[Table_MainInfo] 公司研究/公用事业/电力 证券研究报告 华能国际（600011）公司年报点评 2024年03月22日 [Table_InvestInfo] 投资评级 优于大市 维持 煤电风光持续向好，24 业绩有望加速向上 股票数据 [Table_Summary] 0[3T月ab2le2_日S收to盘ck价（In元fo）] 9.00 投资要点： 52周股价波动（元） 6.90-10.55 总股本/流通A股（百万股） 15698/10998 全年业绩大幅扭亏为盈。公司发布2023年年报，全年实现营收2543.97亿元， 总市值/流通市值（百万元） 141283/141283  YOY+3.11%；归母净利润 84.46 亿元，同比扭亏，YOY+214.33%。公司业绩 相关研究 大幅扭亏为盈主因境内业务单位燃料成本同比下降和电量同比增长，以及新加 [《Ta中b报le业_R绩e大p幅or扭tIn亏fo，] 火绿并济推动发展》 坡业务利润同比大幅增长。公司 2023 年利润分配预案为按照每普通股人民币 2023.07.27 0.2 元（含税）向股东派发 2023 年度的股息，对应股利支付率 57 ...

Investment Rating - The report maintains a "Buy" rating for Huaneng International [1] Core Views - The company achieved a cash dividend ratio of 57.14% in 2023, indicating a continuous improvement in dividend rates amid a downward cycle in capital expenditure for thermal power [1][3] - The report highlights the expected improvement in dividend rates for the thermal power sector due to declining capital expenditures and a downward trend in coal prices from 2024 to 2025 [3] - The company benefited from a decrease in coal procurement costs, with an average price drop of 115.78 yuan/ton, leading to a significant increase in net profit by 214.33% in 2023 [3][4] Financial Performance Summary - In 2023, the company reported total revenue of 254.397 billion yuan, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 8.446 billion yuan, up 214.33% year-on-year [2][4] - The company’s earnings per share (EPS) for 2023 was 0.54 yuan, with a projected EPS of 0.83 yuan for 2024 and 1.00 yuan for 2025 [2][4] - The report forecasts net profits of 13.083 billion yuan for 2024 and 15.678 billion yuan for 2025, with a projected net profit of 17.525 billion yuan for 2026, reflecting growth rates of 54.91%, 19.83%, and 11.78% respectively [4] Segment Profit Analysis - The coal-fired segment achieved a profit of 433 million yuan in 2023, a year-on-year increase of 102.5%, while the photovoltaic segment saw a profit of 2.044 billion yuan, up 78.08% [4] - The report indicates that the wind power segment's profit decreased by 5.16%, totaling 5.913 billion yuan [4] Market Data - The closing price of the stock is 9.00 yuan, with a market capitalization of approximately 141.283 billion yuan [6] - The price-to-earnings (P/E) ratio is reported at 16.73 for the current price and 10.80 for the latest diluted earnings [2][6]

股 票 研 究 [Table_industryInfo] 电力/公用事业 [ Table_Main[华ITnaf 能bol]e 国_Ti际tle]( 600011) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩符合预期，Q1 煤电修复可期 目标价格： 10.66 上次预测： 10.66 公 华能国际 2023年年报点评 当前价格： 9.18 司 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 2024.03.20 更 021-38031730 021-38038670 021-38031030 [交Ta易bl数e_M据a rket] 新 yuhongguang025906@gtjas sunhuixian026739@gtjas.com wangyue028681@gtjas.com 证书编号 .Sc0o8m8 0522020001 S0880122070052 S0880123070143 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 7.1 10 4- 41 ,0 1. 02 89 报 告 本报告导读： 总股本/流通A股（百万股） 15,698/10,998 流通 ...

证券研究报告 | 年报点评报告 2024年03月21日 华能国际（600011.SH） 业绩符合预期，煤电仍具修复弹性 华能国际发布2023年年度报告。2023年公司实现营业收入2543.97亿元， 买入（维持） 同比增长3.11%，归母净利润84.46亿元，同比扭亏，扣非净利润56亿元， 股票信息 同比扭亏，基本每股收益 0.35 元。按照每普通股人民币 0.2 元向股东派股 行业 电力 息。 前次评级 买入 全年发电量增价稳，盈利能力持续提升。2023年全年，公司中国境内上网 3月20日收盘价(元) 9.11 电量4478.56亿千瓦时，同比增长5.33%，平均上网结算电价为508.74元 总市值(百万元) 143,009.63 /兆瓦时，同比下降0.23%。2023年全年公司市场化交易电量比例为 总股本(百万股) 15,698.09 88.40%。2023年公司燃煤/燃机/风电/光伏/水电/生物质发电量分别为 其中自由流通股(%) 70.06 4010.04/284.93/324.37/109.97/7.89/9.57亿千瓦时，上网电价分别为 30日日均成交量(百万股) 57.54 491.76/721 ...

Investment Rating - The investment rating for Huaneng International is "Buy" with a maintained rating [1][8]. Core Views - The report highlights that Huaneng International achieved a revenue of 254.4 billion yuan in 2023, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 8.446 billion yuan, a significant increase of 214.33% year-on-year. However, the Q4 performance was impacted by impairment losses, leading to a net profit of -4.118 billion yuan in Q4 2023, a decrease of 19.54% year-on-year [1][2]. - The report anticipates that coal prices will decline further in 2024, supporting stable performance and future dividend expectations for the company [1]. - The profitability of thermal power improved in 2023, with expectations for further improvement in 2024 due to reduced fuel costs and increased electricity sales [1][2]. Summary by Sections Financial Performance - In 2023, Huaneng International's total revenue was 254.4 billion yuan, with a net profit of 8.446 billion yuan. The Q4 revenue was 63.075 billion yuan, with a net loss of 4.118 billion yuan due to impairment provisions [1][3]. - The company reported a significant increase in thermal power profits, with total profits reaching 433 million yuan, a year-on-year increase of 102.5% [1][2]. Future Projections - The forecast for net profit attributable to shareholders for 2024-2026 is 12.577 billion yuan, 13.851 billion yuan, and 15.607 billion yuan, respectively, with corresponding P/E ratios of 11.4, 10.3, and 9.2 [2][3]. - The target price for the stock is set at 10.95 yuan for 2024 [2][4]. Capital Expenditure - The planned capital expenditures for wind and solar power in 2024 are 29.544 billion yuan and 35.381 billion yuan, respectively, indicating a significant increase in investment in renewable energy [2][3].

Investment Rating - The investment rating for Huaneng International is "Buy" and is maintained [5]. Core Views - The company's operating performance continues to recover, with significant improvements in coal-fired power generation profitability, despite a substantial impairment loss of 3.099 billion yuan [5][6]. - In 2023, the company achieved a total operating revenue of 254.397 billion yuan, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 8.446 billion yuan, representing a year-on-year growth of 214.33% [5][6]. - The company plans to distribute a cash dividend of 0.2 yuan per share, achieving a cash dividend payout ratio of 57.14%, reflecting its commitment to shareholder returns [6]. Summary by Sections Operating Performance - In 2023, the company's coal-fired power generation saw a recovery, with a total electricity generation of 375.804 billion kWh, up 3.27% year-on-year. The average trading price of coal-fired electricity was 481.01 yuan/MWh, an increase of 21.19% compared to the benchmark price [5][6]. - The company recorded a profit of 4.33 billion yuan from coal-fired power generation, recovering from a loss of 17.325 billion yuan in the previous year [5][6]. New Energy Performance - By the end of 2023, the company's installed capacity for new energy reached 28.611 million kW, a year-on-year increase of 43.74%. Wind power generation increased by 16.14% to 31.835 billion kWh, while solar power generation surged by 81.67% to 10.911 billion kWh [6]. - The profit from the wind power segment was 5.913 billion yuan, a decrease of 3.22 billion yuan year-on-year, primarily due to increased grid parity projects and system peak load responsibilities [6]. Financial Outlook - The company adjusted its earnings expectations for 2024-2026, forecasting EPS of 1.04 yuan, 1.06 yuan, and 1.17 yuan, with corresponding PE ratios of 8.75, 8.63, and 7.77 [6].

Investment Rating - The investment rating for Huaneng International is "Buy" (maintained) [1] Core Views - The report highlights a cash dividend ratio of 57.14% for 2023, indicating a continuous improvement in dividend rates amid a downward cycle in capital expenditures for thermal power [1][3] - The report anticipates an improvement in the dividend rate for the thermal power sector in 2024, driven by a decline in capital expenditures and a downward trend in thermal coal prices [3] - The company achieved a significant increase in net profit of 214.33% year-on-year in 2023, attributed to a decrease in coal procurement costs [3][4] Financial Performance Summary - In 2023, Huaneng International reported total revenue of 254.4 billion yuan, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 8.446 billion yuan, a year-on-year increase of 214.33% [2][4] - The company’s earnings per share (EPS) for 2023 was 0.54 yuan, with a projected EPS of 0.83 yuan for 2024 and 1.12 yuan for 2026 [2][4] - The price-to-earnings (P/E) ratio is projected to be 10.80 for 2024, 9.01 for 2025, and 8.06 for 2026 [2][4] Segment Profit Analysis - The coal-fired segment achieved a total profit of 433 million yuan in 2023, a year-on-year increase of 102.5%, while the photovoltaic segment reported a profit of 2.044 billion yuan, a year-on-year increase of 78.08% [4] - The wind power segment's profit decreased by 5.16% year-on-year, totaling 5.913 billion yuan [4] Market Data - The closing price of Huaneng International's stock is 9.00 yuan, with a market capitalization of approximately 141.3 billion yuan [6] - The stock has a price-to-book (P/B) ratio of 2.69 and a net asset value per share of 3.35 yuan [6][7]

[Table_Main] 证券研究报告 | 公司点评 华能国际(600011.SH) 2024年03月22日 华能国际（600011.SH）：煤电 增持（维持） 所属行业：公用事业/电力 盈利修复，风光投产加速 当前价格(元)：8.99 证券分析师 投资要点 郭雪 资格编号：S0120522120001 事件：公司发布 2023 年年报，2023年公司实现营业收入 2543.97 亿元，同比增  邮箱：guoxue＠tebon.com.cn 长3.11%；实现归母净利润 84.46 亿元，同比增长214.33%； 联系人 卢璇 上网电量稳定增长，成本下降增强盈利能力。2023年公司实现营业收入 邮箱：luxuan＠tebon.com.cn  2543.97 亿元，同比增长3.11%；实现归母净利润 84.46 亿元，同比增长 市场表现 214.33%，扣非归母净利润56.11亿元，同比增长159.56%。营业收入的增长主 要由于公司2023年完成境内上网电量4478.6亿千瓦时，同比+5.3%；同时得益 华能国际 沪深300 23% 于燃料成本的下降，公司23年燃料采购费用为1565.7亿元，较22年下降 ...

上 市 公 司 公用事业 2024年03月21日 华能国际 (600011) 公 司 研 究 ——煤电扭亏为盈 降息有望提升盈利能力 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持） ⚫ 事件：公司发布2023年年报，2023全年实现归母净利润84.46亿元 (未扣除全年计提永续债利息29.16 亿元)，扣除永续债利息后归属于普通股股东净利润55.29亿元，拟分红0.2元/股。公司大幅扭亏但仍低于 我们的预期，上年同期数据为亏损73.87亿元。 证 市场数据： 2024年03月20日 ⚫ 2023全年煤电盈利修复低于预期，修复空间巨大。根据公司年报披露的分部业绩，公司2023年境内煤电、 券 收盘价（元） 9.11 研 一年内最高/最低（元） 10.55/6.9 气电实现税前利润总额4.33、7.77亿元、上年同期数据分别为-173.25、5.75亿元，煤电板块的扭亏主要 究 市净率 1.1 得益于煤价大幅下行且煤机利用小时同比提升。2023年，公司燃煤交易电价481.01元/兆瓦时，较基准电 报 息率（分红/股价） - 价上浮21.19%，同时境内火电厂售电单位燃料成本为326. ...

Investment Rating - The report maintains a "Strong Buy" rating for Huaneng International, with a target price of 10.68 CNY, indicating a potential upside of 17% from the current price of 9.18 CNY [2]. Core Views - The company's 2023 revenue reached 254.40 billion CNY, a year-on-year increase of 3.11%, while the net profit attributable to shareholders surged by 214.33% to 8.45 billion CNY [2][3]. - The fourth quarter of 2023 saw a revenue of 63.08 billion CNY, a slight increase of 0.48% year-on-year, but a net loss of 4.12 billion CNY attributable to shareholders [2]. - The report highlights the recovery in thermal power generation and rapid growth in wind and solar energy, with respective generation increases of 3.32%, 5.06%, 15.56%, and 81.03% for coal, gas, wind, and solar power [2]. - The company plans a capital expenditure of 80.15 billion CNY for 2024, with significant investments in wind and solar energy, reflecting a strategic shift towards renewable energy [2]. - The report anticipates that falling coal prices will enhance profitability in the thermal power sector, while ongoing electricity market reforms may lead to a revaluation of thermal power assets [2]. Financial Summary - For 2023, total revenue was 254,397 million CNY, with a projected revenue of 263,263 million CNY for 2024, reflecting a growth rate of 3.5% [3]. - The net profit for 2023 was 8,446 million CNY, with forecasts of 12,899 million CNY, 15,238 million CNY, and 17,875 million CNY for 2024, 2025, and 2026 respectively, indicating substantial growth rates [3][9]. - The earnings per share (EPS) for 2023 was 0.54 CNY, expected to rise to 0.82 CNY in 2024 [3][9]. - The company’s total assets were reported at 541,159 million CNY for 2023, with a projected increase to 591,924 million CNY in 2024 [9].