证券研究报告·公司点评报告·电力 华能国际（600011） 2024 半年报点评：业绩符合预期，受新加坡 大士能源和风电板块拖累，Q2 业绩下滑 2024 年 08 月 01 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 246725 | 254397 | 265480 | 271375 | 289333 | | 同比（%） | 20.31 | 3.11 | 4.36 | 2.22 | 6.62 | | 归母净利润（百万元） | (7387) | 8446 | 13083 | 15678 | 17525 | | 同比（%） | 26.17 | 214.33 | 54.91 | 19.83 | 11.78 | | EPS-最新摊薄（元/股） | (0.47) ...

Investment Rating - The report maintains a "Buy" rating for Huaneng International, expecting a relative price increase of over 20% in the next six months [9]. Core Views - In the first half of 2024, Huaneng International reported a revenue of 118.806 billion yuan, a year-on-year decrease of 5.73%, while the net profit attributable to shareholders increased by 18.16% to 7.454 billion yuan [1]. - The decline in revenue was attributed to a 0.22% decrease in electricity generation and a 3.21% drop in average electricity settlement prices, alongside a significant 26.26% decrease in Singapore operations [1]. - The company benefited from a reduction in coal prices, with the average coal price down 11.20%, and a decrease in financial expenses by 419 million yuan, contributing to the increase in net profit [1]. - The profit per kilowatt-hour for coal-fired generation showed a significant year-on-year increase of 92.8% in 2Q24, despite a decrease in electricity generation [1]. Financial Summary - For 2024-2026, the projected net profits are 12.577 billion yuan, 13.851 billion yuan, and 15.607 billion yuan, respectively, with corresponding P/E ratios of 11.8, 10.7, and 9.5 [2][3]. - The company’s revenue is expected to grow from 254.397 billion yuan in 2023 to 272.653 billion yuan in 2026, with a modest growth rate of around 2% annually [3][6]. - The net profit is projected to increase significantly in 2024, with a growth rate of 49% compared to 2023 [3][6]. Operational Performance - In 1H24, the company added 1.0545 million kilowatts of wind power and 1.9897 million kilowatts of solar power capacity, bringing total installed capacities to 16.518 million kilowatts for wind and 15.09 million kilowatts for solar [2]. - The profit per kilowatt-hour for wind and solar energy decreased by 11.0% and 28.7% respectively in 1H24, influenced by various factors including electricity prices and natural conditions [2].

证券研究报告 | 2024年08月01日 20.0 0.0 p of 核心观点 或其成后 外部分优于大声 ( 塩珠 ) 合理体伍8. 58 – 9. 31 元 7. 95 元校自治 124800/124800 百万元总市值/亚酒市值 52 周嘉高价/最低价10. 22/6. 90 天 远３个月日均成交取544. 97 西方克 市场市场 亞利预测和财务撤标20222023 246, 725254, 397营业收入(百万元)249, 874252, 582156, 483 (+/-A)20. 6%3. 11.−1.8%1. 19 净粒润(商万元)−7387844612027 –28. 0%-214, 38(+/-X)36. 914. 15 等原校堂〈元〉40.470. 540. 740. 77 EBIT Margin0. 258. 859.9910. 05.10, 35 净亮产牧益率（ROE）–6. 8%6. 45.8. 458. 45. 用影影 (PE)−17, 415. 311, 210, 710. 0 EY/EB I TDA21. 110. 69.99. 69. 5 0. 980. 93市净厚 (PB)1. ...

Financial Performance - For 1H24, the company's operating revenue was 118.8 billion yuan, a year-on-year decrease of 5.73% while the net profit attributable to shareholders (excluding perpetual bonds) was 6.32 billion yuan, an increase of 24.8% [1] - Earnings per share stood at 0.40 yuan, with no interim dividend declared [1] R&D and Management Expenses - Starting from Q2, there has been an increase in expenses related to the implementation of certain research projects [2] Dividend Policy - The company has cumulatively distributed dividends of 62.7 billion yuan since its listing, maintaining a policy of distributing at least 50% of the distributable profits in cash when conditions allow [3] Operations - In the first half of the year, the company added a grid-connected capacity of 3,102.2 MW, including 1,054.5 MW from wind power and 1,989.7 MW from solar power, bringing the total installed capacity to 138.57 GW, with low-carbon clean energy accounting for 32.78% [4] Electricity Generation and Pricing - Domestic electricity generation was 210.678 billion kWh, a slight decrease of 0.22% year-on-year, with an average settlement price of 498.7 yuan/MWh, down 3.21% [5] - Wind power abandonment rate increased to 5.56%, while solar power abandonment rate rose to 6.05% [5] - Average electricity prices for wind and solar power were 511.89 yuan/MWh and 426.98 yuan/MWh, respectively, reflecting decreases of 6.04% and 9.77% year-on-year [6] - The average fuel cost for domestic power plants was 300.5 yuan/MWh, down 11.18% year-on-year [7] Market Transactions and Green Energy - The company participated in green electricity trading, with a total transaction volume of 2.2 billion kWh, a year-on-year increase of 586 million kWh, and an average trading price of 441.68 yuan/MWh [6] - The carbon market saw a trading volume of 25 million tons, with an average price of 87.8 yuan/ton [10] Losses and Low-Carbon Transformation - The company operated 71 coal-fired power plants, with 20 reporting losses, resulting in a loss ratio of 28% [11] - The company is preparing projects for low-carbon transformation technologies, including biomass co-firing and carbon capture [11] Overseas Business - In Singapore, the company’s Da Shi Energy achieved a pre-tax profit of 1.724 billion yuan, despite a decrease in wholesale and retail electricity prices [12][13] - The company’s operations in Pakistan's Sahiwal power plant reached a record high, with total profits of 429 million yuan, an increase of 117 million yuan year-on-year [13] Management Comments on Future Outlook - The management emphasized the importance of adhering to a stable dividend policy and actively researching new policies to promote multiple dividends per year [3] - The company is closely monitoring the operating environment and market conditions to adapt its strategies accordingly [10] Q&A Session Summary Question: What is the company's strategy regarding dividend distribution? - The company reiterated its commitment to a stable dividend policy, aiming to distribute at least 50% of its distributable profits in cash when conditions permit [3] Question: How is the company addressing the challenges in the electricity market? - The management highlighted the need to adapt to changing market conditions and emphasized the importance of maintaining stable electricity prices [6][10] Question: What are the company's plans for low-carbon transformation? - The company is exploring various low-carbon technologies and is preparing projects to implement these technologies, while also seeking subsidies to improve profitability [11]

证券研究报告 | 半年报点评 2024 年 07 月 31 日 华能国际（600011.SH） 煤电持续改善，风电下滑拖累业绩 事件：公司发布 2024 年半年度报告。2024 年上半年，公司实现营业收入 1188.06 亿元，同比下降 5.73%；实现归母净利润 74.54 亿元，同比增长 18.16%；扣非归母净利润 71.80 亿元，同比增长 28.87%，基本每股收益 0.38 元。单二季度实现营业收入 534.39 亿元，同比下降 12.05%；实现归 母净利 28.58 亿元，同比下降 29.58%。 火电：度电利润环比明显改善，盈利能力持续提升。H1 公司燃煤/燃机上网 电量分别为 1704/123.34 亿千瓦时，同比分别-3.19%/-4.14%；利润总额分 别为 39.8/5.7 亿元，同比大幅提升。Q2 单季燃煤/燃机上网电量分别为 781.33/51.80 亿千瓦时，同比分别-9.65%/-7.28%，利润总额分别为 11.55/0.34 亿元，同比提升 74.21%/36%。测算 Q2 燃煤/燃机度电利润总 额分别为 0.015/0.007 元，环比下滑 1.6/6.8 分，同比增长 ...

业绩简评 2024 年 7 月 30 日晚间公司披露 24 年半年报，1H24 实现营收 1188.1 亿元，同比-5.7%；归母净利润 74.5 亿元，同比+18.2%。 其中，2Q24 实现营收 534.4 亿元，同比-12.1%；归母净利润 28.6 亿元，同比-29.6%。电量下滑+供热贡献下降+煤价较高 拖累 Q2 煤机板块盈利；季节性因素+新机转固+机组关停拖累 Q2 风电利润。 经营分析 电量下滑+供热贡献下降+煤价较高，2Q24 煤机盈利能力环比 下滑。公司 2Q24 煤机板块实现利润总额 11.6 亿元，对应度 电利润总额 0.015 元/KWh（环比-0.016 元/KWh）。根据公司经 营业绩公告，1H24 平均上网结算电价为 498.7 元/MWh，同比 -3.2%，相比 1Q24 数据同比降幅收窄，表明火电 2Q24 中长协 电价签订情况良好。煤电盈利环比下滑或受三方面因素影响： （1）2Q24 来水偏丰、机组检修因素影响下，煤机上网电量同 比-9.7%，度电固定成本上升；（2）采暖季结束，供热利润贡 献减少；（3）1H24 入炉除税标煤单价仍有 1010.3 元/吨，维 持高位。 ...

迁泰将投告 早能国际 (600011 CH) 2Q24 发电盈利仿同比提升, 风电永压 부휴房充中核点评 2024 年７月 31 日 | 中国内地发布 2Q24 煤屯量利伤两边向好，具屯量利永压 1H24 公司容妆/归苹冷利为 1188.1/74.5 亿元同比-5.73%/+18.16%，共中 2Q24 公司营业/归草净利润分别同比-12.05%/-29.58%至 534.4/28.6 亿元。 2Q24 业绩同比下添主国境外大士能添盘利同比下降，风屯利润总额同比 -4.83 亿元，煤屯屯呈阳北-9.7%饼况下度屯利润总额份同比+0.7 分。下河 屯圣预期, 鸿娄公司 24-26 辛妇寺寺村至 116/121/130 亿元（ 奇佳： 127/139/160 亿元)。预计公司 24 年新能涨炉幸冷利 75.44 亿元参火屯炉幸 材造 594.4 亿元，分别给予 24E PE23x 称 PB1.20x（寸比公司 Wind 一段 预期 24E PE/PB 14.3x/1.08x，公司派价考虑新能涨叠利能力支强及火风光 一体化化务支往：火屯镇助服务收益表现突出）、构除永续後后目标市值 1653 亿元，对总殷价 10.5 ...

华能国际 2024 年半年报点评 风电拖累业绩，海外业务亮点犹存 华能国际(600011) [Table_Industry] 电力/公用事业 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 11.10 | | | 上次预测: | 11.10 | | [当前价格： Table_CurPrice] | | 8.21 | | --- | --- | --- | --- | |----------|-----------------------------|----------------------------|-------------------------| | | 于鸿光(分析师) | 孙辉贤(研究助理) | 汪玥(研究助理) | | | 021-38031730 | 021-38038670 | 021-38031030 | | | yuhongguang02590 ...

Financial Performance - The company's consolidated operating revenue for the first half of 2024 was RMB 118.806 billion, a decrease of 5.73% year-on-year[1]. - 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[1]. - Operating revenue for the six months ended June 30, 2024, was RMB 118.81 billion, a decrease from RMB 126.03 billion in the same period of 2023, representing a decline of approximately 5.7%[124]. - Net profit attributable to shareholders for the same period was RMB 7.45 billion, up from RMB 6.31 billion in 2023, reflecting an increase of about 18.1%[126]. - The company reported a total profit of RMB 11.19 billion for the six-month period, compared to RMB 8.35 billion in 2023, indicating a growth of approximately 33.5%[124]. - Basic and diluted earnings per share increased by 22.58% to RMB 0.40 from RMB 0.32[120]. - The company reported a gross profit margin of approximately 10.2% for the first half of 2024, compared to 9.5% in the same period of 2023[81]. - The company achieved a net profit margin of approximately 7.7% for the six-month period, compared to 5.2% in the previous year, indicating improved profitability[124]. Electricity Generation and Utilization - The total electricity generation from domestic power plants was 210.678 billion kWh, a decrease of 0.22% year-on-year, with an average utilization hour of 1,680 hours, down 120 hours[3]. - In Q2 2024, the company's total electricity generation in China was 97.643 billion kWh, a year-on-year decrease of 6.24%[10]. - The decline in electricity generation was primarily due to the optimization of unit operation and maintenance scheduling to ensure power supply during peak summer demand[11]. - The company's coal-fired power generation in Q2 2024 decreased by 9.65% year-on-year, reflecting a shift towards renewable energy sources[14]. - The company has been actively promoting green and low-carbon development, with significant growth in wind and solar power generation capacity[11]. - In Q2 2024, the electricity generation from wind power increased by 1.80% year-on-year, while solar power generation saw a decrease of 9.30%[12]. - The company reported a 67.97% year-on-year increase in solar power generation in Jiangsu province for the first half of 2024[14]. Cost Management and Expenses - Operating costs for the first half of 2024 were RMB 103.412 billion, down 8.69% year-on-year, with domestic costs decreasing by RMB 6.295 billion[19]. - Fuel costs amounted to RMB 68.114 billion, a decrease of 12.11% year-on-year, attributed to enhanced cost control measures[20]. - The company reported a year-on-year increase in labor costs to RMB 8.685 billion, up RMB 1.266 billion, driven by performance bonuses and higher social insurance contributions[22]. - Other expenses, including electricity procurement costs, totaled RMB 12.018 billion, a decrease of RMB 1.994 billion year-on-year[23]. Investments and Financing - The company plans to enhance its new energy development efforts and optimize asset structure in the second half of 2024, focusing on high-quality completion of annual targets[8]. - The company aims to leverage green finance policies to expand financing channels and support energy security and green low-carbon transformation[8]. - The company has over RMB 350 billion in unused bank credit facilities as of June 30, 2024, indicating strong financing capabilities[33]. - The company anticipates a 6.5% year-on-year increase in electricity consumption for the full year of 2024, driven by rapid development in renewable energy[39]. - The company expects to refinance short-term borrowings and bonds, with available unutilized bank credit exceeding RMB 350 billion as of June 30, 2024[84]. Corporate Governance and Compliance - The company has a governance structure that complies with all provisions of the Corporate Governance Code as per the listing rules[53]. - The company has established a comprehensive corporate governance structure, including a shareholders' meeting, board of directors, supervisory board, and management team, ensuring clear responsibilities and effective operation mechanisms[54]. - The company has strengthened its information disclosure management system, forming a committee responsible for reviewing periodic reports and ensuring timely and accurate information disclosure[56]. - The board of directors has taken on additional governance responsibilities, including reviewing corporate governance policies and ensuring their effectiveness[55]. - The company has implemented a strict policy against insider trading, ensuring that no directors or senior management hold shares or significant contracts related to the company[60]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 561.273 billion, reflecting a growth of 1.99% since the beginning of the year[28]. - Total liabilities increased by 1.64% to RMB 377.057 billion, resulting in a debt-to-equity ratio of 67.18%[28]. - The company's cash and cash equivalents at the end of June 2024 were RMB 20.327 billion, a 24.82% increase compared to the end of 2023[30]. - The company's total current liabilities reached RMB 172,459,758 thousand, an increase of 5.6% from RMB 163,999,354 thousand at the end of 2023[80]. - The company's long-term borrowings stood at RMB 159.98 billion as of June 30, 2024, slightly down from RMB 162.35 billion at the end of 2023, reflecting a decrease of about 0.82%[78]. Strategic Initiatives and Future Outlook - The company plans to continue its market expansion and product development strategies, focusing on sustainable financing options[106]. - The company is actively monitoring national and industry policies to adapt to the evolving electricity market under the "dual carbon" goals[40]. - The company is enhancing its coal procurement strategies to manage costs and improve supply structure amid international market influences[41]. - The company is facing risks in power construction due to extreme weather, rising labor costs, and lengthy land acquisition processes, and plans to enhance organizational coordination to address these challenges[44].

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥118.81 billion, a decrease of 5.73% compared to ¥126.03 billion in the same period last year[17]. - Net profit attributable to shareholders increased by 18.16% to approximately ¥7.45 billion, up from ¥6.31 billion in the previous year[17]. - The net cash flow from operating activities rose significantly by 71.54% to approximately ¥23.60 billion, compared to ¥13.76 billion in the same period last year[17]. - The company's total assets increased by 2.05% to approximately ¥552.25 billion, up from ¥541.16 billion at the end of the previous year[17]. - The net assets attributable to shareholders increased by 2.50% to approximately ¥135.44 billion, compared to ¥132.14 billion at the end of last year[17]. - Basic earnings per share rose by 22.58% to ¥0.38, compared to ¥0.31 in the same period last year[18]. - The weighted average return on net assets increased by 0.85 percentage points to 10.75% from 9.90% in the previous year[18]. - The company attributed the revenue decline primarily to a decrease in electricity prices[18]. - The growth in net profit was supported by improved cost control and an increase in the scale of renewable energy contributions[18]. Cash Flow and Investments - The company reported a net cash flow from operating activities of RMB 23.60 billion, a substantial increase of 71.54% year-on-year[41]. - The company’s cash flow from financing activities decreased to CNY 85,554,005,949 in the first half of 2024 from CNY 149,288,759,168 in the same period of 2023, a decrease of approximately 42.7%[159]. - The company’s total cash outflow from investing activities in the first half of 2024 is CNY 23,159,588,792, compared to CNY 21,732,413,172 in the same period of 2023, indicating an increase of about 6.5%[159]. - The company achieved compliance with emission standards across all power plants, with SO2 emissions ranging from 0.000 to 0.099 g/kWh and NOX emissions from 0.088 to 0.291 g/kWh[76][77]. Research and Development - The company has ongoing research and development efforts for new products and technologies, although specific details were not disclosed in the provided content[22]. - The company filed for 394 invention patents, 453 utility model patents, and 148 international patents in the first half of the year, indicating significant innovation efforts[34]. - Research and development expenses increased by 18.52% year-on-year, totaling RMB 607.84 million, as the company focused on enhancing its core business[41]. Environmental Compliance and Initiatives - The company has completed ultra-low emission modifications for all coal-fired power plants, achieving compliance with local environmental standards[65]. - The company is actively improving water conservation and wastewater treatment systems, as well as enhancing comprehensive utilization of ash and slag[65]. - The company has implemented strict monitoring systems to ensure all plants adhere to environmental regulations[74]. - The company is committed to enhancing its environmental technology standards, focusing on integrated pollutant removal and CO2 capture and storage technologies[84]. Market and Strategic Outlook - Future outlook includes potential market expansion and strategic acquisitions, aligning with the company's growth objectives[21]. - The company is actively expanding its heating market, achieving a cumulative heating volume of 198 million GJ, a year-on-year increase of 8.74%[30]. - The company plans to enhance its coal procurement strategy to mitigate risks associated with fluctuating coal prices and supply pressures[63]. Shareholder and Governance Information - The company has no plans for profit distribution or capital reserve transfer during this reporting period[5]. - The company approved a dividend for the year 2023 during the shareholders' meeting held on June 25[46]. - The company has appointed Zhu Daqing as the new Chief Accountant, replacing Huang Lixin, who resigned from the position[69]. Debt and Financing - The company’s financing activities in the first half of 2024 exceeded RMB 84 billion, with a gradual decrease in overall funding costs[30]. - The company has a total of 43.23 million RMB in overseas bonds, with no upcoming maturities in the fourth quarter of 2024[139]. - The company has not experienced any interest deferral or forced interest payment events during the reporting period[137]. Risks and Challenges - The company faces risks related to coal supply due to limited growth in domestic coal production and high international coal prices, impacting operational pressures in coal power business[63]. - The company faces risks in power construction due to extreme weather and rising labor costs, but is taking proactive measures to ensure projects progress as planned[66].