Investment Rating - The report assigns an investment rating of "Buy" for Huaneng International (600011) [1][8] Core Views - The company's net profit attributable to shareholders increased by 20% year-on-year in 2024, primarily due to significant improvement in coal power performance and a reduction in asset impairment losses [4][5] - The report highlights that the coal price decline has positively impacted coal power performance, with a total profit of 7.14 billion yuan in 2024, reflecting an increase of 1.8 fen/kWh year-on-year [5] - The company plans to invest 69.4 billion yuan in capital expenditures in 2025, with a focus on renewable energy, indicating a strategic shift towards sustainable energy sources [5] Financial Performance Summary - In 2024, the company achieved revenue of 245.55 billion yuan, a decrease of 3.5% year-on-year, while the net profit attributable to shareholders was 10.14 billion yuan, an increase of 20% [4][5] - For Q4 2024, the company reported revenue of 61.16 billion yuan, down 3.0% year-on-year, and a net loss of 0.28 billion yuan, an improvement from a loss of 4.12 billion yuan in the same period last year [4] - The company plans to increase its renewable energy capacity by 9.4 GW in 2024, with 2.6 GW from wind power and 6.8 GW from solar power [5] Earnings Forecast - The report forecasts the company's revenue for 2025-2027 to be 236.5 billion yuan, 239.2 billion yuan, and 243.2 billion yuan respectively, with net profits of 11.3 billion yuan, 11.8 billion yuan, and 12.1 billion yuan [5][7] - The projected P/E ratios for 2025-2027 are all estimated at 9 times [5][7]

Core Viewpoint - The company reported a revenue of 245.6 billion yuan in 2024, a year-on-year decrease of 3.5%, while the net profit attributable to shareholders was 10.1 billion yuan, an increase of 20%, aligning with expectations. The dividend per share was 0.27 yuan, up 35% year-on-year, with a payout ratio of 58.9%, which is better than anticipated [1] Group 1: Financial Performance - The coal-fired power segment saw a year-on-year decrease in benchmark coal price by 9%, leading to a recovery in pre-tax profit to 0.02 yuan per kWh. The utilization hours for coal power decreased by 2.3% to 4,285 hours, with electricity prices down 2.2%, but significant reductions in fuel costs helped pre-tax profits recover to 7.2 billion yuan compared to 0.43 billion yuan in 2023 [1] - In the renewable energy sector, pre-tax profits for wind and solar power were 0.18 yuan and 0.15 yuan per kWh, respectively, with declines of 1% and 20% year-on-year. Solar power was affected by electricity price pressures, although its profit remained above industry levels [1] - The overseas business reported a pre-tax profit of 2.7 billion yuan from Singapore, down 38% year-on-year, while profits from Pakistan reached a record high of 0.97 billion yuan, up 61% [2] Group 2: Future Development Trends - The company plans capital expenditures of 69.4 billion yuan in 2025, a year-on-year increase of 12%, primarily driven by solar power installations. The planned installed capacity for wind and solar power is 2.6 GW and 6.7 GW, respectively, with a total of approximately 10 GW of new renewable energy capacity expected [3] - The company anticipates a significant reduction in long-term contract electricity prices, with a projected increase of 5% over the benchmark price, down 8 percentage points year-on-year. However, early-year coal prices have decreased unexpectedly, alleviating some electricity price pressures [3] Group 3: Profit Forecast and Valuation - Due to a greater-than-expected decline in coal prices, the company has raised its profit forecast for 2025 by 2.8% to 11.5 billion yuan. The revenue is expected to increase by 1.4% year-on-year to 243.9 billion yuan, with net profit projected to rise by 9.4% to 12.6 billion yuan [4] - The target prices remain unchanged at 10.49 yuan for A-shares and 5.35 HKD for Hong Kong shares, indicating an upside potential of 54.5% and 19.7% from current prices, respectively. The current trading multiples for A-shares are 12.4x and 11.0x P/E for 2025E and 2026E, while for Hong Kong shares, they are 7.6x and 6.7x P/E [4]

24 年新增风光装机9.4GW，25 年风光资本开支计划同比增长14%2024 年公司新增基建并网可控发电装 机容量9.7GW，其中火电0.3GW，风电2.6GW，太阳能6.8GW。截至2024 年底，公司可控发电装机容量 为145.1GW，低碳清洁能源占比达35.82%；其中煤电93.1GW、气电13.5GW、风电18.1GW、太阳能 19.8GW、水电0.4GW、生物质0.2GW。2025 年资本开支计划额较2024 年实际资本开支额增长14%至 512 亿元，其中风电为362 亿元，同比增长44%，太阳能为150 亿元，同比下降24%。 煤电：盈利能力大幅改善，全年贡献利润总额71 亿元收入端，2024 年公司燃煤交易电价446.45 元/兆瓦 时，较基准电价上浮13.25%；煤电发电量同比下降1.7%至3942 亿千瓦时。成本端，2024 年国内煤炭供 需关系不断改善，价格中枢下移，公司境内火电厂售电单位燃料成本为300.31 元/兆瓦时，同比下降 8.00%。综合来看，2024 年公司煤电板块盈利能力大幅改善，全年实现利润总额71.38 亿元，对应单位 发电量为0.018 元/千瓦时，23 年为0. ...

Investment Rating - The investment rating for Huaneng International is "Buy" with a target price not specified [5] Core Views - The company reported a revenue of 245.6 billion yuan in 2024, a decrease of 3.48% year-on-year, while the net profit attributable to shareholders was 10.1 billion yuan, an increase of 20.01% year-on-year [1] - The company plans to distribute a cash dividend of 0.27 yuan per share, resulting in a cash dividend payout ratio of approximately 58.78% [1] - The company aims to add 9.7 GW of controllable power generation capacity in 2024, with a significant focus on renewable energy sources [2] - The coal power segment showed a significant improvement in profitability, contributing a total profit of 7.1 billion yuan in 2024 [3] - The renewable energy segment contributed a total profit of 9.5 billion yuan in 2024, reflecting a year-on-year growth of 19% [4] Financial Data Summary - Revenue for 2024 is projected at 245.6 billion yuan, with a growth rate of -3.48% [11] - The net profit attributable to shareholders for 2024 is expected to be 10.1 billion yuan, with a growth rate of 20.01% [11] - The company’s EBITDA for 2024 is estimated at 56.3 billion yuan [11] - The projected earnings per share (EPS) for 2024 is 0.65 yuan [11] - The price-to-earnings (P/E) ratio for 2024 is estimated at 10.52 [11] - The company’s total assets are projected to reach 586.8 billion yuan by 2024 [11]

截至2025年3月31日11:19，中证全指公用事业指数(000995)上涨0.48%，成分股龙源电力上涨5.86%，大唐发电、华电国际、申能股份、国电电力等个股跟 涨。公用事业ETF(159301)跟随涨势，最新价报0.9元，盘中成交额已达230.79万元，暂居可比ETF首位，换手率3.66%。规模方面，公用事业ETF近1月规模 增长299.65万元，新增规模位居可比基金首位。 从估值层面来看，公用事业ETF跟踪的中证全指公用事业指数最新市盈率（PE-TTM）仅15.67倍，处于近1年5.14%的分位，即估值低于近1年94.86%以上的 时间，处于历史低位。 广发证券发布研报称，公用事业板块企稳与催化信号同步显现，煤价超预期下跌及水电蓄能释放推动火电、水电业绩预期反转，叠加高股息策略和市值管理 方案密集落地，板块配置价值凸显。 公用事业ETF（159301）紧密跟踪中证全指公用事业指数，选取50只涉及电力、环保、储能等领域的股票作为指数样本，按申万三级行业来看，前四大行业 分别为水力发电、火力发电、核力发电和风力发电，合计权重近78%，具备高分红与稳健成长属性，是较为典型的红利成长资产。 | 股票代码 | ...

截至2025年3月31日 11:04，国证绿色电力指数上涨0.65%，成分股江苏新能上涨6.12%，龙源电力上涨5.99%，晓程科技上涨4.97%，明星电力上涨3.14%，大 唐发电上涨2.81%。绿色电力ETF(159625)上涨0.36%，盘中成交额已达1083.40万元。 场外投资者可通过对应的绿色电力ETF联接基金（017057）把握投资机会。 以上内容与数据，与界面有连云频道立场无关，不构成投资建议。据此操作，风险自担。 规模方面，绿色电力ETF最新规模达3.30亿元，创近1年新高。份额方面，绿色电力ETF最新份额达2.99亿份，创近1年新高。从资金净流入方面来看，绿色 电力ETF近9天获得连续资金净流入，最高单日获得1555.77万元净流入，合计"吸金"5507.36万元。 从估值层面来看，绿色电力ETF跟踪的国证绿色电力指数最新市盈率（PE-TTM）仅17.34倍，处于近1年0.4%的分位，即估值低于近1年99.6%以上的时间， 处于历史低位。 数据显示，截至2025年2月28日，国证绿色电力指数前十大权重股分别为长江电力、中国核电、三峡能源、国投电力、川投能源、中国广核、华能国际、国 电电力、 ...

Investment Rating - The report maintains a "Buy" rating for Huaneng International [6] Core Views - Huaneng International achieved a revenue of 245.55 billion yuan in 2024, a year-on-year decrease of 3.48%, while the net profit attributable to shareholders was 10.14 billion yuan, reflecting a year-on-year increase of 20.01% [1] - The company proposed a cash dividend of 0.27 yuan per share, with a payout ratio of 58.78%, an increase from 57.14% in 2023 [1] - The report highlights a significant improvement in coal-fired power profitability, driven by a substantial reduction in coal costs, which decreased by 138.81 billion yuan, or 9.40% year-on-year [3] Revenue and Profitability - The revenue from electricity and heat services decreased by 3.49% year-on-year, while port services and transportation services saw changes of -10.78% and +13.60%, respectively [1] - The average settlement price for electricity was 494.26 yuan per MWh, down 2.85% year-on-year [1] - The report indicates that the coal-fired, gas-fired, wind, solar, and hydroelectric segments generated revenues of 180.18 billion, 19.51 billion, 16.79 billion, 7.13 billion, and 0.31 billion yuan, respectively, with year-on-year changes of -4.59%, -2.34%, +11.03%, +52.96%, and +23.30% [2] Cost Structure and Profit Margins - The domestic operating costs decreased by 111.59 billion yuan, a decline of 5.61%, primarily due to reduced fuel costs [3] - The profit margins for coal-fired, gas-fired, wind, solar, and hydroelectric segments saw significant increases, with coal-fired profit rising by 1548% year-on-year [3] Future Outlook - The company plans to continue expanding its green energy capacity, with wind power being a major investment focus for 2025, allocating approximately 362 billion yuan for wind energy [4] - The report projects a decrease in net profit estimates for 2025 and 2026 to 11.21 billion and 11.96 billion yuan, respectively, while introducing a new estimate for 2027 at 12.73 billion yuan [4] - The report emphasizes the importance of maintaining a stable dividend payout ratio around 60% over the past two years, reflecting the company's commitment to shareholder returns [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a total revenue of 245.55 billion yuan in 2024, a decrease of 3.48% year-on-year, while achieving a net profit attributable to shareholders of 10.135 billion yuan, an increase of 20.01% year-on-year [5][10] - The coal power business generated a total profit of 7.138 billion yuan, an increase of 6.705 billion yuan year-on-year, with a profit per kilowatt-hour of 0.019 yuan [10] - The company plans to distribute a cash dividend of 0.27 yuan per share, representing 58.78% of the distributable profit, with estimated dividend yields of 3.84% for A shares and 6.32% for H shares based on the closing price on March 25 [10] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 245.55 billion yuan, a decrease of 3.48% year-on-year, and a net profit of 10.135 billion yuan, an increase of 20.01% year-on-year [5][10] - The coal power business saw a total profit of 7.138 billion yuan, with a profit per kilowatt-hour of 0.019 yuan [10] - The company’s biomass power plants faced losses due to subsidy expiration, but the overall performance was supported by robust growth in renewable energy [10] Renewable Energy Growth - The company added 9.4177 million kilowatts of new renewable energy capacity in 2024, bringing the total to 37.945 million kilowatts, a year-on-year increase of 32.62% [10] - Wind power generation reached 36.952 billion kilowatt-hours, up 16.07% year-on-year, while solar power generation increased by 66.13% to 18.127 billion kilowatt-hours [10] Dividend and Future Outlook - The company plans to distribute a cash dividend of 0.27 yuan per share, with a total dividend amounting to 58.78% of the distributable profit [10] - The projected earnings per share (EPS) for 2025-2027 are 0.70 yuan, 0.76 yuan, and 0.85 yuan, with corresponding price-to-earnings (PE) ratios of 9.81, 9.90, and 8.05 [10]

Investment Rating - The investment rating for Huaneng International is "Outperform the Market" [5][3]. Core Views - The company's operating revenue decreased by 3.48% year-on-year to 245.55 billion yuan in 2024, while the net profit attributable to shareholders increased by 20.01% to 10.135 billion yuan, driven by lower fuel costs and the expansion of renewable energy [1][7]. - The company added 9.69 GW of controllable power generation capacity in 2024, with a focus on renewable energy, aiming for a 45% share of low-carbon clean energy capacity by the end of the 14th Five-Year Plan [2][19]. - The company is optimizing its coal power structure and enhancing its gas power generation capabilities, which is expected to stabilize coal power profitability despite declining electricity prices [2][21]. Summary by Sections Financial Performance - In 2024, Huaneng International achieved operating revenue of 245.55 billion yuan, a decrease of 3.48% year-on-year, while net profit attributable to shareholders was 10.135 billion yuan, an increase of 20.01% [1][7]. - The average on-grid electricity price for the company's power plants in China was 494.26 yuan per megawatt-hour, down 2.85% [1][7]. - The company’s coal procurement price decreased by 8.27% year-on-year, and the domestic power generation fuel cost fell by 9.69% [1][7]. Renewable Energy Development - The company added 9.69 GW of controllable power generation capacity in 2024, including 2.65 GW of wind power and 6.77 GW of solar power, bringing the total controllable capacity to 145.13 GW by the end of 2024 [2][19]. - The proportion of low-carbon clean energy capacity reached 35.82%, with plans to increase this to around 45% by the end of the 14th Five-Year Plan [2][19]. Profitability and Cost Management - The company's gross margin improved to 15.14%, an increase of 3.03 percentage points year-on-year, while the net profit margin rose to 5.75%, up 2.18 percentage points [14]. - Operating cash flow for 2024 was 50.53 billion yuan, reflecting an 11.06% year-on-year increase, primarily due to lower fuel procurement costs [15]. Future Outlook - The company plans to invest 69.35 billion yuan in capital expenditures in 2025, with a significant portion allocated to renewable energy projects [15][20]. - The expected net profit for 2025-2027 is projected to be 11.93 billion yuan, 12.66 billion yuan, and 13.34 billion yuan, respectively, with corresponding EPS of 0.76, 0.81, and 0.85 yuan [3][21].

Core Points - The company reported a net profit of 10.14 billion yuan for 2024, representing a year-on-year increase of 20.0% [1] - The company's revenue for 2024 was 245.55 billion yuan, a decrease of 3.5% year-on-year [1] - The gross margin for 2024 was 15%, an increase of 3.0 percentage points year-on-year, primarily due to a decrease in domestic coal prices [1] Operational Data - In Q4 2024, the on-grid electricity volume was 111.7 billion kWh, an increase of 1.11% year-on-year, while the average settlement price for 2024 was 494.26 yuan/MWh, a decrease of 2.85% [2] - The total installed capacity for 2024 reached 145.1 GW, with new installations of 9.7 GW, including 0.3 GW for thermal power, 2.6 GW for wind power, and 6.8 GW for solar power [2] New Energy Business - The profits from wind and solar energy businesses were 6.772 billion yuan and 2.725 billion yuan respectively, with year-on-year increases of 15% and 33% [3] - The capital expenditure for wind power is expected to increase significantly in 2025, rising from 25.056 billion yuan in 2024 to 36.2 billion yuan [3] Shareholder Returns - The company plans to distribute a cash dividend of 0.27 yuan per share, totaling 4.238 billion yuan, which represents 58.78% of the distributable profit [3] Investment Outlook - The company is projected to achieve net profits of 11.6 billion yuan, 12 billion yuan, and 12.7 billion yuan for 2025 to 2027, with corresponding EPS of 0.74, 0.77, and 0.81 yuan [4] - The target market value for the company in 2025 is estimated at 131.7 billion yuan, with a target price of 8.39 yuan, indicating a potential upside of approximately 21% from the current price [4]