香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 一. 電話會議內容 華 能 國 際 電 力 股 份 有 限 公 司（「公 司」或「華能國際」）將 於2025年4月28 日晚間披露公司2025年 第 一 季 度 業 績 情 況，為 便 於 廣 大 投 資 者 更 全 面深入地了解公司2025年 第 一 季 度 的 經 營 成 果 及 財 務 狀 況，公 司 決 定於北京時間2025年4月29日下午16點 至17點30分召開2025年第一季 度 業 績 推 介 全 球 投 資 者 電 話 會 議（「電話會議」），公 司 將 針 對2025年 第一季度的經營成果及財務指標的具體情況與投資者進行互動交 流 和 溝 通，在 信 息 披 露 允 許 的 範 圍 內 就 投 資 者 普 遍 關 注 的 問 題 進 行 回 答。 二. 電話會議召開時間 2025年4月29日(星期二)下 午16點 至 ...

金融界4月21日消息，上证指数低开高走，中证香港300公用事业指数 (H300公用，L11229)报1540.83 点。 数据统计显示，中证香港300公用事业指数近一个月下跌1.12%，近三个月上涨1.97%，年至今下跌 3.05%。 据了解，中证香港300行业指数系列在中证香港300指数样本中，按中证行业分类标准进行分类，以进入 各一、二、三级行业的全部证券作为样本编制指数，形成中证香港300行业指数系列，以反映香港市场 不同行业的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，其下属的行业指 数样本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证香港 300行业指数系列样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合 并、分拆等情形的处理，参照计算与维护细则处理。 ...

事件评论 火电量价承压，成本优化主导业绩。一季度全国电力供需形势宽松，同时受新能源装机规模持续扩张影 响，公司煤电机组装机份额有所下降，因此，公司一季度煤电机组完成上网电量829.37 亿千瓦时，同比 减少10.11%。其中，公司煤电装机规模较大的山东、江苏两省上网电量同比下降19.32%、25.48%。此 外，公司燃机一季度完成上网电量76.01 亿千瓦时，同比增长6.24%。电价方面，一季度公司境内电厂 平均上网电价为488.19 元/兆瓦时，同比仅降低9.78 元/兆瓦时，在多个省份年度长协电价有较大幅度调 整的背景下，公司电价相对坚挺的主要原因或系燃机、风电等高电价电量占比提升的结构性影响。但整 体来看，在电量、电价均同比下降的影响下，预计公司一季度火电业务营收有所承压。成本方面，一季 度煤价延续快速回落趋势，一季度秦皇岛Q5500 动力末煤平仓价均价为721.22元/吨，同比降低180.52 元/吨。虽然在长协煤价平滑的作用下，公司成本降幅或相对会有所收窄，但成本端显著回落将是确定 性方向。因此，成本的显著回落将有效缓解量价下降的压力，预计公司一季度火电业务仍有望平稳的业 绩表现。 事件描述 公司发 ...

[Table_Title] 火电成本优化绿电稳增，一季度业绩展望平稳 报告要点 [Table_Summary] 公司一季度煤电机组上网电量同比减少 10.11%，电价方面，一季度公司境内电厂平均上网电 价同比降低 9.78 元/兆瓦时，在多个省份年度长协电价有较大幅度调整的背景下，公司电价相 对坚挺的主要原因或系燃机、风电等高电价电量占比提升的结构性影响。成本方面，一季度秦 皇岛 Q5500 动力末煤平仓价同比降低 180.52 元/吨，成本的显著回落将有效缓解火电量价压 力，预计火电业务仍有望平稳的业绩表现。新能源业绩预计将在电量稳健增长的背景下维持稳 健表现。在煤电成本显著优化以及新能源装机持续扩张的拉动下，公司一季度业绩展望平稳。 分析师及联系人 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_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.co ...

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - March electricity consumption growth was 4.8%, highlighting the importance of coal power upgrades and flexible regulation value [10][12] - The national electricity consumption in March reached 828.2 billion kWh, with a year-on-year growth of 4.8% [12] - The new three-year coal power upgrade plan emphasizes deep peak regulation and energy-saving carbon reduction [11][12] Summary by Sections Electricity Consumption - In March, the electricity consumption by industry was as follows: primary industry 10.6 billion kWh (9.9% growth), secondary industry 557.8 billion kWh (3.8% growth), tertiary industry 148.4 billion kWh (8.4% growth), and urban and rural residents 111.4 billion kWh (5.0% growth) [12][66] - Cumulative electricity consumption from January to March was 238.46 billion kWh, with a year-on-year growth of 2.5% [66] Power Generation - In March, industrial power generation was 778 billion kWh, with a year-on-year growth of 1.8% [12] - Coal power generation in March decreased by 2.3%, while hydroelectric and nuclear power generation increased by 9.5% and 23.0%, respectively [12][10] Coal Power Upgrade Plan - The new coal power upgrade plan (2025-2027) aims to enhance existing units and establish new ones with improved performance metrics [11][12] - Key upgrade indicators include minimum output levels, load change rates, and carbon emission reductions [11][12] Investment Recommendations - Focus on coal power sector opportunities, with coal prices dropping to 674 RMB/ton, supporting improved profitability [13] - Recommended stocks include Huadian International, Waneng Power, and Zhejiang Energy, among others [7]

Investment Rating - Maintain "Buy" rating for the electricity sector [3] Core Viewpoints - In March, national electricity consumption growth was 4.8%, with significant growth in the internet and automotive manufacturing sectors [10][12] - The future three-year coal power upgrade action plan emphasizes the importance of coal power upgrades and flexible adjustment capabilities [11][12] Summary by Sections Electricity Consumption - In March, total electricity consumption reached 828.2 billion kWh, a year-on-year increase of 4.8%. By sector, the first, second, and third industries, along with urban and rural residents, consumed 106, 557.8, 148.4, and 111.4 billion kWh respectively, with growth rates of 9.9%, 3.8%, 8.4%, and 5.0% [12][65] - Cumulative electricity consumption from January to March was 23,846 billion kWh, up 2.5% year-on-year [12][66] Power Generation - In March, industrial power generation was 778 billion kWh, a year-on-year increase of 1.8%, with a narrowing decline in thermal power generation [12][10] - Water and nuclear power generation increased by 9.5% and 23.0% respectively, while wind and solar power generation growth slowed [12][10] Coal Power Upgrade Plan - The National Development and Reform Commission and the National Energy Administration released a new coal power upgrade action plan for 2025-2027, focusing on enhancing existing units and developing new generation units with improved performance indicators [11][12] - Key upgrade requirements include deep peak regulation, load change rates, and clean carbon reduction measures [11][12] Investment Recommendations - Emphasize investment opportunities in the electricity sector, particularly in thermal power stocks such as Huadian International, Waneng Power, and Zhejiang Energy, as well as in leading companies in thermal power upgrade equipment like Qingda Environmental Protection [6][7] - Recommend focusing on undervalued green electricity sectors, including Hong Kong-listed green electricity and wind power operators [6][7]

Core Viewpoint - The four major power generation companies in A-shares, namely Datang Power (601991.SH), Guodian Power (600795.SH), Huadian International (600027.SH), and Huaneng International (600011.SH), reported an increase in net profit for 2024, totaling 30.175 billion yuan, with significant cash dividends exceeding 11.1 billion yuan [2][3]. Group 1: Financial Performance - The four state-owned enterprises collectively achieved a net profit of 30.175 billion yuan for the year, with all companies reporting growth [2]. - Datang Power's net profit surged by 229.7% year-on-year, reaching 4.506 billion yuan, marking a significant recovery from a loss of 405 million yuan in 2022 [4]. - Guodian Power's net profit reached 9.831 billion yuan, up 75.28%, despite a revenue decline of 1% to 179.182 billion yuan [5]. - Huadian International's net profit was 5.703 billion yuan, a 26.11% increase, while revenue fell by approximately 3.57% to 112.994 billion yuan [5]. - Huaneng International reported a net profit of 10.135 billion yuan, up 20.01%, with revenue decreasing by 3.48% to 245.551 billion yuan [5]. Group 2: Dividend Distribution - The four companies announced substantial dividend payouts, with a total exceeding 11.1 billion yuan [2]. - Datang Power plans to distribute 1.149 billion yuan in cash dividends, with a payout ratio of 38.13% [2]. - Guodian Power's total cash dividends reached 3.567 billion yuan, with a payout ratio of 36.28% [2]. - Huaneng International announced a high dividend plan of 4.238 billion yuan, raising its payout ratio to 58.78% [2]. - Huadian International's cash dividends for 2024 are approximately 2.148 billion yuan, representing 45.72% of its distributable net profit [2]. Group 3: Revenue and Cost Dynamics - The power sector is characterized by a disparity between profit growth and revenue stagnation, with Datang Power being the only company to achieve growth in both metrics [5]. - The decline in coal prices has significantly impacted fuel costs, which are crucial for profitability [7]. - In 2024, Datang Power's fuel costs were 69.735 billion yuan, down 5.64% year-on-year, while Huadian International's fuel costs were approximately 70.567 billion yuan, a decrease of 6.49% [7]. Group 4: Clean Energy Transition - The companies are advancing their low-carbon transition, with an increase in the share of clean energy installations [9][10]. - By the end of 2024, Datang Power's clean energy capacity reached 40.37%, an increase of 2.62 percentage points from the previous year [9]. - Guodian Power's non-fossil energy capacity accounted for 33.19% of its total, while Huaneng International's clean energy capacity reached 35.82%, up 4.58 percentage points [10]. - Datang Power aims to increase the clean energy share to 50% by the end of the "14th Five-Year Plan" [11].

4月18日，华能国际今日收盘7.11元，下跌1.11%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到11.01倍，总市值1116.13亿元。 从行业市盈率排名来看，公司所处的电力行业行业市盈率平均19.40倍，行业中值17.08倍，华能国际排 名第20位。 截至2024年年报，共有1家机构持仓华能国际，其中基金1家，合计持股数2.00万股，持股市值0.00亿 元。 华能国际电力股份有限公司的主营业务是发电业务并销售电力。公司的主要产品是电力及热力、港口服 务、运输服务。公司及所属单位全年共有1021件发明专利、746件实用新型专利和316件国际专利获得授 权。 最新一期业绩显示，2024年年报，公司实现营业收入2455.51亿元，同比-3.48%；净利润101.35亿元，同 比20.01%，销售毛利率15.14%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)20华能国际11.0111.011.951116.13亿行业平均 19.4020.482.17387.48亿行业中值17.0818.161.54135.22亿1华电辽能-893.591.809.5638.44亿2绿能慧 充-48 ...

Core Viewpoint - Huaneng International Power Co., Ltd. has announced the issuance of debt financing instruments, including medium-term notes and short-term financing bonds, to raise funds for operational needs and debt restructuring [1][4]. Group 1: Medium-Term Notes Issuance - The company plans to issue debt financing instruments up to an equivalent of 130 billion RMB, including medium-term notes, to be approved by relevant regulatory authorities [1]. - Recently, the company completed the issuance of its 2025 eighth phase medium-term notes, amounting to 2 billion RMB, with a term of 3+N years and an interest rate of 2.05% [1][2]. Group 2: Short-Term Financing Bonds Issuance - Huaneng International's wholly-owned subsidiary, Huaneng International Power Jiangsu Energy Development Co., Ltd., has issued its first phase of short-term financing bonds for 2025, totaling 800 million RMB, with a term of 30 days and an interest rate of 1.63% [4]. - The short-term bonds were underwritten by China Minmetals Bank and issued through a centralized book-building method in the national interbank bond market [4][5].

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Utilities (secondary industry) index reported at 2626.36 points [1] - The CSI 300 Utilities index has increased by 4.97% over the past month, 2.36% over the past three months, and has decreased by 2.97% year-to-date [1] Industry Composition - The CSI 300 Utilities index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weights in the CSI 300 Utilities index are as follows: - Changjiang Electric Power (47.88%) - China Nuclear Power (10.42%) - Three Gorges Energy (8.28%) - Guodian Power (5.57%) - State Power Investment (4.77%) - Chuanwei Energy (4.39%) - Huaneng International (4.24%) - China General Nuclear Power (3.82%) - Zhejiang Energy (3.07%) - Huadian International (2.58%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.85%, while the Shenzhen Stock Exchange accounts for 4.15% [2] - In terms of industry composition within the index, hydropower constitutes 59.29%, thermal power 15.45%, nuclear power 14.23%, wind power 8.62%, and gas power 2.40% [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, but can be modified in the event of temporary adjustments due to changes in the CSI 300 index samples or special events affecting sample companies [2]