股票代码：600027.SH 股票简称：华电国际 上市地点：上海证券交易所 华电国际电力股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书 | 交易对方类型 | 交易对方名称 | | --- | --- | | | 中国华电集团有限公司 | | 发行股份及支付现金购买资产 | 福建华电福瑞能源发展有限公司 | | | 中国华电集团北京能源有限公司 | | 募集配套资金 | 不超过35名符合条件的特定投资者 | 独立财务顾问 二〇二五年五月 华电国际发行股份及支付现金购买资产并募集配套资金暨关联交易报告书 上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证本报告书及其摘要内容的真 实、准确、完整，对本报告书及其摘要的虚假记载、误导性陈述或重大遗漏负相应的 法律责任。 本公司控股股东、董事、监事、高级管理人员承诺，如本次交易因涉嫌所提供或 者披露的信息存在虚假记载、误导性陈述或者重大遗漏而被司法机关立案侦查或者被 中国证券监督管理委员会立案调查的，在案件调查结论明确之前，将暂停转让所持有 的上市公司股份（如有）。将于收到立案稽查通知的两个交易日内将暂停转让的书面 申请和股票账户提交 ...

华电国际电力股份有限公司 关于发行股份及支付现金购买资产并募集配套 资金暨关联交易事项获得中国证券监督管理 委员会同意注册批复的公告 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法律责任。 华电国际电力股份有限公司（以下简称"本公司"）拟通过发行普通股（A 股）及 支付现金的方式购买中国华电集团有限公司持有的华电江苏能源有限公司 80%股权，福 建华电福瑞能源发展有限公司持有的上海华电福新能源有限公司 51%股权、上海华电闵 行能源有限公司 100%股权、广州大学城华电新能源有限公司 55.0007%股权、华电福新 广州能源有限公司 55%股权、华电福新江门能源有限公司 70%股权、华电福新清远能源 有限公司 100%股权，以及中国华电集团北京能源有限公司持有的中国华电集团贵港发 电有限公司 100%股权等，并募集配套资金（以下简称"本次交易"）。 本公司于 2025 年 5 月 16 日收到中国证券监督管理委员会出具的《关于同意华电国 际电力股份有限公司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2025〕 1033 号） ...

股票代码：600027.SH 股票简称：华电国际 上市地点：上海证券交易所 华电国际电力股份有限公司 二〇二五年五月 华电国际发行股份及支付现金购买资产并募集配套资金暨关联交易报告书摘要 上市公司声明 并募集配套资金暨关联交易报告书 摘要 | 交易对方类型 | 交易对方名称 | | --- | --- | | | 中国华电集团有限公司 | | 发行股份及支付现金购买资产 | 福建华电福瑞能源发展有限公司 | | | 中国华电集团北京能源有限公司 | | 募集配套资金 | 不超过35名符合条件的特定投资者 | 独立财务顾问 发行股份及支付现金购买资产 本公司及本公司全体董事、监事及高级管理人员保证报告书及其摘要内容的真实、 准确、完整，对报告书及其摘要的虚假记载、误导性陈述或重大遗漏负相应的法律责 任。 本公司控股股东、董事、监事、高级管理人员承诺，如本次交易因涉嫌所提供或 者披露的信息存在虚假记载、误导性陈述或者重大遗漏而被司法机关立案侦查或者被 中国证券监督管理委员会立案调查的，在案件调查结论明确之前，将暂停转让所持有 的上市公司股份（如有）。将于收到立案稽查通知的两个交易日内将暂停转让的书面 申请和股票账 ...

华电国际电力股份有限公司 关于召开2024年年度股东大会的通知 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。 证券代码：600027 证券简称：华电国际 公告编号：2025-042 重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2025 年 6 月 17 日 14 点整 召开地点：北京市西城区宣武门内大街 4 号华滨国际大酒店 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 17 日 至2025 年 6 月 17 日 1 股东大会召开日期：2025年6月17日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 （一） 股东大会类型和届次 2024年年度股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方 式 （四） 现场会议召开的日期、时间和地点 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | | --- ...

"一、同意你公司向中国华电集团有限公司发行678,863,257股股份购买相关资产的注册申请。二、同意 你公司发行股份募集配套资金不超过342,800万元的注册申请。三、你公司本次发行股份购买资产并募 集配套资金应当严格按照报送上海证券交易所的有关申请文件进行。四、你公司应当按照有关规定及时 履行信息披露义务。五、你公司应当按照有关规定办理本次发行股份的相关手续。六、本批复自下发之 日起12个月内有效。七、你公司在实施过程中，如发生法律、法规要求披露的重大事项或遇重大问题， 应当及时报告上海证券交易所并按有关规定处理。" 智通财经APP讯，华电国际(600027.SH)公告，公司拟通过发行普通股(A股)及支付现金的方式购买中国 华电集团有限公司持有的华电江苏能源有限公司80%股权，福建华电福瑞能源发展有限公司持有的上海 华电福新能源有限公司51%股权、上海华电闵行能源有限公司100%股权、广州大学城华电新能源有限 公司55.0007%股权、华电福新广州能源有限公司55%股权、华电福新江门能源有限公司70%股权、华电 福新清远能源有限公司100%股权，以及中国华电集团北京能源有限公司持有的中国华电集团贵港发电 ...

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

Core Viewpoint - In Q1 2025, the company reported a revenue of 26.577 billion yuan, a year-on-year decrease of 14.14%, while net profit attributable to shareholders increased by 3.66% to 1.930 billion yuan, indicating a mixed performance amid a challenging market environment [1][3]. Revenue and Profit Analysis - The company's Q1 2025 revenue decreased due to a relaxed supply-demand balance in electricity and a slight drop in electricity prices, with total electricity generation falling by 8.51% year-on-year to 51.384 billion kWh [1][2]. - The average on-grid electricity price in Q1 2025 was approximately 505.71 yuan per megawatt-hour, down 0.71% year-on-year, influenced by nationwide price adjustments [2]. Cost and Profitability - The company achieved a gross profit margin of 10.73% and a net profit margin of 8.52%, both showing year-on-year increases of 2.33 and 1.21 percentage points, respectively [3]. - Operating costs decreased by 16.32% year-on-year, primarily due to falling coal prices, which positively impacted profitability [3]. Cash Flow and Asset Management - The net cash flow from operating activities increased by 107.47% year-on-year, attributed to reduced fuel costs [4]. - A proposed acquisition of stakes in several companies is expected to enhance total assets by 18.37%, revenue by 25.07%, and net profit by 5.93%, significantly improving the company's asset scale and profitability [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 6.6 billion, 7.6 billion, and 8.5 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 15.91%, 14.89%, and 11.80% [4]. - The price-to-earnings ratio for the stock is estimated to be 8.84, 7.69, and 6.88 for the years 2025, 2026, and 2027, respectively, indicating a strong investment opportunity [4].

Investment Rating - Maintain "Buy" rating for the industry [10] Core Viewpoints - The report highlights a mixed performance across various sectors within the public utility and environmental protection industry, with coal prices declining and water supply improving, reshaping the defensive value of water and coal [3] - The overall electricity consumption growth slowed down due to a warm winter and high base effects from the previous year, impacting thermal power generation negatively [4][29] - The renewable energy sector faces profit pressure due to declining utilization rates and electricity prices, despite significant installed capacity growth [4][52] - Hydropower benefits from improved water supply and reservoir management, leading to increased revenue and profit in early 2025 [5][7] - The environmental sector shows stable performance in water and solid waste operations, with a recovery in water profitability in early 2025 [5][6] Summary by Sections 1. Overview of 2024 Reports and 2025 Q1 - The electricity industry saw a 6.7% growth in consumption in 2024, driven by structural optimization and rising demand for new energy sources [16] - The environmental sector experienced a revenue decline of 2.7% and a net profit drop of 31% in 2024, with operational efficiency improvements in existing assets [16] 2. Sector Performance from 2024 to Q1 2025 2.1 Thermal Power - Thermal power generation faced pressure from electricity prices and demand, but benefited from lower coal prices, leading to a net profit increase of 6.5% in Q1 2025 [4][36][37] 2.2 Renewable Energy - The renewable energy sector's profit was under pressure due to declining utilization rates and electricity prices, despite a 15.7% increase in wind power generation in 2024 [4][52] 2.3 Hydropower - Hydropower generation increased by 11.7% in 2024, with a significant profit increase in Q1 2025 due to improved water supply [5][7] 2.4 Environmental Protection - The environmental sector showed stable performance in water and solid waste operations, with a recovery in profitability in early 2025 [5][6] 3. Key Companies in the Sector - Focus on leading companies in thermal power, hydropower, and nuclear power, such as Huadian International, Yangtze Power, and China Nuclear Power, respectively [8]

Investment Rating - The report maintains a "Buy" rating for Huadian International [1] Core Views - The company's Q1 2025 revenue was slightly below expectations at 26.577 billion yuan, a year-on-year decrease of 14.1%, while the net profit attributable to shareholders was 1.930 billion yuan, a year-on-year increase of 3.7%, aligning with market expectations [7] - The report highlights the impact of nuclear and solar power generation on thermal power, with significant growth in solar (up 27.3%) and nuclear (up 52%) generation in Shandong province [7] - The company plans to inject thermal power assets to enhance its asset and profit scale, focusing on regions like South China, Jiangsu, and Shanghai [7] - The report forecasts net profits for 2025-2027 at 6.45 billion, 6.81 billion, and 7.74 billion yuan respectively, corresponding to P/E ratios of 9, 9, and 8 times [7] Financial Summary - Total revenue forecast for 2023A is 117.176 billion yuan, with a year-on-year growth of 9.45%, while 2024A is expected to decline by 3.57% to 112.994 billion yuan [1][8] - The net profit attributable to shareholders for 2023A is projected at 4.522 billion yuan, with a staggering year-on-year growth of 3,789% [1][8] - The latest diluted EPS for 2025E is estimated at 0.63 yuan, with a P/E ratio of 9.05 [1][8] - The company's total assets are projected to reach 228.757 billion yuan by 2025E, with a debt-to-asset ratio of 60.04% [8]

Financial Performance - Operating revenue for Q1 2025 was RMB 26,576,657, a decrease of 14.14% compared to RMB 30,951,954 in the same period last year[5] - Net profit attributable to shareholders was RMB 1,930,451, representing a year-on-year increase of 3.66% from RMB 1,862,213[5] - Net cash flow from operating activities increased by 107.47%, reaching RMB 9,065,188, primarily due to reduced fuel costs[5][6] - The basic earnings per share rose to RMB 0.17, up 6.25% from RMB 0.16 in the previous year[5] - The company reported a significant increase in net profit from recurring operations, which rose by 17.01% to RMB 1,896,351 compared to RMB 1,620,710 in the previous year[5] Assets and Shareholder Information - Total assets at the end of the reporting period were RMB 219,951,758, a decrease of 1.75% from RMB 223,875,372 at the end of the previous year[5] - The number of ordinary shareholders at the end of the reporting period was 133,364[9] - The largest shareholder, China Huadian Group Co., Ltd., holds 4,620,061,224 shares, representing 45.17% of total shares[9] Governance and Reporting - The weighted average return on equity increased to 4.06%, up 0.03 percentage points from 4.03%[5] - Non-recurring gains and losses totaled RMB 34,100, after accounting for tax effects and minority interests[7] - The company has not provided any significant updates regarding its operational performance for the reporting period[13] - The unaudited consolidated balance sheet and profit and loss statement as of March 31, 2025, are available on the Shanghai Stock Exchange website[13] - The board of directors consists of various members, including both executive and non-executive directors, ensuring diverse governance[14]