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。 （股份代號：902） 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） 黃曆新 （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 2024年11月16日 证券代码：600011 证券简称：华能国际 公告编号：2024-065 华能国际电力股份有限公司 关于公司控股股东一致行动人之间转让股份的 结果公告 本公司董事会、全体董事及相关股东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： 一、本次股份转让主体股份转让前基本情 ...

证券代码：600011 证券简称：华能国际 公告编号：2024-065 华能国际电力股份有限公司 关于公司控股股东一致行动人之间转让股份的 结果公告 本公司董事会、全体董事及相关股东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： 2 二、本次股份转让计划的实施结果 (一)本次股份转让计划实施结果： 减持计划实施完毕 一、本次股份转让主体股份转让前基本情况 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | | 股东名称 | | | | 1 2024 年 9 月 10 日，华能国际电力股份有限公司（"公司"）披露了《华 能国际电力股份有限公司关于公司控股股东一致行动人之间转让股份 的提示性公告》，中国华能财务有限责任公司 （"华能财务公司"）拟 自 2024 年 10 月 10 日至 2025 年 1 月 9 日期间，将其持有的公司全部 9,994,199 股 A 股股份（占公司股份总数的 0.06%）通过大宗交易方式 转让给华能结构调整 1 号证券投资私募基金（"华 ...

Investment Rating - The report maintains a "Buy" rating for Huadian Power International (600011 SH) [12] Core Views - Q3 performance was impacted by asset impairment charges of 1 193 billion yuan (727 million yuan for Jining Power Plant and 409 million yuan for Nongan Biomass Power Plant) leading to a 52 69% YoY decline in net profit attributable to the parent company [12] - The company continues its green and low-carbon transformation with rapid growth in new energy power generation [14] - The company is expected to benefit from the recovery of thermal power profitability and the deepening of power sector reforms [15] Financial Performance - Revenue for the first nine months of 2024 was 184 396 billion yuan a decrease of 3 62% YoY [12] - Net profit attributable to the parent company for the first nine months of 2024 was 10 413 billion yuan a decrease of 17 12% YoY [12] - Adjusted net profit attributable to the parent company for the first nine months of 2024 was 10 041 billion yuan an increase of 6 87% YoY [12] Thermal Power Operations - Thermal power generation in the first nine months of 2024 was 278 104 billion kWh a decrease of 2 09% YoY [13] - Gas power generation in the first nine months of 2024 was 21 137 billion kWh an increase of 0 82% YoY [13] - The average price of Qinhuangdao thermal coal (5 500 kcal) in the first nine months of 2024 was 875 yuan/ton a decrease of 11 3% YoY [13] New Energy Operations - New installed capacity in the first nine months of 2024 was 5 2786 GW including 1 4675 GW of wind power and 3 7531 GW of photovoltaic power [14] - Wind power generation in the first nine months of 2024 was 2 683 billion kWh an increase of 16 12% YoY [14] - Photovoltaic power generation in the first nine months of 2024 was 13 884 billion kWh an increase of 72 92% YoY [14] Profit Forecast and Valuation - The company's net profit attributable to the parent company is expected to be 11 400 billion yuan in 2024 13 302 billion yuan in 2025 and 14 951 billion yuan in 2026 [15] - The company's PE ratio is expected to be 10 12x in 2024 8 67x in 2025 and 7 72x in 2026 [15] - The company's EV/EBITDA ratio is expected to be 6 84x in 2024 5 83x in 2025 and 5 11x in 2026 [24]

证券代码: 600011 证券简称: 华能国际 公告编号:2024-064 本期债券由中国民生银行股份有限公司和中国进出口银行为主承销商组织 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 2024 年 11 月 13 日 华能国际电力股份有限公司 关于超短期融资券发行的公告 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，一次或分次滚动发行本金余额不超过300亿元人民币的超短期融资券（即 在前述授权期限内的任一时点，公司发行的处于有效存续期内的超 ...

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。 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，一次或分次 滾動發行本金餘額不超過人民幣300億元的超短期融資券（即在前述授權期限內的任一時 點，公司發行的處於有效存續期內的超短期融資券本金餘額不超過人民幣300億元）。 公司已於近日完成了華能國際電力股份有限公司2024年度第十一期超短期融資券（「本期 債券」）的發行。本期債券發行額為人民幣40億元，期限為109天，單位面值為人民幣100 元，發行利率為1.94%。 本期債券由中國民生銀行股份有限公司和中國進出口銀行作為主承銷商組織承銷團，通 過簿記建檔、集中配售的方式在全國銀行間債券市場公開發行。本期債券募集資金將用 於補充公司營運資金、調整債務結構、償還銀行借款及即將到期的債券。 本期債券發行的有關文件已在中國貨幣網和上海清算所網 ...

Investment Rating - The report maintains a "Buy" rating for the company, suggesting a potential upside of more than 15% relative to the relevant market index [3][7] Core Views - The company's Q3 performance was impacted by asset impairment and non-operating costs, but the profitability per kilowatt-hour for coal power improved after adjusting for impairment effects [3] - The company's coal power and gas power generation saw a slight decline and increase in Q3, respectively, with coal power profitability improving after adjusting for impairment [4] - The company's green energy segment and investment income showed mixed results, with wind and solar power generation increasing significantly but investment income declining [4] Financial Performance - The company's revenue for the first three quarters of 2024 was RMB 184.396 billion, a year-on-year decrease of 3.62%, while net profit attributable to the parent company was RMB 10.413 billion, down 17.12% year-on-year [3] - In Q3 2024, the company's revenue was RMB 65.59 billion, up 0.46% year-on-year, and net profit attributable to the parent company was RMB 2.959 billion, down 52.69% year-on-year [3] - The company's gross margin in Q3 2024 was 16.85%, an increase of 2.40 percentage points year-on-year and 1.89 percentage points quarter-on-quarter [3] Industry Analysis - The company's coal power segment saw a slight decline in Q3, with a year-on-year decrease of 0.29% in electricity generation, while gas power generation increased by 8.69% [4] - The average settlement price for electricity in Q3 decreased by 1.6% year-on-year, a smaller decline compared to the 3.21% decrease in the first half of the year [4] - The company's green energy segment, including wind and solar power, showed strong growth in Q3, with wind power generation increasing by 25.65% and solar power generation increasing by 71.06% year-on-year [4] Valuation and Forecast - The report forecasts the company's net profit attributable to the parent company for 2024-2026 to be RMB 11.824 billion, RMB 12.385 billion, and RMB 13.303 billion, respectively, representing year-on-year growth rates of 40.0%, 4.7%, and 7.4% [3][5] - The company's PE ratio is expected to be 9.6x, 9.2x, and 8.6x for 2024-2026, based on the closing price as of October 31, 2024 [5] Financial Ratios - The company's ROE is expected to be 9.1%, 8.9%, and 9.1% for 2024-2026, respectively [5] - The company's gross margin is forecasted to increase from 12.1% in 2023 to 16.1% in 2026 [5] - The company's EPS is expected to grow from RMB 0.54 in 2023 to RMB 0.85 in 2026 [5]

Investment Rating - The report maintains a "Buy" rating for Huadian International (600011 SH) [1] Core Views - Huadian International's Q3 2024 revenue was RMB 655 90 billion, up 0 46% YoY and 22 74% QoQ, while net profit attributable to shareholders was RMB 29 59 billion, down 52 69% YoY but up 3 55% QoQ [1] - The decline in revenue was mainly due to a 2 63% YoY drop in average settlement electricity price to RMB 496 27 per MWh, despite a 1 14% YoY increase in electricity generation [1] - Net profit was impacted by asset impairment losses of RMB 11 93 billion, including RMB 7 27 billion from Jining Power Plant, and RMB 3 39 billion in losses from typhoon and hail damage to fixed assets and construction in progress [1] - Excluding impairment effects, the profit per kWh for coal-fired power increased by RMB 0 0045 YoY to RMB 0 031 per kWh [1] - New energy installed capacity grew by 5 22 GW, driving a 1 14% YoY increase in electricity generation, with wind power generation up 16 12% YoY and photovoltaic power generation up 72 92% YoY [1] Financial Performance - For Q3 2024, the coal-fired power segment achieved a pre-tax profit of RMB 25 88 billion, with a profit per kWh of RMB 0 024, down RMB 0 0023 YoY [1] - The gas-fired power, wind power, photovoltaic, and hydropower segments achieved total profits of RMB 8 56 billion, RMB 52 00 billion, RMB 24 30 billion, and RMB 1 19 billion, respectively, with YoY growth rates of 21 91%, 10 87%, 33 21%, and 277 81% [1] - The company added 3 75 GW of photovoltaic and 1 47 GW of wind power capacity in 2024, totaling 5 22 GW of new installed capacity [1] Profit Forecast and Valuation - The report revised down the company's profit forecast, expecting net profit attributable to shareholders of RMB 115 67 billion, RMB 125 91 billion, and RMB 145 50 billion for 2024-2026, compared to previous estimates of RMB 129 99 billion, RMB 143 90 billion, and RMB 163 24 billion [1] - The current stock price implies a PE ratio of 9 8x, 9 0x, and 7 8x for 2024-2026, respectively [1] - Compared to peers like Huadian Power International, GD Power Development, and Datang International Power Generation, Huadian International's valuation is considered reasonable [1] Financial Ratios - The company's gross margin is expected to improve from 12 12% in 2023 to 15 30% in 2026 [6] - ROE is projected to increase from 5 30% in 2023 to 8 13% in 2026 [6] - The debt-to-asset ratio is expected to decline from 68 33% in 2023 to 64 70% in 2026 [6]

Key Points Industry or Company Involved - **Company**: Huaneng International Power Co., Ltd. - **Industry**: Power generation, particularly coal and renewable energy. Core Points and Arguments - **Overall Performance**: Huaneng International reported a decrease in consolidated revenue for the first three quarters of 2024, but an increase in net profit and net profit attributable to shareholders. - **Power Generation**: The company experienced a slight increase in thermal power generation and a significant increase in renewable energy generation, with a total of 34.12 billion kWh generated in the first three quarters, a 1.14% increase year-on-year. - **Fuel Costs**: The company achieved a 8.74% decrease in unit fuel cost for thermal power plants year-on-year, attributed to flexible import coal adjustments and refined management. - **Renewable Energy Development**: The company continued to focus on the development of new energy projects, with a total installed capacity of 140 GW by the end of September, including 5.2786 GW added in the first three quarters. - **Overseas Operations**: The company's overseas operations, particularly in Singapore and Pakistan, achieved good performance, with a profit increase in Pakistan and a decrease in Singapore. - **Market Outlook**: The company expects the coal market to stabilize in 2025, with a slight increase in supply and stable demand. The company also anticipates a downward trend in electricity prices next year due to the increase in renewable energy generation. Other Important Points - **Coal Market**: The company expects the coal market to stabilize in 2025, with a slight increase in supply and stable demand. The company also anticipates a downward trend in electricity prices next year due to the increase in renewable energy generation. - **Carbon Trading**: The company's carbon trading expenses increased significantly in the first three quarters of 2024 due to price increases and the expansion of quota shortages. The company expects the situation to improve slightly in 2025. - **Long-term Coal Contracts**: The company has not yet started signing long-term coal contracts for 2025 and will determine the plan based on national policy and negotiations with suppliers. - **Market Strategy**: The company will continue to optimize its market strategy, focusing on high-profit electricity generation and maintaining stable operating performance. References - [doc id='2'] - [doc id='3'] - [doc id='4'] - [doc id='5'] - [doc id='9'] - [doc id='11'] - [doc id='12'] - [doc id='13'] - [doc id='14'] - [doc id='15'] - [doc id='16'] - [doc id='17'] - [doc id='18'] - [doc id='19'] - [doc id='20'] - [doc id='21'] - [doc id='22'] - [doc id='23'] - [doc id='24'] - [doc id='25'] - [doc id='26'] - [doc id='27'] - [doc id='28'] - [doc id='29'] - [doc id='30'] - [doc id='31'] - [doc id='32'] - [doc id='33'] - [doc id='34'] - [doc id='35'] - [doc id='36'] - [doc id='37'] - [doc id='38'] - [doc id='39'] - [doc id='40'] - [doc id='41'] - [doc id='42'] - [doc id='43']

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set to achieve a relative return of over 20% within the next six months [6]. Core Views - The company reported a revenue of 184.40 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.62%. The net profit attributable to shareholders was 10.41 billion yuan, down 17.12% year-on-year, while the net profit excluding non-recurring items increased by 6.87% to 10.04 billion yuan [1][3]. - The company's electricity generation in Q3 showed a quarter-on-quarter increase, with a total of 341.24 billion kWh generated in the first three quarters, reflecting a year-on-year growth of 1.14%. The Q3 generation alone was 130.56 billion kWh, up 3.43% year-on-year, driven by increased electricity demand during peak summer periods [2][3]. - The average on-grid settlement price for electricity was 496.27 yuan per MWh, a decrease of 2.63% year-on-year. Despite the drop in price, the company managed to reduce its operating costs by 7.12% to 154.84 billion yuan, primarily due to lower fuel costs [3][4]. - The company added 5.3 GW of controllable power generation capacity in the first three quarters, with significant contributions from wind and solar energy, totaling 3.8 GW and 1.5 GW respectively. The total controllable generation capacity reached 140.7 GW as of September 30, 2024 [4]. Financial Data and Valuation - The company’s projected net profit for 2024-2026 is revised to 11.70 billion, 13.50 billion, and 15.50 billion yuan respectively, with corresponding P/E ratios of 10, 8, and 7 [5]. - The financial metrics indicate a net profit margin of 7.24%, an increase of 0.21 percentage points year-on-year, and an EBITDA of 55.65 billion yuan projected for 2024 [5][8]. - The company’s total assets are estimated to reach 573.92 billion yuan in 2024, with a debt-to-asset ratio of 71.68% [8].

Key Takeaways Company Performance - **Revenue and Profit**: The company achieved a consolidated operating revenue of 184.396 billion yuan in the first three quarters, a decrease of 3.62%. Net profit attributable to shareholders was 10.41 billion yuan. Adjusted net profit increased by 6.73% to 100.28 billion yuan compared to the same period last year. - **Electricity Generation**: The company's domestic power plants generated 34.124 billion kWh of electricity in the first three quarters, a year-on-year increase of 1.14%. The average settlement price per MWh was 496.27 yuan, a decrease of 2.63% year-on-year. - **Fuel Supply**: The company's unit fuel cost for power plants decreased by 8.74% year-on-year to 303.47 yuan per MWh. It utilized long-term resource supply frameworks and flexible import coal adjustments to optimize fuel supply. - **Renewable Energy**: The company added 5.2786 million kW of installed capacity in the first three quarters, including 1.4675 million kW of wind power, 3.7531 million kW of solar power, and 58,000 kW of gas-fired power. The proportion of low-carbon clean energy increased to 33.8%. - **Overseas Operations**: In Singapore, the company achieved a profit of 2.247 billion yuan, a decrease of 1.394 billion yuan year-on-year. In Pakistan, the Shiwai Valley Power Plant achieved a profit of 6.7 billion yuan, an increase of 2.11 billion yuan year-on-year. Future Outlook - **Fourth Quarter**: The company will continue to promote the construction of clean energy projects, optimize the grid connection rhythm, and vigorously develop green real estate. It will closely monitor coal market changes, optimize supply structures, and control fuel costs. - **2025**: The company will continue to promote the development of clean energy, maintain a steady pace with market policies, and focus on quality and profitability. It will also actively expand financing channels and make full use of green financial policies to reduce costs. - **Coal Market**: The company expects the coal market to improve further in 2025, with supply and demand fundamentals improving. Coal prices are expected to continue to decline slightly, but the decline will be limited. Q&A - **Coal Price Forecast**: The company expects the coal market to improve further in 2025, with supply and demand fundamentals improving. Coal prices are expected to continue to decline slightly, but the decline will be limited. - **Renewable Energy Development**: The company will continue to strive to achieve the 2015 renewable energy development target and will not adjust the development goal for renewable energy in the future. - **Coal Power Generation**: The company will maintain the quality of its coal-fired power plants and search for projects that can replace the shutdown projects. It will also have some new projects to help fill the gap. - **Coal Power Capacity**: The company's coal-fired power capacity is expected to reach 1.46 billion kilowatts by the end of 2024 and 1.2 billion kilowatts by the end of 2025. The government has entered the preliminary research for the 15th Five-Year Plan. - **Renewable Energy Market**: The company will continue to promote the development of renewable energy and actively participate in the market. It will also continue to optimize the development of coal-fired power generation and adjust the energy structure. - **Coal Power Generation Cost**: The company's coal-fired power generation cost decreased by 8.74% year-on-year to 303.47 yuan per MWh. - **Coal Market**: The company expects the coal market to improve further in 2025, with supply and demand fundamentals improving. Coal prices are expected to continue to decline slightly, but the decline will be limited. - **Carbon Emission Trading**: The company's carbon emission trading expenses increased significantly in the first three quarters due to price increases and the allocation of quotas. The company expects the carbon emission trading expenses to be slightly better than last year in 2025. - **Coal Procurement Plan**: The company has not yet started the 2025 coal procurement plan and will determine the overall coal procurement plan based on the national production plan and the situation with suppliers.