[Table_Title] 火电成本优化绿电稳增，一季度业绩展望平稳 报告要点 [Table_Summary] 公司一季度煤电机组上网电量同比减少 10.11%，电价方面，一季度公司境内电厂平均上网电 价同比降低 9.78 元/兆瓦时，在多个省份年度长协电价有较大幅度调整的背景下，公司电价相 对坚挺的主要原因或系燃机、风电等高电价电量占比提升的结构性影响。成本方面，一季度秦 皇岛 Q5500 动力末煤平仓价同比降低 180.52 元/吨，成本的显著回落将有效缓解火电量价压 力，预计火电业务仍有望平稳的业绩表现。新能源业绩预计将在电量稳健增长的背景下维持稳 健表现。在煤电成本显著优化以及新能源装机持续扩张的拉动下，公司一季度业绩展望平稳。 分析师及联系人 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_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.co ...

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - March electricity consumption growth was 4.8%, highlighting the importance of coal power upgrades and flexible regulation value [10][12] - The national electricity consumption in March reached 828.2 billion kWh, with a year-on-year growth of 4.8% [12] - The new three-year coal power upgrade plan emphasizes deep peak regulation and energy-saving carbon reduction [11][12] Summary by Sections Electricity Consumption - In March, the electricity consumption by industry was as follows: primary industry 10.6 billion kWh (9.9% growth), secondary industry 557.8 billion kWh (3.8% growth), tertiary industry 148.4 billion kWh (8.4% growth), and urban and rural residents 111.4 billion kWh (5.0% growth) [12][66] - Cumulative electricity consumption from January to March was 238.46 billion kWh, with a year-on-year growth of 2.5% [66] Power Generation - In March, industrial power generation was 778 billion kWh, with a year-on-year growth of 1.8% [12] - Coal power generation in March decreased by 2.3%, while hydroelectric and nuclear power generation increased by 9.5% and 23.0%, respectively [12][10] Coal Power Upgrade Plan - The new coal power upgrade plan (2025-2027) aims to enhance existing units and establish new ones with improved performance metrics [11][12] - Key upgrade indicators include minimum output levels, load change rates, and carbon emission reductions [11][12] Investment Recommendations - Focus on coal power sector opportunities, with coal prices dropping to 674 RMB/ton, supporting improved profitability [13] - Recommended stocks include Huadian International, Waneng Power, and Zhejiang Energy, among others [7]

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - In March, national electricity consumption growth was 4.8%, with significant growth in the internet and automotive manufacturing sectors [10][12] - The future three-year coal power upgrade action plan emphasizes the importance of coal power upgrades and flexible adjustment capabilities [11][12] Summary by Sections Electricity Consumption - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%. By sector, the first, second, and third industries, along with urban and rural residents, consumed 106, 557.8, 148.4, and 111.4 billion kWh respectively, with growth rates of 9.9%, 3.8%, 8.4%, and 5.0% [12][65] - Cumulative electricity consumption from January to March was 23,846 billion kWh, up 2.5% year-on-year [12][66] Power Generation - In March, industrial power generation was 778 billion kWh, a year-on-year increase of 1.8%, with a narrowing decline in thermal power generation [12][10] - Water and nuclear power generation increased by 9.5% and 23.0% respectively, while wind and solar power generation growth slowed [12][10] Coal Power Upgrade Plan - The National Development and Reform Commission and the National Energy Administration released a new coal power upgrade action plan for 2025-2027, focusing on enhancing existing units and developing new generation units with improved performance indicators [11][12] - Key upgrade requirements include deep peak regulation, load change rates, and clean carbon reduction measures [11][12] Investment Recommendations - Emphasize investment opportunities in the electricity sector, particularly in thermal power stocks such as Huadian International, Waneng Power, and Zhejiang Energy, as well as in leading companies in thermal power upgrade equipment like Qingda Environmental Protection [6][7] - Recommend focusing on undervalued green electricity sectors, including Hong Kong-listed green electricity and wind power operators [6][7]

Core Viewpoint - The four major power generation companies in A-shares, namely Datang Power (601991.SH), Guodian Power (600795.SH), Huadian International (600027.SH), and Huaneng International (600011.SH), reported an increase in net profit for 2024, totaling 30.175 billion yuan, with significant cash dividends exceeding 11.1 billion yuan [2][3]. Group 1: Financial Performance - The four state-owned enterprises collectively achieved a net profit of 30.175 billion yuan for the year, with all companies reporting growth [2]. - Datang Power's net profit surged by 229.7% year-on-year, reaching 4.506 billion yuan, marking a significant recovery from a loss of 405 million yuan in 2022 [4]. - Guodian Power's net profit reached 9.831 billion yuan, up 75.28%, despite a revenue decline of 1% to 179.182 billion yuan [5]. - Huadian International's net profit was 5.703 billion yuan, a 26.11% increase, while revenue fell by approximately 3.57% to 112.994 billion yuan [5]. - Huaneng International reported a net profit of 10.135 billion yuan, up 20.01%, with revenue decreasing by 3.48% to 245.551 billion yuan [5]. Group 2: Dividend Distribution - The four companies announced substantial dividend payouts, with a total exceeding 11.1 billion yuan [2]. - Datang Power plans to distribute 1.149 billion yuan in cash dividends, with a payout ratio of 38.13% [2]. - Guodian Power's total cash dividends reached 3.567 billion yuan, with a payout ratio of 36.28% [2]. - Huaneng International announced a high dividend plan of 4.238 billion yuan, raising its payout ratio to 58.78% [2]. - Huadian International's cash dividends for 2024 are approximately 2.148 billion yuan, representing 45.72% of its distributable net profit [2]. Group 3: Revenue and Cost Dynamics - The power sector is characterized by a disparity between profit growth and revenue stagnation, with Datang Power being the only company to achieve growth in both metrics [5]. - The decline in coal prices has significantly impacted fuel costs, which are crucial for profitability [7]. - In 2024, Datang Power's fuel costs were 69.735 billion yuan, down 5.64% year-on-year, while Huadian International's fuel costs were approximately 70.567 billion yuan, a decrease of 6.49% [7]. Group 4: Clean Energy Transition - The companies are advancing their low-carbon transition, with an increase in the share of clean energy installations [9][10]. - By the end of 2024, Datang Power's clean energy capacity reached 40.37%, an increase of 2.62 percentage points from the previous year [9]. - Guodian Power's non-fossil energy capacity accounted for 33.19% of its total, while Huaneng International's clean energy capacity reached 35.82%, up 4.58 percentage points [10]. - Datang Power aims to increase the clean energy share to 50% by the end of the "14th Five-Year Plan" [11].

4月18日，华能国际今日收盘7.11元，下跌1.11%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到11.01倍，总市值1116.13亿元。 从行业市盈率排名来看，公司所处的电力行业行业市盈率平均19.40倍，行业中值17.08倍，华能国际排 名第20位。 截至2024年年报，共有1家机构持仓华能国际，其中基金1家，合计持股数2.00万股，持股市值0.00亿 元。 华能国际电力股份有限公司的主营业务是发电业务并销售电力。公司的主要产品是电力及热力、港口服 务、运输服务。公司及所属单位全年共有1021件发明专利、746件实用新型专利和316件国际专利获得授 权。 最新一期业绩显示，2024年年报，公司实现营业收入2455.51亿元，同比-3.48%；净利润101.35亿元，同 比20.01%，销售毛利率15.14%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)20华能国际11.0111.011.951116.13亿行业平均 19.4020.482.17387.48亿行业中值17.0818.161.54135.22亿1华电辽能-893.591.809.5638.44亿2绿能慧 充-48 ...

Core Viewpoint - Huaneng International Power Co., Ltd. has announced the issuance of debt financing instruments, including medium-term notes and short-term financing bonds, to raise funds for operational needs and debt restructuring [1][4]. Group 1: Medium-Term Notes Issuance - The company plans to issue debt financing instruments up to an equivalent of 130 billion RMB, including medium-term notes, to be approved by relevant regulatory authorities [1]. - Recently, the company completed the issuance of its 2025 eighth phase medium-term notes, amounting to 2 billion RMB, with a term of 3+N years and an interest rate of 2.05% [1][2]. Group 2: Short-Term Financing Bonds Issuance - Huaneng International's wholly-owned subsidiary, Huaneng International Power Jiangsu Energy Development Co., Ltd., has issued its first phase of short-term financing bonds for 2025, totaling 800 million RMB, with a term of 30 days and an interest rate of 1.63% [4]. - The short-term bonds were underwritten by China Minmetals Bank and issued through a centralized book-building method in the national interbank bond market [4][5].

金融界4月18日消息，A股三大指数收盘涨跌不一，沪深300公用事业(二级行业)指数 (300公用(二级)， L11525)报2626.36点。 数据统计显示，沪深300公用事业(二级行业)指数近一个月上涨4.97%，近三个月上涨2.36%，年至今下 跌2.97%。 从沪深300公用事业(二级行业)指数持仓的市场板块来看，上海证券交易所占比95.85%、深圳证券交易 所占比4.15%。 从沪深300公用事业(二级行业)指数持仓样本的行业来看，水电占比59.29%、火电占比15.45%、核电占 比14.23%、风电占比8.62%、燃气占比2.40%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 ...

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，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 華能國際電力股份有限公司 黃朝全 公司秘書 於 本 公 告 日，本 公 司 董 事 為： 王 葵 （執 行 董 事） 王志傑 （執 行 董 事） 黃歷新 （執 行 董 事） 杜大明 （非 執 行 董 事） 周 奕 （非 執 行 董 事） 李來龍 （非 執 行 董 事） 曹 欣 （非 執 行 董 事） 李海峰 （非 執 行 董 事） 丁旭春 （非 執 行 董 事） 王劍鋒 （非 執 行 董 事） 中 國 • 北 京 2025年4月18日 夏 清 （獨 立 非 執 行 董 事） 賀 強 （獨 立 非 執 行 董 事） 張麗英 （獨 立 非 執 行 董 事） 張守文 （獨 立 非 執 行 董 事） 黨 英 （獨 立 非 執 行 董 事） 证券 ...

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，並 明 確 表 示，概 不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 – 1 – 海外監管公告 關於中期票據發行的公告 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.10B條 而 作 出。 華 能國際電力股份有限公司（「公 司」）2023年年度股東大會於2024年6月25日 通 過 決 議，同 意 公 司 在 自2023年年度股東大會批准時起至2024年年度股東 大 會 結 束 時 止，經 相 關 監 管 部 門 核 准 後，在 中 國 境 內 或 境 外 一 次 或 分 次 發行本金餘額不超過等值於人民幣1,300億 元 的 境 內 外 債 務 融 資 工 具，包 括 但 不 限 於 境 內 市 場 的 公 司 債 券、企 業 債 券 和 銀 行 間 債 券 市 場 發 行 的 中 期 票 據 等 境 內 債 務 融 資 工 具，以 及 境 外 市 場 的 離 岸 人 民 幣 ...

证券代码: 600011 证券简称: 华能国际 公告编号:2025-018 本期债券由中信证券股份有限公司、招商银行股份有限公司、中信建投证券 股份有限公司、长城证券股份有限公司作为主承销商组织承销团，通过簿记建档、 集中配售的方式在全国银行间债券市场公开发行。本期债券募集资金将用于补充 公司营运资金、调整债务结构、偿还银行借款及即将到期的债券。 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 华能国际电力股份有限公司董事会 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个别及连带责任。 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25日 通过决议，同意公司在自2023年年度股东大会批准时起至2024年年度股东大会结 束时止，经相关监管部门核准后，在中国境内或境外一次或分次发行本金余额不 超过等值于1300亿元人民币的境内外债务融资工具，包括但不限于境内市场的公 司债券、企业债券和银 ...