本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 近日，华能国际电力股份有限公司（下称"华能国际"，600011.SH）率先发布2025年半年度报告，据 悉，这是电力行业首家披露中报的上市公司。 从财务数据看，华能国际呈现出营收下降但利润大增、现金流大幅改善的态势。公司实现营收1120.32 亿元，同比下降5.7%；归母净利润不降反增，达到92.62亿元，同比大幅增长24.26%。与此同时，公司 经营活动产生的现金流量净额从236.03亿元增加至307.48亿元，同比增长30.27%。 记者进一步梳理发现，华能国际的利润大增并非个例。随着燃料成本下降，火电企业的盈利水平普遍提 高，豫能控股、建投能源、宝新能源、晋控电力等多家火电企业业绩均增长显著。 对此，华能国际公司人员告诉《华夏时报》记者，二季度，公司光伏板块净利润为9.95亿元，风电板块 为12.01亿元，而在一季度，光伏利润大概为4.17亿元，风电为14.88亿元，由此来看，光伏利润确实有 所增长。 据该人员透露，为了在"531"之前全量并网更多的新能源项目，公司确实进行了一些抢装，上半年，华 能国际共装机新能源6262.91兆瓦 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 華能國際電力股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00902 | 說明 | 香港聯交所上市 H 股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,700,383,440 RMB | | | 1 RMB | | 4,700,383,440 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 4,700,383,440 RMB | | | 1 RMB | | 4,700 ...

Investment Rating - The investment rating for Huaneng International is "Buy" with a target price not specified [6]. Core Views - The company reported a 24.26% year-on-year increase in net profit attributable to shareholders, reaching 9.26 billion yuan in H1 2025, despite a 5.70% decline in revenue [1]. - The profitability of coal power improved significantly, with a total profit of 7.31 billion yuan in H1, marking an 84% increase year-on-year [2]. - The renewable energy segment added 6.3 GW of wind and solar capacity, generating a total profit of 5.7 billion yuan, with solar power profit increasing by 46% [3]. - International operations in Singapore and Pakistan contributed a pre-tax profit of 1.8 billion yuan, enhancing overall performance [4]. - The profit forecast for 2025-2027 has been raised, with expected net profits of 14 billion, 14.8 billion, and 15.8 billion yuan respectively, corresponding to P/E ratios of 8, 8, and 7 times [5]. Financial Performance Summary - H1 2025 revenue was 112 billion yuan, down 5.70% year-on-year, while net profit was 9.26 billion yuan, up 24.26% [1]. - Coal-fired power generation saw a utilization rate of 1,839 hours, a decrease of 141 hours year-on-year, leading to a 7.06% drop in generation volume to 158.36 billion kWh [2]. - The average on-grid electricity price was 485.27 yuan/MWh, down 2.69% year-on-year, while coal procurement decreased by 10.70% to 87.14 million tons [2]. - New wind and solar installations totaled 6.3 GW, with wind generation increasing by 11.39% to 21.03 billion kWh and solar generation rising by 49.33% to 12.24 billion kWh [3]. - The company’s total assets reached 541.16 billion yuan, with a debt-to-asset ratio of 64.52% [7][13].

Core Viewpoint - The company reported a mixed performance in Q2 2025, with a revenue decline but significant profit growth, indicating resilience in its operations despite market pressures [1][4]. Financial Performance - Q2 2025 revenue was 51.7 billion yuan, down 3% year-on-year, while net profit attributable to shareholders was 4.3 billion yuan, up 50% year-on-year. For the first half of 2025, revenue totaled 112 billion yuan, down 6%, and net profit was 9.3 billion yuan, up 24% [1]. - The operating cash flow for the first half of 2025 reached 30.7 billion yuan, an increase of 30% year-on-year, supported by reduced financial expenses, which fell by 15% [2]. Coal Power Sector - Despite pressure on electricity prices, the average coal price for Q2 2025 decreased by 13% year-on-year, leading to a significant increase in pre-tax profit per kilowatt-hour to 4.4 cents, compared to 1.5 cents in the same period last year [1]. - Coal power generation hours were under pressure, with a 3.5% year-on-year decline in electricity output, and the settlement price for coal power decreased by 6% to 479 yuan per megawatt-hour [1]. Renewable Energy Sector - Wind and solar power prices continued to face pressure, but solar power's pre-tax profit per kilowatt-hour was recorded at 1.7 cents, which was better than expected. Wind power's pre-tax profit was approximately 1.6 cents, down 10% year-on-year [1]. Dividend and Long-term Outlook - The company is expected to maintain a strong dividend capability, with a projected dividend of 0.27 yuan per share for 2024, an increase of 35% year-on-year, and a dividend payout ratio of 59% [3]. - The company is optimistic about its long-term dividend yield, projecting 4% for A-shares and 6% for H-shares, supported by robust cash flow and profit release from coal prices [3]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 upwards by 10% and 3.6%, respectively, to 12.7 billion yuan and 13.1 billion yuan [4]. - The target price for H-shares has been raised by 25% to 6.69 yuan, while the target price for A-shares remains unchanged at 10.49 yuan, indicating potential upside of 43% for A-shares and 25% for H-shares [4].

事件： 2025 年7 月30 日，公司发布2025 年半年度报告。2025 年上半年，公司实现营业收入1120.32 亿元（同 比-5.70%）；实现归属于母公司股东的净利润92.62 亿元（同比+24.26%），每股收益为0.50 元。 容量收入和辅助服务市场收入锚定长期盈利韧性： 短期业绩高增受益煤价红利，长期而言，公司盈利的可持续性将更多取决于容量收入和辅助服务市场收 入。公司已通过灵活性改造（2024年完成10 台煤电机组改造）提升辅助服务能力，2024 年调峰和调频 服务贡献净收入约24.58 亿元，容量收入为90.77 亿元。公司通过煤价红利释放与容量电价机制的双重支 撑，持续展现出盈利韧性。 成本控制+新能源规模有序扩增，净利润增长24%，： 投资建议： 2025H1 营业收入的下降主要由于电量和电价同比下降，在此背景下，公司通过把握燃料价格下行窗 口，科学统筹煤炭长协与现货采购，显著压降燃料成本，推动火电板块利润增长；同时，新能源规模有 序扩增，光伏板块利润贡献稳中有增，共同驱动了利润端增长。 我们预计公司2025 年-2027 年的收入分别为2383.74 亿元、2414.50亿元、241 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 6-month target price of 9.47 yuan [5][15]. Core Views - The company achieved a net profit of 9.262 billion yuan in H1 2025, representing a year-on-year increase of 24.26%, despite a revenue decline of 5.70% to 112.032 billion yuan [1][2]. - The profit growth is attributed to effective cost control measures and the orderly expansion of renewable energy capacity, particularly in the wind and solar sectors [2][3]. - The company is focusing on a green and low-carbon transition, with a significant increase in wind and solar installed capacity, which now accounts for 29% of its total controllable power generation capacity [3][4]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 1120.32 billion yuan, down 5.70% year-on-year, while net profit reached 92.62 billion yuan, up 24.26% [1][2]. - The decline in revenue was primarily due to lower electricity generation and prices, but fuel cost reductions helped improve profitability [2][4]. Capacity and Generation - As of June 30, 2025, the company's controllable power generation capacity reached 152,992 MW, with wind power at 20,038 MW and solar power at 24,050 MW [3]. - The total electricity generated in H1 2025 was 205.683 billion kWh, a decrease of 2.37% year-on-year, with coal power generation down 7.06% [3]. Long-term Profitability - The company's long-term profitability will increasingly depend on capacity revenue and auxiliary service market income, with significant contributions expected from flexible coal power unit modifications [4]. - The projected revenues for 2025-2027 are 2383.74 billion yuan, 2414.50 billion yuan, and 2416.61 billion yuan, with net profits of 123.89 billion yuan, 134.92 billion yuan, and 139.14 billion yuan, respectively [5][10]. Investment Outlook - The report anticipates a stable growth trajectory for the company, driven by its leadership position in the power industry and the ongoing transition to renewable energy [15][16]. - The estimated price-to-earnings ratios for 2025, 2026, and 2027 are 9.3, 8.5, and 8.3, respectively, indicating a favorable valuation compared to peers [5][15].

Investment Rating - The investment rating for Huaneng International is suggested as a "buy" due to its high dividend yield and strong profit growth potential [1][5]. Core Insights - Huaneng International reported a 23.19% year-on-year increase in net profit for H1 2025, exceeding market expectations, despite a slight revenue decline of 5.7% [2][4]. - The company effectively controlled costs, with fuel costs decreasing by 14.4% year-on-year, contributing to the significant profit growth [3][4]. - The company has accelerated the integration of renewable energy, with a total controllable installed capacity of 153 GW, of which low-carbon clean energy accounts for 39% [5][4]. Summary by Sections Financial Performance - Huaneng International's revenue for H1 2025 was RMB 1120.32 billion, a decrease of 5.7% year-on-year, while net profit reached RMB 95.78 billion, reflecting a 23.19% increase [2][5]. - The earnings per share (EPS) for H1 was RMB 0.52, with a book value per share (BSP) of RMB 4.35 [2]. Cost Management - The total operating costs decreased by 9.8% to RMB 933 billion, with fuel costs down by 14.4% to RMB 583 billion, saving nearly RMB 10 billion [3][4]. - The company managed to reduce coal procurement costs by optimizing the structure of coal purchases and increasing the share of low-cost spot coal [3][4]. Energy Generation - The total electricity generated by Huaneng's domestic power plants was 2056.8 billion kWh, a decrease of 2.4% year-on-year, but there was a 1.4% increase in Q2 [4]. - Renewable energy generation saw significant growth, with wind power generation up 11.4% to 210 billion kWh and solar power generation up 49.3% to 122 billion kWh [4][5]. Renewable Energy Expansion - The company added over 6 GW of renewable energy capacity in H1, with a total controllable installed capacity of 152,992 MW, of which wind and solar accounted for significant portions [5][4]. - The share of low-carbon clean energy in the total installed capacity reached 39.12%, with expectations to complete an additional 10 GW of new energy installations by year-end [5][4].

Investment Rating - The investment rating for the company is maintained as "Buy" [4][6]. Core Views - The company reported a revenue of 1120.32 billion yuan for the first half of 2025, a decrease of 5.7% year-on-year, while the net profit attributable to shareholders was 92.62 billion yuan, an increase of 24.3% year-on-year [1]. - The significant growth in Q2 net profit by 50% year-on-year was primarily driven by a decrease in fuel costs and an expansion in renewable energy capacity [1][2]. - The company’s coal power generation showed a marginal improvement in growth rate, with a notable decrease in costs, enhancing profitability [3]. Summary by Sections Financial Performance - In the first half of 2025, the company’s domestic power plants generated 2056.83 billion kWh, a decrease of 2.37% year-on-year, with coal power generation down by 7.06% [2]. - The total profit from coal power generation increased by 84% year-on-year, reaching 73.10 billion yuan [2]. Cost and Profitability - The average coal price for the first half of 2025 was 917.05 yuan/ton, down 9.23% year-on-year, which significantly buffered the impact of electricity prices on profitability [3]. - The profit per kWh from coal power generation improved to 0.046 yuan, an increase of 0.023 yuan year-on-year [3]. Renewable Energy Expansion - The company added 1.9 GW of wind power and 4.3 GW of solar power capacity in the first half of 2025, contributing to a total profit of 57.33 billion yuan from renewable energy, a year-on-year increase of 4.58 billion yuan [3]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been revised upwards to 122.93 billion yuan, 130.82 billion yuan, and 139.13 billion yuan respectively [4]. - The expected EPS for the same period is projected to be 0.78 yuan, 0.83 yuan, and 0.89 yuan, with corresponding P/E ratios of 10, 9, and 9 [4][5].

智通财经APP获悉，美银证券发布研报称，华能国际电力股份(00902)在派息率维持58%下，2025年股息 率将达8.3%，为该行覆盖的同行股份中最高，且公司的自由现金流显著改善; 重申"买入"评级，料未来 数月热电盈利持续改善将推动估值重评，将公司港股目标价由5.5港元升至6港元，A股(600011.SH) 目标 价则基于AH股溢价调整，由9.7元人民币下调至8.4元人民币。 投资者关注华能国际电力股份的煤电电价韧性。由于业绩好过预期，该行分别上调华能国电2025及26年 盈利预测16%及3%，以反映利息支出与其他成本下降，以及2026年火电、风电及光伏电价调整。 ...

该行称，华能国际电力上半年业绩胜预期，净利润同比升23.2%至95.78亿元人民币，较市场及该行预期 高，期内单位煤炭成本同比跌10.1%。该行预期未来12至18个月现货煤价将因需求减弱而进一步下行， 足以抵消煤炭行业供给侧改革带来的价格支持，而且公司自由现金流改善，股息率有望提升。 花旗发布研报称，重申华能国际（600011）电力股份(00902)"买入"评级;基于煤价成本下调，将2025至 27年净利润预测上调19至23%，H股目标价升15%至6.2港元，A股(600011.SH)目标价升14%至8.8元人民 币，当前股息收益率分别为7.8%及5.1%，具吸引力。 ...