Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 8.07x for 2024, 6.99x for 2025, and 6.34x for 2026 [6][5] Core Views - The company's controlling shareholder, through its affiliated fund, has announced a significant share purchase plan, demonstrating strong confidence in the company's long-term development [1][4] - The company's current PE (TTM) valuation is 10.4x, which is at the 19th percentile of the past decade, and the 2024 expected PE is even lower at 8.07x, indicating undervaluation [1][4] - The power industry's fundamentals are improving, with coal power's role as a flexible regulator being increasingly recognized, which will benefit the company as the largest listed power company in terms of coal-fired capacity [4][5] Industry and Company Analysis Shareholder Confidence - The controlling shareholder's affiliated fund purchased 0.0956% of the company's shares on September 9, 2024, and plans to increase its stake by 0.15% to 0.21% within three months [1][4] - The controlling shareholder and its affiliates currently hold 46.19% of the company's shares, with plans to transfer an additional 0.06% stake from another affiliated entity [4] Valuation and Performance - The company's Q2 2024 net profit attributable to shareholders was RMB 2.858 billion, down 29.58% YoY, primarily due to weak wind and solar conditions and high hydropower generation [4] - The company's PE (TTM) valuation has declined to 10.4x as of September 11, 2024, which is at the 19th percentile of the past decade [1][4] Industry Trends - Coal power generation is expected to recover as electricity demand rebounds and hydropower generation normalizes [5] - Coal prices have shown signs of decline, with the Q5500 coal price at Qinhuangdao Port dropping 3.5% YoY to RMB 842/ton on September 6, 2024, easing cost pressures for the company [5] Financial Projections - The company's EPS is projected to be RMB 0.79, RMB 0.91, and RMB 1.01 for 2024, 2025, and 2026, respectively [5] - Net profit attributable to shareholders is expected to grow from RMB 12.413 billion in 2024 to RMB 15.786 billion in 2026 [11]

Investment Rating - The investment rating for Huaneng International is "Buy - A / Buy - H" [3] Core Views - The controlling shareholder plans to increase its stake in the company by 0.15%-0.21% of A shares, demonstrating long-term confidence in development. On September 9, Huaneng Group's action partner, Huaneng Structural Adjustment No. 1 Fund, increased its holdings by 15 million A shares, accounting for 0.0956% of the total share capital. The group aims to cumulatively increase its stake by no less than 0.15% and no more than 0.21% within three months [4] - The net asset value is expected to continue to recover, with significant dividend value. The company's adjusted net assets for H1 2024 are projected to be 55.9 billion yuan (excluding perpetual bonds of 79.6 billion yuan), an increase of 6.4% compared to the end of the previous year. The stable profit growth from auxiliary services is expected to support the current ROE and net asset recovery. The cash dividend for 2024, after deducting perpetual bond interest, is estimated at approximately 4.1 billion yuan, corresponding to a dividend yield of 3.9% for A shares and 6.9% for H shares based on the latest closing prices [4] - Stable coal prices, the implementation of auxiliary services, and the signing of electricity and price contracts are key areas to watch. In Q3, thermal power generation is expected to decrease significantly due to water supply impacts, while market coal prices are stabilizing and may decline. Performance is anticipated to exceed expectations. The auxiliary services in Hunan, Yunnan, and Henan are under consultation, with expectations for more provinces to follow suit. Concerns about next year's electricity and price remain, but monitoring Q4 spot coal prices is essential [4] - Earnings forecasts and investment recommendations indicate that EPS for 2024-2026 is expected to be 0.70, 0.80, and 0.90 yuan per share, respectively. The latest closing price corresponds to PE ratios of 9.46, 8.24, and 7.36 times. The profitability of thermal power is expected to stabilize, and the electricity reform is reshaping value. A target PE of 13 times for 2024 suggests a reasonable value of 9.05 yuan per share for A shares and 5.70 HKD per share for H shares, maintaining a "Buy" rating for both A and H shares [4] Financial Summary - The company's revenue for 2022 was 246.725 billion yuan, with a growth rate of 20.3%. For 2023, revenue is projected at 254.397 billion yuan, a growth rate of 3.1%. The forecast for 2024 is 252.565 billion yuan, indicating a slight decline of 0.7% [4] - The EBITDA for 2022 was 24.461 billion yuan, increasing to 47.361 billion yuan in 2023, with a forecast of 54.073 billion yuan for 2024 [4] - The net profit attributable to the parent company was -7.387 billion yuan in 2022, expected to turn positive at 8.446 billion yuan in 2023, and further increase to 10.933 billion yuan in 2024 [4] - The EPS for 2022 was -0.47 yuan, expected to rise to 0.54 yuan in 2023, and further to 0.70 yuan in 2024 [4]

证券代码：600011 证券简称：华能国际 公告编号：2024-054 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 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、本次股份转让主体的基本情况 | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | 华能财务公司 | 5%以下股东 | 9,994,199 | 0.06% | 大宗交易取得： | | | | | | 股 9,994,199 | 上述减持主体存在一致行动人： 1 华能国际电力股份有限公司（"公司"）收到中国华能财务有限责任公 司 （"华能财务公司"）通知，按照国家金融监督管理总局《企业集团 财务公司管理办法》及其配套通知要求，企业集团财务公司只可从事 固定收益类有价证券投资，权益类有价证券不再属于许可范围。因此， 华能财务公司拟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 ...

证券代码: 600011 证券简称: 华能国际 公告编号: 2024-053 华能国际电力股份有限公司 关于控股股东之一致行动人增持公司股份 及后续增持计划的公告 （二）本次增持前，华能结构调整1号基金未持有公司股份；本次增持后，华能结 构调整1号基金持有公司15,000,000股A股股份，占公司总股本的0.0956%。 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、增持主体的基本情况 （一）本次增持主体为华能结构调整1号基金。华能结构调整1号基金为公司控股股 东之控股股东华能集团控股三级子公司华能投资管理有限公司的全资子公司天津华人 投资管理有限公司所管理的私募基金，华能集团直接及间接持有华能结构调整1号基金 86.25%份额，华能结构调整1号基金为华能集团的一致行动人。 1 华能国际电力股份有限公司（"公司"或"华能国际"）于2024年9月9日收到公司控股 股东之控股股东中国华能集团有限公司（"华能集团"）之一致行动人华能结构调整1 号证券投资私募基金（"华能结构调整1号基金"）管理人天津华 ...

Financial Performance - For the first half of 2024, the company reported consolidated operating revenue of RMB 118.806 billion, a decrease of 5.73% year-on-year[7]. - Net profit attributable to equity holders was RMB 7.775 billion, an increase of 19.80% year-on-year, with earnings per share at RMB 0.40[7]. - The total operating cost for the first half of 2024 was RMB 103.412 billion, a year-on-year decrease of 8.69%[24]. - Fuel costs amounted to RMB 68.114 billion, a year-on-year decrease of 12.11%[25]. - The operating profit for the first half of 2024 was RMB 14,494,248, an increase of 20.3% from RMB 12,050,363 in the previous year[103]. - The company reported a pre-tax profit of RMB 11,376,144 for the first half of 2024, compared to RMB 8,435,212 in the same period of 2023, an increase of approximately 34.4%[133]. - The comprehensive income attributable to equity holders for the same period was RMB 7,840,389,000, compared to RMB 6,863,532,000 in 2023, reflecting an increase of about 14.2%[106]. - The total comprehensive income for the six months ended June 30, 2024, was RMB 9,598,359,000, compared to RMB 6,763,693,000 in 2023, representing an increase of approximately 42.5%[106]. Electricity Generation and Market Performance - The total electricity generated by domestic power plants was 210.678 billion kWh, a slight decrease of 0.22% year-on-year, with an average utilization hour of 1,680 hours, down 120 hours[9]. - In Q2 2024, the total electricity generated by domestic power plants was 97.643 billion kWh, a year-on-year decrease of 6.24%[17]. - The average electricity price for the first half of 2024 was RMB 498.70 per MWh, down 3.21% year-on-year[18]. - The proportion of market-based electricity transactions for the first half of 2024 was 86.91%, a decrease of 0.77 percentage points year-on-year[18]. - Wind power generation increased by 12.53% year-on-year to 188.80 million kWh in the first half of 2024[18]. - Solar power generation surged by 74.24% year-on-year to 81.98 million kWh in the first half of 2024[18]. - In Singapore, the company’s market share for electricity generation was 20.4%, a decrease of 1.2 percentage points year-on-year, with a pre-tax profit of RMB 1.724 billion, down RMB 1.166 billion[13]. Capacity and Development Plans - The company added controllable power generation capacity of 3,102.19 MW in the first half, with low-carbon clean energy accounting for 32.78% of total capacity[12]. - As of June 30, 2024, the company has a controllable installed capacity of 138,570 MW, with low-carbon clean energy accounting for 32.78% of the total[16]. - The company plans to enhance its renewable energy development and optimize asset structure in the second half of 2024, focusing on high-quality completion of annual targets[14]. - The company anticipates a year-on-year growth of approximately 6.5% in electricity consumption for 2024, with an expected addition of around 300 million kilowatts in installed wind and solar capacity[46]. Financial Position and Cash Flow - The total assets as of June 30, 2024, were RMB 561.273 billion, an increase of 1.99% from the beginning of the year[35]. - Cash generated from operating activities was RMB 23.603 billion, a year-on-year increase of 71.53%[37]. - The net increase in cash and cash equivalents was RMB 4.176 billion, compared to a decrease of RMB 0.232 billion in the previous year[38]. - The company had a total long-term debt of RMB 186.988 billion as of June 30, 2024, compared to RMB 183.424 billion as of December 31, 2023[42]. - The company’s cash and cash equivalents rose to RMB 20,691,486, compared to RMB 16,849,858 at the end of 2023, indicating improved liquidity[99]. - The company’s total equity attributable to owners as of June 30, 2024, was RMB 138,763,115,000, an increase from RMB 115,664,522,000 in the previous year, reflecting a growth of approximately 19.9%[112]. Governance and Compliance - The company has maintained compliance with the corporate governance code and has established a robust governance structure[61]. - The board of directors has implemented measures to enhance corporate governance and operational quality[61]. - The company has established a comprehensive internal control system, including a detailed "Internal Control Manual" that outlines 25 business processes and 19 soft elements to ensure compliance and operational efficiency[67]. - The board of directors consists of 15 members, with Wang Kui as the chairman and Wang Zhijie as the vice chairman[71]. - The company strictly adheres to the regulations regarding insider trading and has implemented measures to prevent insider trading activities[70]. Environmental and Operational Strategies - The company is focusing on green low-carbon development, with continuous growth in wind and solar installed capacity[19]. - The company has implemented ultra-low emission modifications across all coal-fired power plants, achieving compliance with local environmental standards[50]. - The company is actively adapting to the "dual carbon" goals and is accelerating the technological upgrade and transformation of coal power units[46]. - The company is committed to addressing environmental risks by adopting advanced technologies for water conservation and wastewater treatment[50]. Risks and Challenges - The company faces significant pressure on coal supply due to limited domestic coal production growth and fluctuating international coal prices, which remain relatively high[47]. - The company identified risks related to extreme weather and rising labor costs in power construction, and is taking proactive measures to ensure project progress[51]. - The company faced foreign exchange risks due to long-term foreign currency borrowings, particularly in USD and PKR, which could impact financial performance[39].

公司已于近日完成了华能国际电力股份有限公司2024年度第十期超短期融 资券（"本期债券"）的发行。本期债券发行额为10亿元人民币，期限为90天，单 位面值为100元人民币，发行利率为1.93%。 本期债券由宁波银行股份有限公司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 证券代码: 600011 证券简称: 华能国际 公告编号:2024-052 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 ...

特此公告。 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、企业债券和银行间债券市场发行的中期票据等境内债务融资 工具，以及境外市场的离岸人民币债券、境外美元债券和其它外币债券等境外 债务融资工具。 公司已于近日完成了华能国际电力股份有限公司2024年度第八期中期票据 （"本期债券"）的发行。本期债券发行额为13亿元人民币，期限为十年，单位 面值为100元人民币，发行利率为2.36%。 本期债券由招商银行股份有限公司、中信建投证券股份有限公司和长城证 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.c ...

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。 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 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 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短期融资券本 金余额不超过300亿元人民币）。 公司已于近日完成了华能国际电力股份有限公司2024年度第九期超短期融 资券（"本期债券"）的发行。本期债券发行额为45亿元人民币，期限为92天，单 位面值为100元人民币，发行利率为1.95%。 本期债券由上海浦东发展银行股份有限公司和北京银行股份有限公司为主 承销商组织承销团，通过 ...

证券代码: 600011 证券简称: 华能国际 公告编号:2024-049 华能国际电力股份有限公司 关于中期票据发行的公告 本期债券由中信证券股份有限公司、中信建投证券股份有限公司、中信银行 股份有限公司、北京银行股份有限公司、中国民生银行股份有限公司和长城证券 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 2024 年 8 月 10 日 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 ...

Investment Rating - The report updates the target price to HKD 5.69, which represents a 23% upside from the current price of HKD 4.62, and assigns a "Buy" rating [6][10]. Core Insights - The Q2 2024 performance was below expectations due to multiple factors, including maintenance of thermal power units, reduced contributions from heating, increased coal consumption, poor wind resources, and rising R&D expenses [2][7]. - The company maintained its annual target of adding 10GW of new capacity despite rising curtailment rates and declining electricity prices in the first half of 2024 [4][8]. - Significant improvement in operating cash flow supports the company's dividend policy, with a cash balance of RMB 203 billion as of June 30, 2024, and a commitment to maintain a cash dividend payout ratio of no less than 50% under normal profit conditions [5][9]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of RMB 118.81 billion, a year-on-year decrease of 5.73%, while net profit attributable to shareholders was RMB 7.78 billion, a year-on-year increase of 19.8% [2][7]. - Q2 2024 revenue was RMB 53.4 billion, down 12% year-on-year, with net profit around RMB 2.9 billion, down 30% year-on-year [2][7]. Shareholder Information - Major shareholders include Huaneng International Power Development Company (32.28%) and China Huaneng Group Company (9.91%) [3]. Operational Metrics - The average settlement price for wind power in H1 2024 was RMB 511.89 per MWh, down 6.04% year-on-year, while for solar power it was RMB 426.98 per MWh, down 9.77% year-on-year [4][8]. - The wind curtailment rate increased to 5.56%, and the solar curtailment rate rose to 6.05% in H1 2024 [4][8]. Cash Flow and Dividends - Operating cash inflow for H1 2024 reached RMB 23.60 billion, a year-on-year increase of 71.53% [5][9]. - The company has a strong dividend tradition, with expectations for improved cash flow to support dividend payments [5][9].