-2026 to be 0.63, 0.64, and 0.69 RMB respectively, with a current PE ratio of 6.1 times for 2024E [3].

Financial Performance - The group achieved a revenue of approximately RMB 116.38 billion in 2023, representing an increase of about 9.83% compared to 2022[2]. - The net profit attributable to shareholders for the year was approximately RMB 4.601 billion, with basic earnings per share of RMB 0.355[2]. - Operating profit for 2023 was approximately RMB 4.101 billion, an increase of RMB 8.285 billion from the previous year, primarily due to lower fuel prices and contributions from new projects[16]. - The company reported a net profit attributable to equity holders of RMB 4,601,094 thousand in 2023, compared to a loss of RMB 14,322 thousand in 2022[88]. - Basic earnings per share improved to RMB 0.355 in 2023 compared to a loss of RMB 0.093 in 2022, indicating a significant turnaround[88]. - The company reported a basic earnings per share of RMB 0.35 for 2023, recovering from a loss of RMB 0.08 per share in 2022[104]. - Total revenue for the year 2023 reached RMB 117,176,125 thousand, an increase of 9.9% compared to RMB 107,058,536 thousand in 2022[103]. Dividend and Shareholder Information - The board proposed a final cash dividend of RMB 0.15 per share, totaling approximately RMB 1.534 billion, subject to shareholder approval[3]. - The proposed cash dividend is expected to be paid on or before August 30, 2024, pending approval at the upcoming annual general meeting[3]. - Proposed final dividend per share for 2023 is RMB 0.15, down from RMB 0.20 in 2022, totaling RMB 1,534,134 thousand[95]. - Major shareholder China Huadian holds 44.33% of the total issued A-shares and 0.84% of the total issued H-shares as of December 31, 2023[50]. Operational Highlights - In 2023, the total electricity generation of the group was 223.80 million MWh, an increase of approximately 1.30% year-on-year[2]. - The total on-grid electricity generated was 209.55 million MWh, reflecting a year-on-year growth of about 1.21%[14]. - The average annual utilization hours for the group's power generation units were 3,956 hours, with coal-fired units at 4,301 hours and gas-fired units at 2,188 hours[14]. - The group operates 45 power generation companies with a total installed capacity of 58,449.78 MW, including 46,890 MW from coal-fired power and 9,094.59 MW from gas-fired power[4]. - The group maintains a diversified portfolio of power generation assets, including coal, gas, and hydropower plants, to ensure stable energy supply[4]. Investment and Future Plans - The group plans to invest approximately RMB 9.7 billion in 2024 for power generation projects, environmental protection, and energy-saving technology upgrades[21]. - The group plans to continue expanding its renewable energy projects and enhancing operational efficiency in existing power plants[4]. - The group aims to maintain stable operating hours for power generation equipment in 2024, with an expected generation volume of around 220 billion kWh, remaining flat compared to the previous year[21]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[103]. Financial Position and Liabilities - As of December 31, 2023, the total borrowings of the group amounted to approximately RMB 93.532 billion, with a debt-to-asset ratio of approximately 62.07%[34]. - The total liabilities of the group as of December 31, 2023, were RMB 139,656,521 thousand, down from RMB 152,833,689 thousand in 2022, indicating a reduction of 8.6%[101]. - The group's total equity increased to RMB 83,379,778 thousand from RMB 70,426,781 thousand, reflecting a growth of 18.4% year-over-year[102]. - The company's total assets at the end of 2023 were RMB 71,638,659 thousand, an increase from RMB 61,408,847 thousand at the beginning of the year[106]. Governance and Compliance - The company emphasizes adherence to corporate governance principles, enhancing management innovation and compliance with relevant laws and regulations[53]. - The company has adopted a comprehensive corporate governance code, including rules for board meetings and independent director systems[54]. - The company has established a strategic committee in addition to the audit, remuneration, and nomination committees, enhancing its governance structure[57]. - The new regulations effective from March 31, 2023, eliminate the distinction between A-share and H-share holders, simplifying shareholder meetings[46].

二零二三年八月三十日 1. 关于公司持续性关联交易的议案; 2. 关于与中国华电集团财务有限公司关联交易的风险 持续评估报告。 第十届董事会独立董事: 华电国际电力股份有限公司 独立董事关于同意有关关联交易事宜 提交董事会讨论的决议 致:华电国际电力股份有限公司及全体董事 根据《上市公司独立董事规则》《上市公司治理准则》、 《华电国际电力股份有限公司章程》的有关规定,作为华电 国际电力股份有限公司("本公司")的独立董事,同意将下 列议案提交董事会讨论: 董事(签字) 董事(签字 (丰镇平) (李兴春) 董事(签字) 董事(签字) 翎 ) (王跃生) ( 沈 ...

北京市海问律师事务所 关于华电国际电力股份有限公司 2023 年第一次临时股东大会、2023 年第一次 A 股类别股东大 会和 2023 年第一次 H 股类别股东大会的法律意见书 致：华电国际电力股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下合称"有关 法律"）及《华电国际电力股份有限公司章程》（以下简称"公司章程"）的规定， 本所作为华电国际电力股份有限公司（以下简称"公司"）的法律顾问，应公司 的要求，指派律师列席公司于 2023 年 11 月 30 日召开的 2023 年第一次临时股东 大会、2023 年第一次 A 股类别股东大会和 2023 年第一次 H 股类别股东大会（以 下简称"本次会议"），对本次会议召开的合法性进行见证，并依法出具本法律 意见书。 在本法律意见书中，本所律师仅对本次会议召集和召开的程序、表决程序及 出席本次会议现场会议的人员资格、召集人的资格是否符合有关法律规定以及本 次会议审议的议案表决结果是否有效发表意见，并不对本次会议所审议的议案内 容以及议案所表述的事实或数据的真实性、准确性、合法性发表意见。本所律师 假定公司提交给本所律师的资料（包括但不限于 ...

证券代码：600027 证券简称：华电国际 公告编号：2023-055 华电国际电力股份有限公司 2023 年第一次临时股东大会、2023 年第一次 A 股类别股 东大会及 2023 年第一次 H 股类别股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 1、2023 年第一次临时股东大会（"临时股东大会"） | 1、出席会议的股东和代理人人数 | 52 | | --- | --- | | 其中：A 股股东人数 | 51 | | 股） 境外上市外资股股东人数（H | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,940,565,197 | | 其中：A 股股东持有股份总数 | 5,566,900,307 | | 境外上市外资股股东持有股份总数（H 股） | 373,664,890 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 总数的比例（%） | 58.083888% | 1 (一) 股东大会召开的时间： ...

华电国际电力股份有限公司 2023 年第一次临时股东大会 2023 年第一次 A 股类别股东大会 会议材料 二〇二三年十一月 2023 年第一次临时股东大会会议议程 2023 年第一次临时股东大会会议议程 会议时间：2023 年 11 月 30 日（星期四）下午 14:00 现场会议地点：北京市西城区宣武门内大街 4 号华滨国际大酒店 会议召集人：华电国际电力股份有限公司（以下简称"本公司"）董事会 会议召开方式：与会股东和股东代表以现场记名投票表决与网络投票表决相结合 的方式审议通过有关提案。本次会议将通过上海证券交易所交易系统向本公司的 A 股股东提供网络形式的投票平台。本公司的 A 股股东既可参与现场投票，也可 以在网络投票时间内通过上海证券交易所的交易系统参加网络投票。本公司 A 股 股东只能选择现场投票和网络投票其中一种表决方式，如同一股份通过现场和网 络投票系统重复进行表决的或同一股份在网络投票系统重复进行表决的，均以第 一次表决为准。 现场会议安排： 会议主席宣布本公司 2023 年第一次临时股东大会开始。 1 第一项， 与会股东及代表听取并审议各项议案。 1. 关于修订《公司章程》及其附件的议 ...