证券研究报告·公司点评报告·电力 华能国际（600011） 2023 年年报点评：分红率 57%，关注火电资 2024 年 03月 22日 本开支下行周期行业分红率的持续改善 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） - 16.73 10.80 9 ...

[Table_Main] 证券研究报告 | 公司点评 华能国际(600011.SH) 2024年03月22日 华能国际（600011.SH）：煤电 增持（维持） 所属行业：公用事业/电力 盈利修复，风光投产加速 当前价格(元)：8.99 证券分析师 投资要点 郭雪 资格编号：S0120522120001 事件：公司发布 2023 年年报，2023年公司实现营业收入 2543.97 亿元，同比增  邮箱：guoxue＠tebon.com.cn 长3.11%；实现归母净利润 84.46 亿元，同比增长214.33%； 联系人 卢璇 上网电量稳定增长，成本下降增强盈利能力。2023年公司实现营业收入 邮箱：luxuan＠tebon.com.cn  2543.97 亿元，同比增长3.11%；实现归母净利润 84.46 亿元，同比增长 市场表现 214.33%，扣非归母净利润56.11亿元，同比增长159.56%。营业收入的增长主 要由于公司2023年完成境内上网电量4478.6亿千瓦时，同比+5.3%；同时得益 华能国际 沪深300 23% 于燃料成本的下降，公司23年燃料采购费用为1565.7亿元，较22年下降 ...

上 市 公 司 公用事业 2024年03月21日 华能国际 (600011) 公 司 研 究 ——煤电扭亏为盈 降息有望提升盈利能力 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持） ⚫ 事件：公司发布2023年年报，2023全年实现归母净利润84.46亿元 (未扣除全年计提永续债利息29.16 亿元)，扣除永续债利息后归属于普通股股东净利润55.29亿元，拟分红0.2元/股。公司大幅扭亏但仍低于 我们的预期，上年同期数据为亏损73.87亿元。 证 市场数据： 2024年03月20日 ⚫ 2023全年煤电盈利修复低于预期，修复空间巨大。根据公司年报披露的分部业绩，公司2023年境内煤电、 券 收盘价（元） 9.11 研 一年内最高/最低（元） 10.55/6.9 气电实现税前利润总额4.33、7.77亿元、上年同期数据分别为-173.25、5.75亿元，煤电板块的扭亏主要 究 市净率 1.1 得益于煤价大幅下行且煤机利用小时同比提升。2023年，公司燃煤交易电价481.01元/兆瓦时，较基准电 报 息率（分红/股价） - 价上浮21.19%，同时境内火电厂售电单位燃料成本为326. ...

Investment Rating - The report maintains a "Strong Buy" rating for Huaneng International, with a target price of 10.68 CNY, indicating a potential upside of 17% from the current price of 9.18 CNY [2]. Core Views - The company's 2023 revenue reached 254.40 billion CNY, a year-on-year increase of 3.11%, while the net profit attributable to shareholders surged by 214.33% to 8.45 billion CNY [2][3]. - The fourth quarter of 2023 saw a revenue of 63.08 billion CNY, a slight increase of 0.48% year-on-year, but a net loss of 4.12 billion CNY attributable to shareholders [2]. - The report highlights the recovery in thermal power generation and rapid growth in wind and solar energy, with respective generation increases of 3.32%, 5.06%, 15.56%, and 81.03% for coal, gas, wind, and solar power [2]. - The company plans a capital expenditure of 80.15 billion CNY for 2024, with significant investments in wind and solar energy, reflecting a strategic shift towards renewable energy [2]. - The report anticipates that falling coal prices will enhance profitability in the thermal power sector, while ongoing electricity market reforms may lead to a revaluation of thermal power assets [2]. Financial Summary - For 2023, total revenue was 254,397 million CNY, with a projected revenue of 263,263 million CNY for 2024, reflecting a growth rate of 3.5% [3]. - The net profit for 2023 was 8,446 million CNY, with forecasts of 12,899 million CNY, 15,238 million CNY, and 17,875 million CNY for 2024, 2025, and 2026 respectively, indicating substantial growth rates [3][9]. - The earnings per share (EPS) for 2023 was 0.54 CNY, expected to rise to 0.82 CNY in 2024 [3][9]. - The company’s total assets were reported at 541,159 million CNY for 2023, with a projected increase to 591,924 million CNY in 2024 [9].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved a revenue of 254.4 billion yuan in 2023, a year-on-year increase of 3.11%, and a net profit attributable to shareholders of 8.446 billion yuan, marking a return to profitability [2][3] - The company plans to distribute a cash dividend of 0.20 yuan per share, with a payout ratio of 57% [2] - The profitability of coal power is improving, with a total coal power revenue of 188.8 billion yuan in 2023, up 2.55% year-on-year, despite a loss of 3 billion yuan in Q4 due to asset impairment [3] - The company is increasing its investment in renewable energy, with a projected capital expenditure of 64.9 billion yuan in 2024, a 32.44% increase from 2023 [3] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 254.4 billion yuan and a net profit of 8.446 billion yuan, recovering from a loss in the previous year [2][3] - The coal power segment generated 188.8 billion yuan in revenue, with a total electricity generation of 375.8 billion kWh, reflecting a 3.27% increase [3] - The company’s total profit from wind power decreased by 5% to 5.9 billion yuan, while solar power profit surged by 78% to 2 billion yuan due to rapid installation growth [3] Profitability and Valuation - The company’s net profit forecast for 2024 and 2025 has been revised down to 12.086 billion yuan and 13.541 billion yuan, respectively, with an additional forecast for 2026 at 14.878 billion yuan [3] - The earnings per share (EPS) are projected to be 0.77 yuan for 2024, 0.86 yuan for 2025, and 0.95 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 12, 11, and 10 [3] Capital Expenditure and Future Outlook - The company plans to increase its capital expenditure in renewable energy to 64.9 billion yuan in 2024, indicating a strong commitment to transitioning towards green energy [3] - The coal price is expected to continue declining, which will further enhance profitability in the coal power segment [3]

Financial Performance - The company achieved consolidated operating revenue of RMB 254.397 billion for the year ended December 31, 2023, representing a year-on-year increase of 3.11%[4]. - Net profit attributable to equity holders of the company was RMB 8.357 billion, an increase of RMB 16.384 billion compared to the previous year, reflecting a growth of 204.13%[4]. - The company reported earnings per share of RMB 0.35 for the year[4]. - The company reported a significant increase in investment income, reaching RMB 2.80 billion in 2023, compared to RMB 1.08 billion in 2022[157]. - The total profit for 2023 was RMB 13.00 billion, a significant turnaround from a loss of RMB 9.70 billion in 2022, representing a 234% increase[153]. - The net profit attributable to shareholders for 2023 was RMB 8.45 billion, compared to a loss of RMB 7.39 billion in 2022, marking a 214.33% improvement[153]. - The total comprehensive income for the year was 8,964,914,342, compared to a loss of 10,528,914,811 in 2022, reflecting a strong turnaround in financial performance[159]. Operational Highlights - The total on-grid electricity generation reached 447.856 billion kWh, a year-on-year increase of 5.33%[5]. - The company added controllable power generation capacity of 10,003.9 MW during the year, with low-carbon clean energy capacity accounting for approximately 31.24% of total controllable capacity[8]. - The company maintained a market share of 20.4% in the Singapore electricity market, with a total electricity generation of 11.271 billion kWh, a decrease of 10.84 billion kWh year-on-year[10]. - The company’s total heating supply reached 342 million GJ, reflecting a year-on-year increase of 5.93%[5]. - The company aims to complete an electricity generation volume of approximately 485 billion kWh in 2024[12]. Cost Management - The company procured 21.2 million tons of coal, with a unit fuel cost of RMB 326.43 per MWh, a decrease of 12.38% year-on-year[6]. - The total fuel cost for the company in 2023 was RMB 156.569 billion, an 8.17% decrease from RMB 170.507 billion in the previous year[23]. - The company's operating costs and expenses decreased by 5.43% to RMB 234.201 billion from RMB 247.657 billion in the previous year[22]. - The unit fuel cost for domestic thermal power plants was RMB 326.43 per MWh, down 12.38% from RMB 372.56 per MWh in the previous year[23]. Research and Development - The company’s research and development efforts resulted in 617 invention patents and 3,239 utility model patents granted[9]. - Research and development expenses for the year were RMB 1.533 billion, slightly down from RMB 1.608 billion in 2022[146]. Financial Position - The total assets as of December 31, 2023, amounted to RMB 550.316 billion, reflecting a growth of 7.44% from RMB 512.222 billion at the end of the previous year[33]. - The total liabilities decreased to RMB 370.962 billion from RMB 376.906 billion, a reduction of RMB 5.944 billion, with interest-bearing debt totaling approximately RMB 294.630 billion[34]. - The equity attributable to the company's shareholders increased by RMB 23.099 billion, primarily due to the net profit of RMB 8.357 billion and the issuance of special bonds for energy supply[35]. - The current ratio improved to 0.55 from 0.51, and the quick ratio increased to 0.48 from 0.43, indicating better liquidity management[36]. Cash Flow and Financing - The net cash generated from operating activities was RMB 45.497 billion, a 39.90% increase year-on-year, attributed to lower fuel procurement costs and increased electricity sales[39]. - The cash used in investing activities was RMB 54.529 billion, a 36.90% increase, mainly due to higher capital expenditures on renewable energy projects[40]. - The financing activities generated a net cash inflow of RMB 8.720 billion, an 11.35% increase, supporting the company's capital expenditures for renewable energy development[40]. - The company plans to increase capital expenditure in 2024 to RMB 61.65 billion for thermal power and RMB 353.81 billion for photovoltaic projects[41]. Dividend and Shareholder Information - The company plans to pay a cash dividend of RMB 3.14 billion, with an expected dividend of RMB 0.20 per share[45]. - The company has cumulatively distributed dividends amounting to RMB 62.687 billion since 1998[64]. - The total issued share capital of the company as of December 31, 2023, is 15,698,093,359 shares, with 70.06% held by domestic investors and 29.94% by foreign investors[63]. Corporate Governance - The company has maintained compliance with all corporate governance codes as per the listing rules during the reporting period[89]. - The current board consists of 15 directors, with 5 holding positions in Huaneng Group, ensuring independent operations[71]. - Independent non-executive directors confirmed their independence in March 2024[77]. Market Outlook - The total electricity consumption in China is expected to grow by approximately 6% year-on-year in 2024, with new power generation capacity exceeding 300 million kilowatts[50]. - The company aims to achieve a low-carbon clean energy installed capacity ratio of approximately 45% by the end of the 14th Five-Year Plan[47]. - The company faces risks related to coal procurement due to limited domestic coal production growth and high international coal prices[57]. Environmental and Social Responsibility - The company has successfully completed the preparation and disclosure of its ESG report for the eighth consecutive year, receiving recognition for best practices in ESG[94]. - The company has completed ultra-low emission modifications for all its coal-fired power plants, ensuring compliance with environmental standards[60].

[Table_Header] 公司点评●电力 2024年 3月 20日 [Table_Title] [Table_StockCode] 煤电盈利仍有提升空间，新能源装机有 华能国际(600011) 望加速 [Table_InvestRank] 推荐 (维持) --华能国际 2023 年报点评 核心观点： 分析师 [Table事_S件um：m公a司ry]发 布 2023年年报，全年实现营收 2543.97亿元，同比增长 3.11%； [陶Ta贻b功le_ Authors] 实现归母净利 84.46亿元（扣非 56.11亿元），同比增长 214.33%（扣非同比增 ：010-80927673 长 159.56%）。23Q4单季度实现营收 630.75亿元，同比增加 0.48%；实现归母 ：taoyigong_yj@chinastock.com.cn 净利润-41.18亿元（扣非-37.84亿元）。利润分配方案为每股派发现金红利 0.2 分析师登记编码：S0130522030001 元（含税）。 ⚫ 煤电扭亏为盈，财报质量大幅提升。 梁悠南 分板块来看，全年煤电盈利 4.33 亿元，相较 2022 年亏损 17 ...

Financial Performance - The operating revenue for 2023 was approximately RMB 254.40 billion, an increase of 3.11% compared to RMB 246.72 billion in 2022[17]. - The net profit attributable to shareholders of the listed company for 2023 was approximately RMB 8.45 billion, a significant increase of 214.33% from a net loss of RMB 7.39 billion in 2022[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately RMB 5.61 billion, up 159.56% from a net loss of RMB 9.42 billion in the previous year[17]. - The net cash flow from operating activities for 2023 was approximately RMB 45.50 billion, representing a 39.91% increase from RMB 32.52 billion in 2022[17]. - Basic earnings per share for 2023 reached CNY 0.35, a significant increase of 157.38% compared to a loss of CNY 0.61 in 2022[19]. - The weighted average return on equity improved to 11.25% in 2023, up 29.75 percentage points from -18.50% in 2022[19]. - The company reported a net cash flow from operating activities of CNY 19,900,291,669 in the third quarter of 2023[25]. - The diluted earnings per share for 2023 also stood at CNY 0.35, reflecting the same percentage increase as basic earnings per share[19]. - The net profit attributable to shareholders for the fourth quarter of 2023 was a loss of CNY 4,118,058,012, indicating a challenging end to the year[25]. - The company recorded a total revenue of CNY 65,289,446,465 in the third quarter of 2023[25]. Assets and Liabilities - The total assets at the end of 2023 were approximately RMB 541.16 billion, an increase of 7.67% from RMB 502.61 billion at the end of 2022[18]. - The net assets attributable to shareholders of the listed company at the end of 2023 were approximately RMB 132.14 billion, reflecting a growth of 21.75% from RMB 108.54 billion at the end of 2022[18]. - Accounts receivable increased to CNY 45.826 billion, accounting for 8.47% of total assets, up 15% year-on-year due to increased electricity receivables and renewable energy subsidies[62]. - Inventory decreased to CNY 11.899 billion, accounting for 2.20% of total assets, down 6% year-on-year due to lower domestic coal prices and increased coal stock[62]. - Fixed assets increased to CNY 307.867 billion, accounting for 56.89% of total assets, up 6% year-on-year due to infrastructure and technical reform projects being capitalized[62]. Dividends and Shareholder Returns - The company plans to distribute a dividend of RMB 0.20 per ordinary share, amounting to approximately RMB 313.96 million based on 15,698,093,359 shares[4]. - The company reported a cash dividend amount of ¥3,139,618,671.80, which represents 57.14% of the net profit attributable to ordinary shareholders in the consolidated financial statements[159]. Risk Management and Compliance - The company emphasizes risk management and has implemented effective measures to address potential risks identified in its annual comprehensive risk management report[6]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[5]. - The company received a standard unqualified audit report from Ernst & Young Hua Ming[3]. - The company has completed a comprehensive review of its compliance management system, ensuring adherence to regulatory standards[144]. - The company has established emergency response plans for environmental incidents, adhering to national and local requirements[175]. Operational Efficiency and Cost Management - Operating costs decreased to CNY 223.58 billion, down 6.54% year-on-year[45]. - The average fuel cost for coal-fired power plants was 326.43 RMB/MWh, down 12.38% year-on-year due to improved coal supply and demand dynamics[33]. - The company’s financing capabilities remain strong, with a low cost of capital and a well-established governance structure[40]. - The company has reported a significant increase in operational efficiency metrics, contributing to overall profitability[122]. Research and Development - The company secured 617 invention patents, 3,239 utility model patents, and 320 international patents during the year[39]. - The company reported a total R&D investment of ¥16.10 billion, accounting for 0.63% of total revenue[56]. - The number of R&D personnel reached 12,263, representing 21.49% of the total workforce[57]. - The company is focusing on research and development of new technologies, with an investment of 106.7 million allocated for innovation initiatives[121]. Environmental and Social Responsibility - The company invested 169.202 million yuan in environmental protection during the reporting period[167]. - Total investment in social responsibility projects amounted to CNY 27.89 million, including disaster relief and public welfare donations[185]. - The company is committed to ongoing research and development in emissions reduction technologies to further minimize environmental impact[169]. - The company has implemented CO2 capture and storage technology to improve its carbon reduction capabilities[182]. Governance and Management - The company has established a governance structure with over 50% external directors and one-third independent directors on the board[115]. - The company has received multiple awards for its governance practices and investor relations management, enhancing its reputation in the capital market[112]. - The company has undergone significant changes in its board composition, with multiple new appointments and elections occurring on December 5, 2023[141]. - The company has a structured system in place for decision-making on significant matters, ensuring compliance with laws and regulations[115]. Future Outlook and Strategic Initiatives - Future guidance suggests an expected revenue growth of 10% for the next fiscal year[127]. - The company plans to enhance R&D investment and accelerate the transformation of technological achievements for high-quality development[60]. - The company aims to achieve a low-carbon clean energy installed capacity ratio of approximately 45% by the end of the 14th Five-Year Plan[101]. - The company is exploring potential acquisitions in the renewable energy sector to enhance its market position[131].

业绩简评  2024年 3月 19日晚间公司披露23年年报，23 全年实现营收 2543.97 亿元，同比+3.1%；归母净利润 84.5 亿元，同比 +214.3%。其中，23全年共计提29.7 亿元资产减值损失，或 为业绩主要拖累因素。 经营分析  量：公司23全年实现上网电量4478.6亿千瓦时（同比+5.3%）， 其中煤电/气电上网分别为 3758/277.1 亿千瓦时（分别同比 +3.3%/+5.2%）；新能源（风电+光伏）合计上网427.5 亿千瓦 时（同比+27.9%），占比升至 9.5%（同比+1.6pct）。电量结构 持续绿色化，往后看火电定位进一步转向顶峰保供及支撑调 节（23年辅助服务已有合计净收入27.2亿元）。  价：市场煤价下行，23年煤机燃料成本下降至 0.326元/KWh （同比-12.4%）。随着煤价下行、新能源电量占比提升等因素 人民币(元) 成交金额(百万元) 综合影响，23年平均结算电价为 0.509 元/KWh，同比-0.2%。 11.00 1,800 往后看，煤电容量电价有望形成平均电价支撑。 1,600 10.00 1,400  风光装机扩大，热电联产机组 ...

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。 证券代码：600011 证券简称：华能国际 公告编号：2024-007 华能国际电力股份有限公司 关于召开 2023 年年度业绩推介会的公告 重要内容提示： 一、推介会内容 华能国际电力股份有限公司（"公司"）将于 2024 年 3 月 19 日晚间披露公司 2023 年业绩情况，为便于广大投资者更全面深入地了解公司 2023 年的经营成果 及财务状况，公司决定于 2024 年 3 月 20 日上午 9 点至 10 点 15 分召开 2023 年 年度业绩推介会，公司将针对 2023 年的经营成果及财务指标的具体情况与投资 者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行 回答。 二、会议召开地点与时间 日期：2024 年 3 月 20 日（星期三） 时间：上午 9 点至 10 点 15 分 地点：北京市西城区复兴门内大街 6 号华能大厦 三、公司参加人员 公司参加本次会议的人员包括：董事长王葵先生，副董事长王志杰先生，董 事、总经理、总会计师黄历新先 ...