Investment Rating - The report maintains a "Buy" rating for Huadian International (600011 SH) [1] Core Views - Huadian International's Q3 2024 revenue was RMB 655 90 billion, up 0 46% YoY and 22 74% QoQ, while net profit attributable to shareholders was RMB 29 59 billion, down 52 69% YoY but up 3 55% QoQ [1] - The decline in revenue was mainly due to a 2 63% YoY drop in average settlement electricity price to RMB 496 27 per MWh, despite a 1 14% YoY increase in electricity generation [1] - Net profit was impacted by asset impairment losses of RMB 11 93 billion, including RMB 7 27 billion from Jining Power Plant, and RMB 3 39 billion in losses from typhoon and hail damage to fixed assets and construction in progress [1] - Excluding impairment effects, the profit per kWh for coal-fired power increased by RMB 0 0045 YoY to RMB 0 031 per kWh [1] - New energy installed capacity grew by 5 22 GW, driving a 1 14% YoY increase in electricity generation, with wind power generation up 16 12% YoY and photovoltaic power generation up 72 92% YoY [1] Financial Performance - For Q3 2024, the coal-fired power segment achieved a pre-tax profit of RMB 25 88 billion, with a profit per kWh of RMB 0 024, down RMB 0 0023 YoY [1] - The gas-fired power, wind power, photovoltaic, and hydropower segments achieved total profits of RMB 8 56 billion, RMB 52 00 billion, RMB 24 30 billion, and RMB 1 19 billion, respectively, with YoY growth rates of 21 91%, 10 87%, 33 21%, and 277 81% [1] - The company added 3 75 GW of photovoltaic and 1 47 GW of wind power capacity in 2024, totaling 5 22 GW of new installed capacity [1] Profit Forecast and Valuation - The report revised down the company's profit forecast, expecting net profit attributable to shareholders of RMB 115 67 billion, RMB 125 91 billion, and RMB 145 50 billion for 2024-2026, compared to previous estimates of RMB 129 99 billion, RMB 143 90 billion, and RMB 163 24 billion [1] - The current stock price implies a PE ratio of 9 8x, 9 0x, and 7 8x for 2024-2026, respectively [1] - Compared to peers like Huadian Power International, GD Power Development, and Datang International Power Generation, Huadian International's valuation is considered reasonable [1] Financial Ratios - The company's gross margin is expected to improve from 12 12% in 2023 to 15 30% in 2026 [6] - ROE is projected to increase from 5 30% in 2023 to 8 13% in 2026 [6] - The debt-to-asset ratio is expected to decline from 68 33% in 2023 to 64 70% in 2026 [6]

Key Points Industry or Company Involved - **Company**: Huaneng International Power Co., Ltd. - **Industry**: Power generation, particularly coal and renewable energy. Core Points and Arguments - **Overall Performance**: Huaneng International reported a decrease in consolidated revenue for the first three quarters of 2024, but an increase in net profit and net profit attributable to shareholders. - **Power Generation**: The company experienced a slight increase in thermal power generation and a significant increase in renewable energy generation, with a total of 34.12 billion kWh generated in the first three quarters, a 1.14% increase year-on-year. - **Fuel Costs**: The company achieved a 8.74% decrease in unit fuel cost for thermal power plants year-on-year, attributed to flexible import coal adjustments and refined management. - **Renewable Energy Development**: The company continued to focus on the development of new energy projects, with a total installed capacity of 140 GW by the end of September, including 5.2786 GW added in the first three quarters. - **Overseas Operations**: The company's overseas operations, particularly in Singapore and Pakistan, achieved good performance, with a profit increase in Pakistan and a decrease in Singapore. - **Market Outlook**: The company expects the coal market to stabilize in 2025, with a slight increase in supply and stable demand. The company also anticipates a downward trend in electricity prices next year due to the increase in renewable energy generation. Other Important Points - **Coal Market**: The company expects the coal market to stabilize in 2025, with a slight increase in supply and stable demand. The company also anticipates a downward trend in electricity prices next year due to the increase in renewable energy generation. - **Carbon Trading**: The company's carbon trading expenses increased significantly in the first three quarters of 2024 due to price increases and the expansion of quota shortages. The company expects the situation to improve slightly in 2025. - **Long-term Coal Contracts**: The company has not yet started signing long-term coal contracts for 2025 and will determine the plan based on national policy and negotiations with suppliers. - **Market Strategy**: The company will continue to optimize its market strategy, focusing on high-profit electricity generation and maintaining stable operating performance. References - [doc id='2'] - [doc id='3'] - [doc id='4'] - [doc id='5'] - [doc id='9'] - [doc id='11'] - [doc id='12'] - [doc id='13'] - [doc id='14'] - [doc id='15'] - [doc id='16'] - [doc id='17'] - [doc id='18'] - [doc id='19'] - [doc id='20'] - [doc id='21'] - [doc id='22'] - [doc id='23'] - [doc id='24'] - [doc id='25'] - [doc id='26'] - [doc id='27'] - [doc id='28'] - [doc id='29'] - [doc id='30'] - [doc id='31'] - [doc id='32'] - [doc id='33'] - [doc id='34'] - [doc id='35'] - [doc id='36'] - [doc id='37'] - [doc id='38'] - [doc id='39'] - [doc id='40'] - [doc id='41'] - [doc id='42'] - [doc id='43']

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set to achieve a relative return of over 20% within the next six months [6]. Core Views - The company reported a revenue of 184.40 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.62%. The net profit attributable to shareholders was 10.41 billion yuan, down 17.12% year-on-year, while the net profit excluding non-recurring items increased by 6.87% to 10.04 billion yuan [1][3]. - The company's electricity generation in Q3 showed a quarter-on-quarter increase, with a total of 341.24 billion kWh generated in the first three quarters, reflecting a year-on-year growth of 1.14%. The Q3 generation alone was 130.56 billion kWh, up 3.43% year-on-year, driven by increased electricity demand during peak summer periods [2][3]. - The average on-grid settlement price for electricity was 496.27 yuan per MWh, a decrease of 2.63% year-on-year. Despite the drop in price, the company managed to reduce its operating costs by 7.12% to 154.84 billion yuan, primarily due to lower fuel costs [3][4]. - The company added 5.3 GW of controllable power generation capacity in the first three quarters, with significant contributions from wind and solar energy, totaling 3.8 GW and 1.5 GW respectively. The total controllable generation capacity reached 140.7 GW as of September 30, 2024 [4]. Financial Data and Valuation - The company’s projected net profit for 2024-2026 is revised to 11.70 billion, 13.50 billion, and 15.50 billion yuan respectively, with corresponding P/E ratios of 10, 8, and 7 [5]. - The financial metrics indicate a net profit margin of 7.24%, an increase of 0.21 percentage points year-on-year, and an EBITDA of 55.65 billion yuan projected for 2024 [5][8]. - The company’s total assets are estimated to reach 573.92 billion yuan in 2024, with a debt-to-asset ratio of 71.68% [8].

Key Takeaways Company Performance - **Revenue and Profit**: The company achieved a consolidated operating revenue of 184.396 billion yuan in the first three quarters, a decrease of 3.62%. Net profit attributable to shareholders was 10.41 billion yuan. Adjusted net profit increased by 6.73% to 100.28 billion yuan compared to the same period last year. - **Electricity Generation**: The company's domestic power plants generated 34.124 billion kWh of electricity in the first three quarters, a year-on-year increase of 1.14%. The average settlement price per MWh was 496.27 yuan, a decrease of 2.63% year-on-year. - **Fuel Supply**: The company's unit fuel cost for power plants decreased by 8.74% year-on-year to 303.47 yuan per MWh. It utilized long-term resource supply frameworks and flexible import coal adjustments to optimize fuel supply. - **Renewable Energy**: The company added 5.2786 million kW of installed capacity in the first three quarters, including 1.4675 million kW of wind power, 3.7531 million kW of solar power, and 58,000 kW of gas-fired power. The proportion of low-carbon clean energy increased to 33.8%. - **Overseas Operations**: In Singapore, the company achieved a profit of 2.247 billion yuan, a decrease of 1.394 billion yuan year-on-year. In Pakistan, the Shiwai Valley Power Plant achieved a profit of 6.7 billion yuan, an increase of 2.11 billion yuan year-on-year. Future Outlook - **Fourth Quarter**: The company will continue to promote the construction of clean energy projects, optimize the grid connection rhythm, and vigorously develop green real estate. It will closely monitor coal market changes, optimize supply structures, and control fuel costs. - **2025**: The company will continue to promote the development of clean energy, maintain a steady pace with market policies, and focus on quality and profitability. It will also actively expand financing channels and make full use of green financial policies to reduce costs. - **Coal Market**: The company expects the coal market to improve further in 2025, with supply and demand fundamentals improving. Coal prices are expected to continue to decline slightly, but the decline will be limited. Q&A - **Coal Price Forecast**: The company expects the coal market to improve further in 2025, with supply and demand fundamentals improving. Coal prices are expected to continue to decline slightly, but the decline will be limited. - **Renewable Energy Development**: The company will continue to strive to achieve the 2015 renewable energy development target and will not adjust the development goal for renewable energy in the future. - **Coal Power Generation**: The company will maintain the quality of its coal-fired power plants and search for projects that can replace the shutdown projects. It will also have some new projects to help fill the gap. - **Coal Power Capacity**: The company's coal-fired power capacity is expected to reach 1.46 billion kilowatts by the end of 2024 and 1.2 billion kilowatts by the end of 2025. The government has entered the preliminary research for the 15th Five-Year Plan. - **Renewable Energy Market**: The company will continue to promote the development of renewable energy and actively participate in the market. It will also continue to optimize the development of coal-fired power generation and adjust the energy structure. - **Coal Power Generation Cost**: The company's coal-fired power generation cost decreased by 8.74% year-on-year to 303.47 yuan per MWh. - **Coal Market**: The company expects the coal market to improve further in 2025, with supply and demand fundamentals improving. Coal prices are expected to continue to decline slightly, but the decline will be limited. - **Carbon Emission Trading**: The company's carbon emission trading expenses increased significantly in the first three quarters due to price increases and the allocation of quotas. The company expects the carbon emission trading expenses to be slightly better than last year in 2025. - **Coal Procurement Plan**: The company has not yet started the 2025 coal procurement plan and will determine the overall coal procurement plan based on the national production plan and the situation with suppliers.

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's Q3 performance was impacted by asset impairment and non-operating expenses, but its core business operations remained stable and slightly exceeded market expectations [3] - The company's coal power profit per kWh reached 3.1 cents in Q3, and its balance sheet continues to improve [4] - The company is a leader in both coal and green energy, and its performance serves as a barometer for the industry, benefiting from ongoing power system reforms [5] Financial Performance - In Q3, the company's total online electricity generation was 130.6 billion kWh, a year-on-year increase of 3.43%, with coal, gas, wind, and solar power generation at 107.7, 8.8, 8.0, and 5.7 billion kWh respectively [1] - The average on-grid electricity price for the first three quarters was 496.27 yuan/MWh, a year-on-year decrease of 2.63% [1] - The company's Q3 revenue was 65.6 billion yuan, a year-on-year increase of 0.46%, while net profit attributable to shareholders was 2.959 billion yuan, a year-on-year decrease of 52.69% [3] - The company's total installed capacity reached 140.71 GW by the end of September 2024, with coal, gas, wind, and solar power accounting for 93.14, 13.29, 16.93, and 16.85 GW respectively [5] Profit Forecast and Valuation - The company's net profit attributable to shareholders is expected to be 11.0, 12.6, and 13.7 billion yuan for 2024-2026, with year-on-year growth rates of 30%, 15%, and 8% respectively [6] - The current stock price corresponds to a PE ratio of 14, 11, and 10 times for 2024-2026 [6] - The dividend yield is expected to be 3.7% for 2024, based on a 50% payout ratio of net profit attributable to shareholders (excluding perpetual bond interest) [6] Industry and Strategy - The company aims to achieve a 45% clean energy installed capacity ratio by the end of the 14th Five-Year Plan, requiring over 20 GW of new energy capacity to be added by 2025 [5] - The company plans to invest in 2*1,000 MW coal power units in Yunnan, holding a 51% stake, indicating potential growth in coal power profitability [4] - The company's green energy business faces profit pressure due to marketization and curtailment issues, but it is expected to benefit from environmental value enhancement [5]

Investment Rating - The investment rating for Huaneng International is "Outperform the Market" [6][13][16] Core Views - The report indicates that Huaneng International's revenue has been impacted by a decrease in electricity prices, leading to a year-on-year decline in operating income and net profit. For the first three quarters of 2024, the company achieved operating income of 184.395 billion yuan (-3.62%) and net profit attributable to shareholders of 10.413 billion yuan (-17.12%) [1][7] - The report highlights a significant increase in profits from renewable energy sources, with wind and solar power segments showing substantial growth, while coal power profits have decreased [2][10] - The continuous growth in installed capacity for renewable energy is expected to drive future performance improvements for the company [3][11] Financial Performance Summary - For the first three quarters of 2024, the company reported: - Operating income: 184.395 billion yuan (-3.62%) - Net profit attributable to shareholders: 10.413 billion yuan (-17.12%) - Non-recurring net profit: 10.041 billion yuan (+6.87%) [1][7] - In Q3 2024, the company achieved: - Operating income: 65.590 billion yuan (+0.46%) - Net profit attributable to shareholders: 2.959 billion yuan (-52.69%) - Non-recurring net profit: 2.861 billion yuan (-25.18%) [1][7] - The average on-grid electricity price for the company's power plants in China was 496.27 yuan/MWh (-2.63%) for the first three quarters of 2024 [1][7] Segment Performance Summary - Profit contributions from various segments for the first three quarters of 2024: - Coal segment: 6.568 billion yuan (+91.16%) - Gas segment: 0.856 billion yuan (+21.91%) - Wind segment: 5.200 billion yuan (+10.87%) - Solar segment: 2.430 billion yuan (+33.21%) - Hydropower segment: 0.119 billion yuan (+277.81%) [2][8] - In Q3 2024, the profit contributions were: - Coal segment: 2.588 billion yuan (-8.97%) - Gas segment: 0.286 billion yuan (-18.52%) - Wind segment: 1.170 billion yuan (+75.68%) - Solar segment: 1.185 billion yuan (+44.16%) [2][8] Installed Capacity and Future Outlook - As of Q3 2024, the company added: - Wind capacity: 413,000 kW - Solar capacity: 1,763,400 kW - Total new capacity: 2,176,400 kW [3][11] - Cumulative installed capacity as of September 2024: - Total: 140,711,000 kW - Wind: 16,978,000 kW - Solar: 16,853,000 kW [3][11] Valuation and Earnings Forecast - The report maintains earnings forecasts for 2024-2026: - Net profit attributable to shareholders: 11.558 billion yuan (2024), 12.027 billion yuan (2025), 12.846 billion yuan (2026) - EPS: 0.74 yuan (2024), 0.77 yuan (2025), 0.82 yuan (2026) - Corresponding PE ratios: 11.2 (2024), 10.7 (2025), 10.0 (2026) [4][13] - The estimated reasonable market value for the company is between 123.1 billion yuan and 134.7 billion yuan, with a corresponding reasonable share price of 7.84 to 8.58 yuan, indicating an 8% to 18% premium over the current share price [4][13]

Company Overview - Huadian Gongzhuling New Energy Co Ltd was recently established with a registered capital of 30 million yuan [1] - The company is wholly owned indirectly by Huadian International [1] Business Scope - The company's business scope includes energy storage technology services, resource recycling technology R&D, contract energy management, and investment activities using its own funds [1] Leadership - The legal representative of the company is Yu Jinglong [1]

证券研究报告 | 季报点评 gszqdatemark 2024 10 31 年 月 日 华能国际（600011.SH） 减值影响业绩，煤电稳健新能源盈利增长 事件: 公司发布 2024 年三季度报告。2024 年前三季度，公司实现营业 收入 1843.96 亿元，同比下降 3.62%；实现归母净利润 104.13 亿元，同 比下降 17.12；扣非归母净利润 100.41 亿元，同比增长 6.87%，基本每股 收益 0.53 元。单三季度实现营业收入 655.90 亿元，同比增长 0.46%；实 现归母净利 29.59 亿元，同比下降 52.69%；扣非归母净利润 28.61 亿元， 同比下降 25.18%。单季度业绩下滑主要原因系 11.93 亿元资产减值和投 资净收益同比大幅减少 90.74%。 煤电度电盈利稳健向好，减值影响利润释放。2024 年三季度，公司燃煤 板块实现利润总额 25.88 亿元，同比下滑 8.97%；上网电量 1077 亿千瓦 时，同比下滑 0.29%；度电利润（利润总额口径）0.024 元，同比下滑 0.0023 元/千瓦时。若剔除三季度公司计提济宁电厂 7.27 亿元减值影响，煤 ...

公用事业 证 券 研 究 报 告 2024 年 10 月 31 日 华能国际 (600011) ——火电发电边际转好 新能源支撑业绩成长 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 30 日 | | 收盘价（元） | 7.11 | | 一年内最高/最低（元） | 10.22/6.35 | | 市净率 | 1.9 | | 息率（分红/股价） | 2.81 | | 流通 A 股市值（百万元） | 78,194 | | 上证指数 / 深证成指 | 3,266.24/10,530.85 | | | | | --- | --- | |---------------------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 3.70 | | 资产负债率 % 总股本/流通 A 股（百万） | 64.34 1 ...

司 研 华能国际（600011.SH） 非经损益资产减值等因素，影响公司业绩释放 投资要点： 事件：公司发布了 2024 年三季报，3Q2024 公司实现营业收入 1843.96 亿元，同比下降 3.62%；归属于母公司股东的净利润 104.13 亿元，同比下 降 17.12%。分季度看，3Q2024 单季度营业收入 655.90 亿元，同比增长 0.46%；归属于母公司股东的净利润 29.59 亿元，同比下降 52.69%。 受投资收益减少、计提减值及少数股东和类 REITs 持有人损益增加等 影响，前三季度归母净利润降幅明显：1Q-3Q2024，公司上网电量同比增 长 1.14%，平均上网结算电价同比下降 2.63%，公司营收同比下降 3.62%。 3Q2024，公司计提资产减值损失 11.93 亿元。1Q-3Q2024，公司投资收益 同比下降 69.08%，主要系上年同期公司处置了四川公司 49%股权。此外， 1Q-3Q2024，归属少数股东和类 REITs 持有人损益同比增幅明显。受非经 常性损益、减值以及少数股东和类 REITs 持有人损益增加等影响，前三季 度归母净利润同比下降 17.12%。其中 ...