Investment Rating - The report maintains a "Strong Buy" rating for Huaneng International, expecting it to outperform the benchmark index by over 20% in the next six months [17]. Core Insights - Huaneng International reported a net profit attributable to shareholders of 10.14 billion yuan for 2024, representing a year-on-year increase of 20% [1]. - The company's revenue for 2024 was 245.55 billion yuan, a decrease of 3.5% year-on-year, while the gross margin improved to 15%, up by 3 percentage points from the previous year [1][3]. - The company plans to increase its cash dividend to 0.27 yuan per share, reflecting a payout ratio of 58.78%, up from 57.14% in 2023, indicating a commitment to shareholder returns [7]. Financial Performance Summary - For 2024, the total revenue is projected at 245.55 billion yuan, with a year-on-year growth rate of -3.5% [3]. - The net profit attributable to shareholders is expected to reach 10.14 billion yuan in 2024, with a growth rate of 20% [3]. - Earnings per share (EPS) for 2025 is estimated at 0.74 yuan, with a price-to-earnings (P/E) ratio of 9 [3]. Operational Data Summary - In Q4 2024, the company achieved a net profit of -0.28 billion yuan, significantly reducing losses compared to -4.12 billion yuan in Q4 2023 [1]. - The total installed capacity for renewable energy reached 145.1 GW in 2024, with significant contributions from wind and solar power [7]. - The average settlement price for electricity in 2024 was 494.26 yuan per megawatt-hour, down by 2.85% year-on-year [7]. Future Outlook - The company is expected to continue focusing on renewable energy, with capital expenditures for wind power projected to increase significantly in 2025 [7]. - The forecast for net profit for 2025-2027 is 11.60 billion, 12.04 billion, and 12.73 billion yuan, respectively, indicating a positive growth trajectory [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [18]. Core Insights - In 2024, the company reported a total revenue of 245.55 billion yuan, a decrease of 3.48% year-on-year, while the net profit attributable to shareholders increased by 20.01% to 10.135 billion yuan [2][3]. - The decline in revenue was primarily due to a 2.85% drop in average on-grid electricity prices, which resulted in a revenue loss of 5.806 billion yuan, despite a 1.13% increase in on-grid electricity volume [3]. - The company plans to distribute a cash dividend of 0.27 yuan per share, totaling approximately 4.238 billion yuan, reflecting a cash dividend payout ratio of 58.78% for 2024 [3]. Financial Performance Summary - The company's coal-fired power generation revenue decreased by 4.59% in 2024, with total profit amounting to 7.138 billion yuan, a significant increase of 1548% year-on-year [4]. - The average on-grid electricity price for coal-fired generation fell, but the reduction in fuel costs contributed to the profit growth [4]. - The company is actively investing in low-carbon development, with planned capital expenditures for wind and solar energy reaching 51.2 billion yuan in 2025, a year-on-year increase of 64.01 billion yuan [5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 10.164 billion yuan, 10.556 billion yuan, and 10.877 billion yuan respectively, with corresponding P/E ratios of 10.7, 10.3, and 10.0 [6].

Investment Rating - The report initiates coverage with a "Buy" rating for Huaneng International [4][6] Core Views - Huaneng International's performance in thermal power has significantly improved, with a notable increase in profit margins and a cash dividend payout ratio raised to 59% [4] - The company reported a total revenue of 245.55 billion RMB in 2024, a decrease of 3.48% year-on-year, while net profit attributable to shareholders increased by 20.01% to 10.135 billion RMB [2][5] - The rapid growth of the renewable energy sector is evident, with installed capacity and profit contributions from wind and solar power both on the rise [3] Financial Summary - In 2024, the company achieved a basic EPS of 0.46 RMB per share, reflecting a year-on-year growth of 31.43% [4] - The total installed capacity for coal-fired power was 93,143 MW, while gas-fired capacity reached 13,508 MW by the end of 2024 [2] - The average selling price of coal-fired electricity was 446.45 RMB/MWh, up 13.25% from the benchmark price [2] - The company plans to distribute a cash dividend of 0.27 RMB per share, which is a 35% increase compared to the previous year [4] Profit Forecast - Revenue projections for 2025-2027 are estimated at 247.8 billion RMB, 249.9 billion RMB, and 251.8 billion RMB respectively, with net profit attributable to shareholders forecasted at 11.971 billion RMB, 12.985 billion RMB, and 13.885 billion RMB [4][5]

Investment Rating - The report maintains a rating of "Add" for Huaneng International [3] Core Views - Huaneng International's 2024 annual report shows a revenue of 245.55 billion yuan, a decrease of 3.48% year-on-year, while the net profit attributable to shareholders increased by 20.01% to 10.135 billion yuan [7][10] - The improvement in performance is attributed to lower domestic fuel costs enhancing thermal power profitability and the expansion of the company's renewable energy capacity contributing to profit growth [7] - The company plans to distribute a cash dividend of 0.27 yuan per share, totaling 4.238 billion yuan, with a dividend payout ratio of 58.78% [7] Financial Performance Summary - In 2024, Huaneng International achieved a total electricity generation of 4,529.39 billion kWh, a year-on-year increase of 1.13%, despite a slight decline in coal and gas power generation [7] - The average on-grid electricity price for 2024 was 494.26 yuan/MWh, down 2.85% year-on-year, with wind and solar power contributing significantly to profit despite a decrease in unit profit margins [7] - The company's gross margin improved to 15.14%, an increase of 3.03 percentage points year-on-year, while the net margin rose to 5.75%, up 2.18 percentage points [7][11] Profit Forecast and Valuation - The company is expected to see net profits of 11.723 billion yuan, 12.631 billion yuan, and 13.650 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 16%, 8%, and 8% [7][8] - The current stock price corresponds to a price-to-earnings ratio (PE) of 9.3x for 2025, 8.6x for 2026, and 8.0x for 2027, indicating a favorable valuation outlook [7][8]

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。 海外監管公告 關於中期票據發行的公告 本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第 13.10B條 而 作 出。 華 能 國 際 電 力 股 份 有 限 公 司（「 公 司 」）2023年年度股東大會於 2024年6月25日 通 過 決 議，同 意 公 司 在 自2023年年度股東大會批准時起 至2024年 年 度 股 東 大 會 結 束 時 止，經 相 關 監 管 部 門 核 准 後，在 中 國 境 內 或境外一次或分次發行本金餘額不超過等值於人民幣1,300億元的境內 外 債 務 融 資 工 具，包 括 但 不 限 於 境 內 市 場 的 公 司 債 券、企 業 債 券 和 銀 行 間 債 券 市 場 發 行 的 中 期 票 據 等 境 內 債 務 融 資 工 具，以 ...

Investment Rating - The report maintains an "Accumulate" rating for Huaneng International, with a target price of 11.10 CNY, unchanged from the previous forecast [2][6][14]. Core Views - The company's 4Q24 performance met expectations, with revenue of 612 million CNY, down 3.0% year-on-year, and a net profit attributable to shareholders of -2.8 million CNY, a reduction in losses compared to the previous year [3][14]. - The company plans to distribute a cash dividend of 4.24 billion CNY, representing 41.8% of net profit, an increase of 4.6 percentage points year-on-year [14]. - The biomass segment and other income negatively impacted performance, with a significant reduction in impairment losses [14]. Financial Summary - Revenue for 2024 is projected at 245.55 billion CNY, a decrease of 3.5% from 2023, while net profit attributable to shareholders is expected to rise by 20.0% to 10.14 billion CNY [5][14]. - Earnings per share (EPS) for 2025 and 2026 have been revised down to 0.77 CNY and 0.81 CNY, respectively, with a target EPS of 0.85 CNY for 2027 [14]. - The return on equity (ROE) is forecasted to improve from 6.4% in 2023 to 7.4% in 2024, reaching 8.3% by 2025 [5][16]. Operational Highlights - The company's renewable energy segment saw a 23.7% year-on-year increase in electricity generation, with wind and solar power generation rising by 15.9% and 47.2%, respectively [14]. - The total profit from the renewable energy segment in 4Q24 was 1.87 billion CNY, up 29.4% year-on-year, indicating a recovery in profitability [14]. - The company added 9.3 GW of new renewable energy capacity in 2024, with 4.2 GW added in 4Q24 alone [14][19].

华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25日 通过决议，同意公司在自2023年年度股东大会批准时起至2024年年度股东大会结 束时止，经相关监管部门核准后，在中国境内或境外一次或分次发行本金余额不 超过等值于1300亿元人民币的境内外债务融资工具，包括但不限于境内市场的公 司债券、企业债券和银行间债券市场发行的中期票据等境内债务融资工具，以及 境外市场的离岸人民币债券、境外美元债券和其它外币债券等境外债务融资工具。 证券代码: 600011 证券简称: 华能国际 公告编号:2025-013 华能国际电力股份有限公司 关于中期票据发行的公告 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。 特此公告。 华能国际电力股份有限公司董事会 2025 年 3 月 27 日 公司已于近日完成了华能国际电力股份有限公司2025年度第五期中期票据 （"本期债券"）的发行。本期债券发行额为15亿元人民币，期限为3+N年，单位 面值为100元人民币，发行利率为2.20%。 本期债券由中信证券股份有限公司、招 ...

Group 1 - Huaneng International's stock closed at 6.94 yuan, down 1.42%, with a rolling PE ratio of 10.75 times and a total market capitalization of 108.945 billion yuan [1] - The average PE ratio for the power industry is 19.29 times, with a median of 18.13 times, placing Huaneng International at the 19th position in the industry ranking [1] - As of the 2024 annual report, 65 institutions hold shares in Huaneng International, including 57 funds and 8 other entities, with a total shareholding of 873,160,320 shares valued at 59.113 billion yuan [1] Group 2 - Huaneng International's main business is power generation and sales, with key products including electricity, heat, port services, and transportation services [1] - The company holds a total of 2,083 patents, including 1,021 invention patents, 746 utility model patents, and 316 international patents [1] - For the 2024 annual report, Huaneng International reported operating revenue of 245.551 billion yuan, a year-on-year decrease of 3.48%, and a net profit of 10.135 billion yuan, a year-on-year increase of 20.01%, with a gross profit margin of 15.14% [1]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.75, 0.79, and 0.83 yuan for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 9, 9, and 8 [2]. Core Insights - The company reported a revenue of 245.55 billion yuan for 2024, a decrease of 3.5% year-on-year, while the net profit attributable to shareholders was 10.14 billion yuan, an increase of 20% year-on-year, aligning with market expectations [1]. - The company is expected to achieve net profits of 11.76 billion yuan in 2025, 12.37 billion yuan in 2026, and 13.04 billion yuan in 2027, indicating a positive growth trajectory [2]. - The company is focusing on enhancing its profitability through improved coal machine performance, with a total profit of 7.14 billion yuan from the coal machine segment in 2024 [6]. Financial Summary - The company's revenue for 2024 is projected to be 245.57 billion yuan, with a slight growth forecast of 0.01% for 2025 and 2.64% for 2026 [5]. - The net profit for 2024 is estimated at 11.76 billion yuan, reflecting a growth rate of 16.05% in 2025 and 5.18% in 2026 [5]. - The diluted EPS is expected to increase from 0.75 yuan in 2025 to 0.83 yuan in 2027, with a corresponding decrease in PE ratio from 9 to 8 [2][5]. - The company plans to distribute a cash dividend of 0.27 yuan per share for 2024, with a cash dividend payout ratio of 58.78%, up from 57.14% in the previous year [6].

2025 年 3 月 25 日晚间公司披露 24 年报，24 全年实现营收 2455.5 亿元，同比-3.5%；归母净利润 101.4 亿元，同比+20%。 业绩符合市场预期。 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 6.00 7.00 8.00 9.00 10.00 11.00 12.00 240326 240626 240926 241226 人民币(元) 成交金额(百万元) 成交金额 华能国际 沪深300 预计公司 2025~2027 年 分 别 实 现 归 母 净 利 润 117.6/123.7/130.4 亿元，EPS 分别为 0.75/0.79/0.83 元， 对应 PE 分别为 9 倍、9 倍和 8 倍，维持"买入"评级。 各类电源装机及电量不及规划预期、煤价下跌不及预期、电 价下跌超预期风险等。 | 项目 | 2023 | 2024 2025E 2026E | | | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 254,397 | 245,551 24 ...