证券研究报告 ＃industryId＃ 公用事业 ＃investSuggestion＃ ＃ ＃d华yCo能mpa国ny＃际 （ 600011 ） investSug 000009 ＃title＃ 增持 ( 维ges持tionC）h 煤电业绩超预期，关注二季度业绩弹性 ange＃ ＃createTime1＃ 2024年 4月 28日 投资要点 ＃sum事ma件ry＃：华能国际发布 2024一季报，公司单季度实现营业收入 653.67 ＃市场ma数rk据etData＃ 亿元，同比+0.15%，归母净利润 45.96亿元，同比+104.25%，扣非 日期 2024/4/26 后归母净利 43.77亿元，同比+117.98%。结合经营数据我们点评如 收盘价（元） 9.42 下： 总股本（百万股） 15,698 流通股本（百万股） 10,998  火电：煤电盈利超预期释放，度电利润总额提升至 0.0306元。公司 净资产（百万元） 136,283 2024Q1实际完成上网电量 1130.36亿度，同比+5.63%，其中煤电上 总资产（百万元） 545,424 网电量同比+3.05%至 922.67亿度，多数省份负荷 ...

证券研究报告 2024年 4月 26 日 湘财证券研究所 公司研究 华能国际（600011.SH）业绩点评 燃料成本下行驱动火电业绩修复，风光装机保持高增 相关研究： 核心要点： ❑ 收入端表现稳健，燃料成本下降助推公司业绩改善 《1-3月风光新增装机6124万千瓦，水 电利用小时已现修复趋势》2024.04.22 4月23日华能国际发布2024年一季报。2024Q1公司营业收入653.67亿元， 同比增长0.15%；归母净利润45.96亿元，同比增长104.25%；扣非归母净 《从新能源消纳问题看火电调节价 利润43.77亿元，同比增长117.98%；加权平均净资产收益率为7.07%，同 值》 2024.04.17 比上升 3.73pct。2024 年一季度全社会用电量同比增长 9.8%，全国电力需 公司评级：增持 求稳步增长。2024Q1公司境内电厂上网电量1130.36亿千瓦时，同比增长 5.63%，平均上网电价 497.97 元/兆瓦时，同比下降 3.99%，公司收入端表 近十二个月公司表现 现较为稳健。2024Q1 公司营业成本为548.6亿元，同比减少 38.31亿元； 利润总额为69.98亿元， ...

证券研究报告 公 2024年04月26日 司 报 告 华能国际(600011) │ 行 业： 公用事业/电力 公 投资评级： 买入（维持） 司 当前价格： 9.47元 季 Q1 业绩超预期增长，火电度电利润高增 目标价格： 11.00元 报 点 事件： 评 基本数据 公司发布《2024 年第一季度报告》，2024Q1 公司实现营业收入 653.67 亿 15,698.09/15,698. 总股本/流通股本(百万股) 09 元，同比+0.15%，实现归母净利润 45.96 亿元，同比+104.25%，业绩超预 流通A股市值(百万元) 104,148.31 期。 每股净资产(元) 3.62 ➢ 火电：用电需求高增叠加煤价下降贡献利润 资产负债率(%) 67.58 2024M1-M3全社会累计用电量同比+9.8%，用电需求较高保障发电侧发电量， 公司Q1煤机、燃机上网电量同比分别为+3.05%、-1.73%。煤价方面，依据 一年内最高/最低(元) 10.55/6.90 wind数据，选取秦皇岛（Q5500，平仓价）为指标，2023Q1/2024Q1均价分 股价相对走势 别为1128.9/901.7元/吨，24Q1同 ...

公司报告 | 季报点评 华能国际（600011） 证券研究报告 2024年04月 26日 投资评级 煤电盈利大幅改善，新能源建设有望提速 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 9.47元 事件：公司发布2024年一季报。2024Q1公司实现营收654亿元，同比增 目标价格 元 长0.15%；实现归母净利润45.96亿元，同比增长104%；实现扣非归母净 利润43.77亿元，同比增长118%。 基本数据 点评： A股总股本(百万股) 10,997.71 流通A股股本(百万股) 10,997.71 火电：盈利能力大幅改善，煤机度电利润总额0.03元 A股总市值(百万元) 104,148.31 煤电方面，收入端，公司一季度煤电上网电量同比增长3.05%至922.67亿 流通A股市值(百万元) 104,148.31 千瓦时，境内各运行电厂平均上网结算电价为 497.97 元/兆瓦时，同比下 每股净资产(元) 3.62 降 3.99%。成本端，煤价同比显著下行，若考虑 1 个月煤炭库存，对应秦 资产负债率(%) 67.58 皇岛港动力末煤平仓价（Q5500）均值为 924 元/吨，同比下降了 2 ...

Investment Rating - The report assigns an "Accumulate" rating for Huaneng International, marking its first coverage [4][7]. Core Viewpoints - Huaneng International is the flagship listed platform of Huaneng Group and the largest listed power generation company in China, with a total installed capacity of 136 million kilowatts as of December 2023, including 93.28 million kilowatts of coal power and 28.61 million kilowatts of renewable energy [4][12]. - The company has a strong performance recovery in 2023, achieving a net profit attributable to shareholders of 8.446 billion yuan, compared to a loss of 3.942 billion yuan in the same period last year [4][26]. - The introduction of a capacity price mechanism for coal power is expected to significantly benefit the company, with potential annual compensation of 10 billion yuan for its coal power capacity [4][26]. Summary by Sections 1. Huaneng Group Flagship Platform - The Largest Power Generation Company - Huaneng International is the largest listed power generation company in China, with a diversified energy portfolio including coal, gas, wind, and solar power [4][12]. - As of December 2023, the company has achieved a total renewable energy installed capacity of 28.61 million kilowatts, with a target of adding 40 million kilowatts during the 14th Five-Year Plan [4][12]. 2. Capacity Price Mechanism and Long-term Opportunities - The capacity price mechanism introduced by the National Energy Administration in November 2023 is expected to transform the commercial model of coal power, allowing for a more stable revenue stream [4][26]. - The report highlights that the focus of market dynamics is shifting back to coal prices, with a potential increase in net profit of 8.5 billion yuan for every 100 yuan per ton decrease in coal prices [4][26]. 3. Profit Forecast and Valuation - The forecasted net profits for Huaneng International for 2024, 2025, and 2026 are 12.735 billion yuan, 14.569 billion yuan, and 15.721 billion yuan respectively, with a corresponding PE ratio of 16, 13, and 12 [6][30]. - The report emphasizes that the company is well-positioned to benefit from the restructuring of the coal power mechanism, justifying the "Accumulate" rating [4][7].

Investment Rating - The report updates the target price to HKD 5.89, representing a potential upside of 17% from the current price of HKD 5.03, and assigns a "Hold" rating [5][11]. Core Insights - In Q1 2024, the company reported a net profit of RMB 4.596 billion, a year-on-year increase of 104.25%, with total revenue of approximately RMB 65.367 billion, reflecting a slight increase of 0.15% [2][8]. - The company's coal power segment showed significant profit recovery, with coal machine profits totaling RMB 2.825 billion, compared to a loss of RMB 70 million in Q1 2023, benefiting from a 13% decrease in both benchmark coal prices and fuel costs [2][8]. - The company plans to add 10 GW of wind and solar capacity in 2024, with total installed capacity reaching 30.217 million kW, and the proportion of low-carbon clean energy increasing to 32% [3][9]. - Wind power profits in Q1 2024 reached RMB 2.414 billion, a year-on-year increase of 25.41%, indicating stable growth in this segment [3][9]. - Long-term reasonable returns from coal power are expected to support the company's dividend payout ratio, which reached 57.14% in 2023, with further improvements anticipated in 2024 [4][10]. Financial Summary - The company’s revenue is projected to grow from RMB 254.397 billion in 2023 to RMB 267.329 billion in 2024, with a year-on-year growth rate of 5.1% [5][14]. - The net profit is expected to increase significantly from RMB 8.357 billion in 2023 to RMB 11.980 billion in 2024, reflecting a growth rate of 43.4% [5][14]. - The earnings per share (EPS) is projected to rise from RMB 0.35 in 2023 to RMB 0.7632 in 2024 [5][14].

Investment Rating - The investment rating for Huaneng International (600011.SH) is "Buy" [4][10] Core Views - The company's revenue slightly increased, while net profit attributable to shareholders saw a significant year-on-year growth of 104.25% in Q1 2024, reaching 45.96 billion yuan. This growth was primarily driven by an increase in domestic power generation and a decrease in fuel costs [1][5] - The decline in coal prices has positively impacted thermal power profitability, with coal prices dropping by 17.91% year-on-year as of April 23, 2024. This trend is expected to stabilize thermal power profitability as the new electricity pricing policies are implemented [1][10] - The share of renewable energy installations continues to rise, with the company adding 1.61 GW of controllable power generation capacity in Q1 2024. The total controllable power generation capacity reached 137.12 GW, with wind and solar power accounting for 22.04% of the total [1][10] Summary by Sections Financial Performance - In Q1 2024, Huaneng International achieved an operating revenue of 653.67 billion yuan, a slight increase of 0.15%. The net profit attributable to shareholders was 45.96 billion yuan, marking a 104.25% increase year-on-year. The company's average on-grid settlement price was 497.97 yuan/MWh, down 3.99% [1][5] - The profit from the coal-fired segment reached 28.25 billion yuan, up 4151.44%, while the wind and solar segments also showed positive growth [5][6] Market Trends - The company is experiencing a shift towards renewable energy, with significant capital expenditures planned for wind and solar projects, amounting to 295.44 billion yuan and 353.81 billion yuan respectively [1][10] - The expected net profit for 2024-2026 is projected to be 129.8 billion yuan, 143.1 billion yuan, and 155.5 billion yuan respectively, with earnings per share (EPS) forecasted at 0.83, 0.91, and 0.99 yuan [10][12] Valuation - The reasonable market capitalization for Huaneng International is estimated to be between 1504 billion yuan and 1634 billion yuan, with a corresponding fair value per share of 9.61 to 10.44 yuan, indicating a premium of 3% to 12% over the current stock price [10][12]

Investment Rating - The report maintains an "Outperform" rating for Huaneng Power International [3][5][10] Core Views - The company's performance in Q1 2024 is in line with expectations, driven by a significant recovery in thermal power profitability and a decrease in coal prices [7][10] - The report projects net profits for 2024-2026 to be CNY 12,132 million, CNY 13,230 million, and CNY 15,706 million respectively, with a target price set at HKD 5.32 based on a 7x PE valuation for 2024 [10] Financial Performance Summary - In Q1 2024, the company achieved revenue of CNY 65.367 billion, a year-on-year increase of 0.15%, and a net profit of CNY 4.377 billion, a year-on-year increase of 117.98% [7][8] - The coal-fired sector contributed CNY 2.825 billion in profit, a year-on-year increase of 42 times, while the gas-fueled plants contributed CNY 536 million, a year-on-year increase of 64.34% [7][8] - The average on-grid electricity price in Q1 2024 was CNY 498 per MWh, a decrease of approximately 4% year-on-year [8][9] Segment Performance - The company sold 113.036 billion kWh of electricity in Q1 2024, a year-on-year increase of 5.63%, with significant growth in new energy sources [8][9] - New energy capacity increased by approximately 16GW in Q1 2024, a year-on-year increase of 99.7%, with wind power accounting for 54% of the new installations [9][10] Profitability Metrics - The report forecasts gross margins to improve from 12.1% in 2023 to 16.7% by 2026, with net margins expected to rise from 3.3% to 5.7% over the same period [6][10] - The return on equity (ROE) is projected to increase from 7.0% in 2023 to 10.1% by 2026 [6][10]

证券研究报告 | 季报点评 2024年04月24日 华能国际（600011.SH） 业绩超预期，煤电持续改善，风光电量高增 事件: 公司发布 2024 年一季度业绩报告。2023 年第一季度，公司实现营 买入（维持） 业收入653.67亿元，同比增长0.15%；实现归母净利润45.96亿元，同比 股票信息 增长 104.25%；扣非归母净利润 43.77 亿元，同比增长 117.98%，基本每 股收益 0.25 元。单季度业绩高增长，主要系燃料成本下降，煤电利润持续 行业 电力 改善及电量增长。 前次评级 买入 4月23日收盘价(元) 9.31 火电：度电利润环比明显改善，盈利能力持续提升。Q1公司燃煤/燃机发电 总市值(百万元) 146,149.25 量分别为922.67/71.54亿千瓦时，同比分别+3.05%/-1.73%；利润总额分 总股本(百万股) 15,698.09 别为28.25亿元/5.36亿元（23Q1煤电利润总额-0.7亿），同比大幅提升。 其中自由流通股(%) 70.06 测算 Q1 燃煤/燃机度电利润分别为 0.031/0.075 元，较 2023 年分别提升 30日日均成交量(百万股 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Views - The company reported a significant increase in net profit for Q1 2024, reaching 4.596 billion yuan, a year-on-year growth of 104.25%, slightly exceeding expectations [4] - The improvement in performance is attributed to the recovery of thermal power profitability and rapid growth in renewable energy [4] - The report highlights a substantial decrease in fuel costs, contributing to enhanced profitability in the coal power segment [4] - The company is expected to continue benefiting from declining coal prices and increasing renewable energy installations [4] Summary by Sections Market Data - Closing price: 9.31 yuan - One-year high/low: 10.55/6.9 yuan - Price-to-book ratio: 1.1 - Circulating A-share market value: 102,389 million yuan [2] Financial Performance - Q1 2024 total revenue: 65,367 million yuan - Q1 2024 net profit: 4,596 million yuan - Q1 2024 gross profit margin: 16.1% - Q1 2024 return on equity (ROE): 3.4% [5][6] Profit Forecast and Valuation - The company’s net profit forecasts for 2024-2026 are 11.533 billion, 13.758 billion, and 16.641 billion yuan respectively - The current stock price corresponds to a PE ratio of 13, 11, and 9 for 2024-2026 [4][5]