股 票 研 究 [Table_industryInfo] 电力/公用事业 [ Table_Main[华ITnaf 能bol]e 国_Ti际tle]( 600011) [评Tab级le_：Inv est] 增持 上次评级： 增持 煤电超预期，业绩开门红 目标价格： 11.34 上次预测： 10.66 公 华能国际 2024年一季报点评 当前价格： 9.31 司 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 2024.04.24 更 021-38031730 021-38038670 021-38031030 [交Ta易bl数e_M据a rket] 新 yuhongguang025906@gtjas sunhuixian026739@gtjas.com wangyue028681@gtjas.com 报 证书编号 .Sc0o8m8 0522020001 S0880122070052 S0880123070143 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 7.1 10 4- 61 ,0 1. 42 99 告 本报告导读： 总股本/流通A股（百万股） 15,698/10,998 流通 B股/ ...

证券研究报告·公司点评报告·电力 华能国际（600011） 2024 一季报点评：业绩超预期，全社会用电 2024 年 04月 24日 量超预期+煤炭下行推荐火电板块 证券分析师 袁理 买入（维持） 执业证书：S0600511080001 021-60199782 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E yuanl@dwzq.com.cn 证券分析师 唐亚辉 营业总收入（百万元） 246,725 254,397 265,480 271,375 289,333 执业证书：S0600520070005 同比（%） 20.31 3.11 4.36 2.22 6.62 tangyh@dwzq.com.cn 归母净利润（百万元） (7,387) 8,446 13,083 15,678 17,525 同比（%） 26.17 214.33 54.91 19.83 11.78 股价走势 EPS-最新摊薄（元/股） (0.47) 0.54 0.83 1.00 1.12 华能国际 沪深300 P/E（现价&最新摊薄） (19.78) 17.30 11.17 9 ...

业绩简评  2024年 4月 23日晚间公司披露24年一季报，1Q24 实现营收 653.7 亿元，同比+0.2%；归母净利润 45.96 亿元，同比 +104.3%。业绩表现亮眼，火电度电利润显著提升。 经营分析  煤-电价格联动顺畅，火电合理收益继续上探。公司 1Q24 燃 煤/燃机板块分别实现利润总额28.3亿元（1Q23为-0.7亿元， 本期大幅扭亏）、5.4 亿元（同比+64.3%），对应度电利润总额 分别为0.03 元/KWh、0.08 元/KWh。根据公司经营业绩公告， 1Q24 平均上网结算电价为497.97 元/KWh，同比-3.99%。在电 价下行背景下实现度电利润大幅提升，一方面体现当下火电 龙头公司较为强势的上下游地位；另一方面体现煤电容量电 价机制落地后带来的盈利支撑作用，火电长期合理收益可期。  1Q24 风电新增装机提速。1Q24 公司风电/光伏上网电量分别 人民币(元) 成交金额(百万元) 同比+24.1%/+73.7%，利润总额贡献分别为 24.1/3.7 亿元， 11.00 1,800 分别同比+25.4%/+7%，大风季风电利润增速略高于电量增速。 1,600 10 ...

Financial Performance - Operating revenue for the quarter was CNY 65,366,884,717, representing a year-on-year increase of 0.15%[3] - Net profit attributable to shareholders was CNY 4,596,138,134, a significant increase of 104.25% compared to the same period last year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 4,377,496,954, up 117.98% year-on-year[3] - Basic earnings per share increased by 150.00% to CNY 0.25[3] - The company reported a total comprehensive income of RMB 6.14 billion for Q1 2024, compared to RMB 1.82 billion in Q1 2023, indicating a growth of 237.5%[14] - Net profit for Q1 2024 was RMB 5.84 billion, representing a significant increase of 136.6% from RMB 2.46 billion in Q1 2023[13] - The company's operating profit surged to RMB 7.01 billion, up from RMB 3.06 billion in the same period last year, marking a growth of 129.5%[13] - Basic and diluted earnings per share for Q1 2024 were both RMB 0.25, compared to RMB 0.10 in Q1 2023, reflecting a 150% increase[14] Cash Flow and Liquidity - The net cash flow from operating activities reached CNY 12,142,578,592, reflecting a growth of 97.81%[3] - Cash flow from operating activities generated RMB 12.14 billion, a substantial increase of 97.5% from RMB 6.14 billion in Q1 2023[15] - Cash and cash equivalents rose to CNY 20.78 billion from CNY 16.85 billion, marking an increase of approximately 23.0%[9] - Cash and cash equivalents at the end of Q1 2024 totaled RMB 20.47 billion, an increase from RMB 18.02 billion at the end of Q1 2023[16] - Financing activities generated a net cash inflow of RMB 1.44 billion, down from RMB 4.80 billion in Q1 2023[16] - Investment activities resulted in a net cash outflow of RMB 9.28 billion, slightly higher than the outflow of RMB 9.25 billion in Q1 2023[15] Assets and Liabilities - Total assets at the end of the period were CNY 545,424,371,101, a slight increase of 0.79% from the end of the previous year[3] - Total current assets increased to CNY 93.69 billion from CNY 90.74 billion, reflecting a growth of approximately 3.2%[9] - Total liabilities decreased slightly to CNY 368.58 billion from CNY 369.80 billion, a reduction of about 0.3%[11] - Total assets increased to CNY 545.42 billion from CNY 541.16 billion, representing a growth of approximately 0.8%[10] - The company reported a total equity of CNY 176.84 billion, up from CNY 171.36 billion, indicating an increase of about 3.9%[12] Shareholder Information - The total number of shareholders at the end of the reporting period was 64,299[7] - The top ten shareholders collectively hold 78.09% of the total shares, with Huaneng International Power Development Company holding the largest share at 32.28%[8] Operational Highlights - Profit from coal-fired power generation was CNY 28.25 billion, while profit from gas-fired power generation increased by 64.34% to CNY 5.36 billion[6] - The company reported a 97.81% increase in net cash flow from operating activities, attributed to reduced fuel procurement costs and increased electricity sales revenue[6] - The company plans to continue expanding its renewable energy projects, particularly in wind and solar power, which showed profit increases of 25.41% and 6.99% respectively[6] - The company recorded a significant increase in investment income, rising to RMB 381.22 million in Q1 2024 from RMB 231.67 million in Q1 2023[13]

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法律责任。 华能国际电力股份有限公司（"公司"）董事会，于2024年4月23日以通讯表决方式召 开第十一届董事会第四次会议（"会议"或"本次会议"），会议通知和补充通知分别于2024 年4月8日和2024年4月19日以书面形式发出。本次会议的召开符合《中华人民共和国公 司法》和公司章程的有关规定。会议审议并一致通过了以下决议： 一、同意《公司2024年第一季度财务报告》 证券代码: 600011 证券简称: 华能国际 公告编号: 2024-018 华能国际电力股份有限公司 第十一届董事会第四次会议决议公告 1. 同意华能山东发电有限公司（"山东公司"）按持股比例为其下属的华能山东如意 （香港）能源有限公司（"香港能源公司"）向中国华能集团香港财资管理有限公司（"财 资公司"）1.19亿美元借款的50%部分（即0.595亿美元）提供担保。 2. 同意山东公司按持股比例为香港能源公司向浙商银行股份有限公司上海分行1亿 美元等值人民币借款的50%部分（即0.50亿美元等值人民币）提供担保。 详见同 ...

证券代码: 600011 证券简称: 华能国际 公告编号: 2024-019 华能国际电力股份有限公司 关于子公司对外担保公告 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法律责任。 重要内容提示： 一、释义 1 被担保人名称：华能山东如意（香港）能源有限公司。 本次担保金额及已实际为其提供的担保余额：山东公司本次担保的主债权为（1） 香港能源公司于 2024 年 3 月 25 日与债权人财资公司签订的《贷款协议之补充协议》 项下发生的 1.19 亿美元债权的 50%部分；（2）香港能源公司拟于本公司股东大会 审议批准本次担保后与债权人浙商银行上海分行签订的《借款合同》项下发生的 1 亿美元等值人民币债权的 50%部分。山东公司已实际为香港能源公司提供的担保余 额为 0（不包括本次担保金额）。 本次担保无反担保。 截至本公告日，本公司不存在对外担保逾期的情况。 本次担保的被担保人资产负债率超过 70%，敬请投资者关注本次担保风险。 1、 "本公司"或"华能国际"指华能国际电力股份有限公司。 2、 "山东公司"指华能山东发电有限公司。 ...

一、 本次交易概述 以莱芜发电为底层资产的类 REITs 产品于 2023 年 12 月在交易所成功发行。 因类 REITs 产品投资人投资收益保障性条款等限制，莱芜发电生产经营产生闲置 资金，仅可在满足协议约定的前提下，经产品管理人中信建投证券股份有限公司 审核同意后向运营保障机构山东公司指定账户发放贷款，作为运营保障机构履行 协议项下各项义务的奖励机制。为减少资金沉淀、降低财务费用，莱芜发电在满 足类 REITs 产品相关条件的前提下，拟于 2024-2026 年度期间向山东公司提供委 托贷款。莱芜发电与山东公司已于 2024 年 4 月 23 日签署《委托贷款框架协议》 （"《协议》"），约定莱芜发电向山东公司提供不超过 20 亿元人民币的委托贷款， 贷款期限不超过 3 年，到期一次还本付息，贷款利率为固定利率，年利率为 2.35%。 公司第十一届董事会第四次会议审议通过本次交易。 本次交易将不影响公司的正常业务开展及资金使用，不属于《上海证券交易 所股票上市规则》等规定的不得提供财务资助的情形。本次交易无需提交本公司 股东大会审议。 本次财务资助对象山东公司为公司直接控股 80%的子公司，公司能够对其 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 65,366,884,717, representing a year-on-year increase of 0.15%[4] - Net profit attributable to shareholders was CNY 4,596,138,134, a significant increase of 104.25% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 4,377,496,954, up 117.98% year-on-year[4] - Basic earnings per share were CNY 0.25, an increase of 150.00% compared to the previous year[5] - Net profit for Q1 2024 was ¥5.84 billion, significantly up from ¥2.46 billion in Q1 2023, marking an increase of 137.5%[19] - The total equity attributable to shareholders increased to ¥136.28 billion in Q1 2024 from ¥132.14 billion in Q1 2023, an increase of 3.2%[19] Cash Flow - The net cash flow from operating activities reached CNY 12,142,578,592, reflecting a 97.81% increase year-on-year[4] - Cash flow from operating activities generated ¥12.14 billion in Q1 2024, compared to ¥6.14 billion in Q1 2023, indicating a growth of 97.5%[21] - The cash flow from investing activities showed a net outflow of ¥9.16 billion in Q1 2024, compared to ¥9.34 billion in Q1 2023, indicating a decrease in investment spending[21] - The net cash flow from investing activities was -$9.28 billion, compared to -$9.25 billion in the previous period[22] - Total cash inflow from financing activities was $36.96 billion, down from $77.82 billion year-over-year[22] - The net cash flow from financing activities was $1.44 billion, a decrease from $4.80 billion in the prior period[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 545,424,371,101, a slight increase of 0.79% from the end of the previous year[5] - The company's total liabilities stood at ¥368.58 billion as of Q1 2024, a slight decrease from ¥369.80 billion in Q1 2023[19] - The total liabilities include short-term borrowings of ¥62,857,106,543 as of March 31, 2024[16] - The company reported a total inventory of ¥9,973,767,566, down from ¥11,899,338,744 in the previous year[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 64,299[11] - The largest shareholder, Huaneng International Power Development Company, holds 5,066,662,118 shares, representing 32.28% of the total shares[11] - The company has not reported any significant changes in shareholder relationships or actions among the top shareholders[12] Segment Performance - The total profit from the coal-fired power segment was CNY 28.25 billion, with a year-on-year increase of 4,151.44%[10] - The profit from the wind power segment was CNY 24.14 billion, reflecting a year-on-year increase of 25.41%[10] - The company reported a significant decrease in fuel costs, contributing to the overall profit growth in domestic operations[8] Other Financial Metrics - The weighted average return on equity rose to 7.07%, an increase of 3.73 percentage points year-on-year[5] - The company's investment income rose to ¥381.22 million in Q1 2024, up from ¥231.67 million in Q1 2023, representing a growth of 64.5%[19] - Research and development expenses increased to ¥205.86 million in Q1 2024 from ¥195.40 million in Q1 2023, a rise of 5.3%[19] Cash and Cash Equivalents - The company's cash and cash equivalents as of March 31, 2024, amount to ¥20,778,929,544, an increase from ¥16,849,857,588 at the end of 2023[16] - Cash and cash equivalents at the end of the period increased to $20.47 billion, compared to $18.02 billion previously[22]

%% research.95579.com %% 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_Title] 电量延续稳健增长，静待业绩弹性释放 报告要点 [公Ta司bl一e_季Su度m煤m电ar上y]网电量同比增长3.05%。电价方面，公司一季度境内电厂平均上网电价同比 下降 3.99%，但预计火电电价降幅预计小于整体降幅。成本方面，一季度秦皇岛港 Q5500 动 力末煤平仓价同比降幅达 20.12%，在火电业务营收维持平稳，而成本显著回落的背景下，预 计火电业务业绩将释放充分的向上弹性。新能源业绩预计将在电量快速增长的背景下维持稳健 ...

Capacity and Operations - Huaneng Power International, Inc. has a controllable installed capacity of 135,655 MW as of December 31, 2023, with low-carbon clean energy capacity accounting for 31.24%[4] - The company operates power plants across 26 provinces, autonomous regions, and municipalities in China, and has investments in power companies in Singapore and Pakistan[4] - The company has established a significant presence in offshore wind power development along the eastern coastal areas of China[5] - The company achieved a total domestic power generation of 425.186 billion kWh in 2022, a year-on-year decrease of 1.44%[17] - In Q1 2023, the company reported a domestic power generation of 107.009 billion kWh, a year-on-year decrease of 0.66%[18] - In the first half of 2023, the company achieved a domestic power generation of 211.148 billion kWh, a year-on-year increase of 7.43%[21] - The company achieved a domestic electricity generation of 337.38 billion kWh in the first three quarters of 2023, representing a year-on-year increase of 5.38%[22] - The total electricity generated in 2023 was 3,758.04 billion kWh from coal-fired units, reflecting a year-on-year increase of 3.27%[33] - The company’s new energy installed capacity reached 28.61 million kW, accounting for 21.1%, an increase of 5.5 percentage points year-on-year[113] Financial Performance - The net profit attributable to shareholders for Q1 2023 was approximately RMB 2.25 billion, an increase of RMB 3.207 billion, representing a year-on-year increase of 335.3%[18] - The net profit attributable to shareholders for the first half of 2023 was approximately RMB 6.308 billion, an increase of RMB 9.317 billion, representing a year-on-year increase of 309.67%[21] - The net profit attributable to shareholders for the first three quarters of 2023 was approximately RMB 12.564 billion, an increase of RMB 16.506 billion, reflecting a year-on-year growth of 418.69%[22] - The company’s net profit attributable to equity holders of the company was RMB 8.36 billion, an increase of RMB 16.38 billion, reflecting a year-on-year growth of 204.13%[28] - The company reported a net profit of RMB 87.69 billion, a significant increase of RMB 197.42 billion compared to a net loss of RMB 109.73 billion in the previous year[44] - The company achieved operating revenue of RMB 254.397 billion in 2023, an increase of 3.11% year-on-year[32] - The company’s pre-tax profit for 2023 was RMB 12.48 billion, a significant recovery from a loss of RMB 10.81 billion in 2022[25] - The company’s total assets reached RMB 550.32 billion by the end of 2023, while total liabilities were RMB 370.96 billion[25] Technological Advancements - The company has introduced several advanced technologies, including the first 1 million kW ultra-supercritical coal-fired unit and the first digitalized 1 million kW ultra-supercritical unit in China[5] - The company successfully launched the 495 MW gas-fired combined heat and power project in Hainan, marking a significant technological advancement[18] - The company completed the commissioning of the world's largest 5 MW supercapacitor energy storage system, enhancing its technological capabilities in energy storage[18] - The company completed significant technological breakthroughs, including the development of a 5 MW supercapacitor energy storage system, the largest in the world[29] - The company’s thermal power units achieved SO2, NOx, and particulate matter emissions of 0.06 g/kWh, 0.13 g/kWh, and 0.01 g/kWh respectively, maintaining ultra-low emission levels[114] Environmental and Social Responsibility - The company has made significant investments in environmental protection technologies and has achieved advanced levels in labor productivity within the domestic power industry[5] - The company is actively improving its water conservation and wastewater treatment systems as part of its environmental risk management strategy[63] - The company has built a volunteer service platform, engaging in multiple public welfare projects in education, healthcare, and environmental protection[116] - The company has committed to promoting the modernization of agriculture and the common prosperity of rural communities[116] - The company contributed over RMB 7 million in donations and materials for flood relief efforts in Hebei Province[116] Corporate Governance - The company was recognized with the "Best Practice Case of Corporate Governance" award by the China Association of Public Companies in 2023[23] - The company has established a comprehensive internal control system, successfully passing external audits for 18 consecutive years[71] - The company emphasizes its commitment to responsible corporate governance and sustainable development practices[30] - The company has established a comprehensive risk management system, enhancing its ability to mitigate risks and promote sustainable development[75] - The company has implemented a series of management regulations related to information disclosure, including the "Information Disclosure Management Regulations" and "Related Party Transaction Management Regulations" to enhance transparency[73] Shareholder Relations and Dividends - The company plans to distribute a cash dividend of RMB 0.20 per share (tax included) for the 2023 fiscal year[28] - Since its listing, the company has distributed a total of RMB 62.687 billion in dividends to shareholders[118] - The company's cash dividend policy stipulates that at least 50% of the distributable profit from the consolidated financial statements will be distributed as cash dividends each year[118] - The proposed cash dividend for the fiscal year 2023 is RMB 0.20 per share (including tax)[131] - The company emphasizes effective communication with various types of investors, including institutional and individual investors, through diverse investor relations activities[118] Future Outlook and Strategic Plans - The company plans to enhance risk control, operational management, and green development efficiency in 2024[30] - The company aims for a low-carbon clean energy installed capacity ratio of approximately 45% by the end of the 14th Five-Year Plan[54] - The company anticipates a 6% year-on-year increase in total electricity consumption in 2024, with new installed power generation capacity exceeding 300 million kilowatts[55] - The company plans to continue expanding its renewable energy capacity and exploring new markets for growth[37] - The company aims to optimize its capital structure and manage financial risks while continuing to invest in new projects and acquisitions[51]