证券代码：600025 证券简称：华能水电 公告编号：2024-066 华能澜沧江水电股份有限公司 2024 年度第十期超短期融资券发行公告 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法律责任。 一、发行基本情况 华能澜沧江水电股份有限公司（以下简称公司）已于近日完成了 2024 年度 第十期超短期融资券的发行。本期债券发行额为人民币 7 亿元，期限为 70 天， 单位面值为 100 元人民币，发行利率为 1.90%。本次发行完成后，公司短期融资 券（含超短期融资券）余额为人民币 47 亿元，中期票据（含永续中票）余额为 人民币 160 亿元。 2024 年度第十期超短期融资券由中国工商银行股份有限公司作为主承销商， 通过簿记建档、集中配售的方式在全国银行间债券市场公开发行，债券募集资金 将用于偿还带息负债。债券发行的有关文件已在中国货币网和上海清算所网站公 告，网址分别为 www.chinamoney.com.cn 和 www.shclearing.com。 2024 年 11 月 19 日 二、审批程序履行情况 特此公告。 公司 ...

Summary of the Conference Call for Huaneng Lancang River Hydropower Company Overview - Huaneng Lancang River Hydropower is a major hydropower development and operation enterprise controlled by China Huaneng Group, focusing on the Lancang River basin in Yunnan, China [1][2] Core Industry Insights - The company is positioned as a leader in hydropower development, contributing significantly to China's energy security and green transition [1][2] - The company emphasizes the importance of green, low-carbon, and eco-friendly development strategies in line with national energy policies [1][5] Key Financial Performance - For the first three quarters of 2020, the company achieved a power generation of 86.026 billion kWh, an increase of 3.82% year-on-year [5] - Revenue reached 19.418 billion yuan, up 7.05% year-on-year, with a total profit of 9.053 billion yuan, reflecting a 9.39% increase [5] - Net profit attributable to the parent company was 7.226 billion yuan, a year-on-year increase of 7.78% [5] Growth Drivers - The increase in power generation was attributed to several factors: - A 3.82% year-on-year increase in overall power generation [5] - Significant growth in renewable energy capacity [6] - Additional power generation from the Toba Hydropower Station [6] - Favorable hydrological conditions in the Yangtze River basin [6] - Increased electricity demand within Yunnan province [6] Strategic Initiatives - The company is committed to technological innovation and digital transformation, aiming to enhance its operational efficiency and sustainability [3][7] - It has established several benchmark projects, including the first integrated water-solar project in Yunnan [3] - The company is actively pursuing a dual-energy strategy, focusing on both hydropower and renewable energy development [7] Market Position and Shareholder Engagement - As of September 30, 2020, the company's market capitalization was 207.9 billion yuan, with a year-to-date increase of 52.56 billion yuan, reflecting a growth rate of 33.84% [6] - The company has seen an increase in shareholder engagement, with 78,166 shareholders as of the end of September 2020, an increase of 4,244 from the beginning of the year [6] Future Outlook - Huaneng Lancang River Hydropower aims to continue its commitment to high-quality development and enhance its core competitiveness [8] - The company plans to accelerate the creation of a world-class, modern green power enterprise, aligning with national energy security strategies [8]

Investment Rating - The investment rating for Huaneng Hydropower is "Buy" (maintained) [1] Core Views - The report indicates that Q3 performance was under pressure due to a decline in electricity generation, but the long-term outlook remains positive, particularly for the integrated development of wind, solar, and hydropower storage [1] - For the first three quarters of 2024, the company achieved operating revenue of 19.418 billion yuan, a year-on-year increase of 7.05%, and a net profit attributable to shareholders of 7.226 billion yuan, up 7.07% year-on-year [1] - The report highlights that the decline in electricity generation was primarily due to reduced water inflow and the impact of new depreciation costs from the newly commissioned Toba Hydropower Station [1] Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported operating revenue of 7.537 billion yuan, a decrease of 1.27% year-on-year, and a net profit of 3.056 billion yuan, down 8.27% year-on-year [1] - The total electricity generation for the first three quarters of 2024 decreased by 5.64% year-on-year, with a notable decline in existing hydropower stations' output [1] - The report projects that the company's net profit for 2024, 2025, and 2026 will be 8.60 billion, 9.48 billion, and 10.34 billion yuan respectively, with year-on-year growth rates of 12.5%, 10.3%, and 9.1% [1][8] Market Outlook - The report emphasizes the potential for growth in the company's clean energy business, particularly through the integration of wind, solar, and hydropower storage [1] - The company plans to enhance its hydropower capacity significantly, with approximately 50% growth potential remaining as of the end of 2023 [1] - The report maintains a positive long-term outlook for the company's integrated development strategy, despite short-term performance pressures [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][5]. Core Views - The company achieved a year-on-year profit increase of 8% in the first three quarters of 2024, with operating revenue of 19.418 billion yuan, up 7.05% year-on-year, and net profit attributable to shareholders of 7.226 billion yuan, up 7.78% year-on-year [3][4][12]. - The company is expected to face a slight decline in revenue due to reduced hydropower generation in Q3 2024, but the demand for electricity is expected to support the increase in on-grid electricity prices [4][16]. - The company plans to invest in the Yuwang Phase II project to integrate coal, wind, and solar power, aiming to maximize comprehensive benefits [4][18]. Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 7.537 billion yuan, with a year-on-year decrease of 1.27% and a quarter-on-quarter increase of 1.03%. The net profit attributable to shareholders was 3.056 billion yuan, down 7.37% year-on-year [4][12]. - The company completed a total power generation of 86.026 billion kWh in the first three quarters of 2024, representing a year-on-year increase of 3.82% [12][14]. Revenue and Profit Forecast - The company forecasts revenues of 25.852 billion yuan, 28.020 billion yuan, and 29.316 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 8.147 billion yuan, 9.108 billion yuan, and 9.797 billion yuan for the same years [5][19]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 21.50, 19.23, and 17.88, respectively [5][19]. Project Developments - The company is set to fully commission the Toba hydropower station by the end of 2024 and the Hanyingbao hydropower station by 2025. It aims to add 3.09 million kW of new energy capacity in 2024 [5][19]. - The company has partnered with Huaneng International to establish a joint venture for the Yuwang Phase II energy project, which will include the construction of two ultra-supercritical coal-fired units and associated renewable energy resources [4][18].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company achieved a revenue of 19.42 billion yuan in the first three quarters of 2024, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 7.23 billion yuan, up 7.8% year-on-year. However, in Q3 alone, revenue was 7.54 billion yuan, down 1.3% year-on-year, and net profit was 3.06 billion yuan, down 7.4% year-on-year [1]. - The total power generation for the first three quarters of 2024 was 86.026 billion kWh, an increase of 3.82% year-on-year, primarily driven by significant increases in renewable energy installations and improved water inflow in certain river basins [2]. - Despite a 5.9% year-on-year decline in hydropower generation in Q3, the company demonstrated resilience in electricity prices, with a composite on-grid electricity price of approximately 0.193 yuan/kWh, up from 0.186 yuan/kWh in the same period last year [3]. - The company is expected to face short-term cost increases due to the commissioning of new units, but these will contribute to profit growth in the long term as installed capacity continues to expand [3]. Financial Summary - The company is projected to achieve net profits of 8.24 billion yuan, 9.17 billion yuan, and 9.75 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 21.5x, 19.3x, and 18.2x [4]. - Revenue is expected to grow from 26.47 billion yuan in 2024 to 30.92 billion yuan in 2026, with growth rates of 12.82%, 10.30%, and 5.92% for the respective years [4]. - The company’s total assets are projected to reach 202.41 billion yuan by 2024, with total liabilities of 127.71 billion yuan, resulting in a debt ratio of approximately 62.9% [7]. Cash Flow and Investment - The operating cash flow for 2024 is estimated at 17.43 billion yuan, with capital expenditures of 15.12 billion yuan, indicating a focus on investment in growth [8]. - The company is expected to maintain a healthy cash flow despite fluctuations in net profit, with a projected net increase in cash of 225.62 million yuan for 2024 [8].

Investment Rating - The report maintains a "Buy" rating for Huadian Power International Corporation (600025 SH) [3][4] Core Views - Despite a 5 63% YoY decline in hydropower generation in Q3 2024, the company's overall power generation decreased by only 4 59% due to rapid growth in wind and solar power generation [1] - The company plans to establish a joint venture with Huadian International to develop the Yuwang Phase II coal power and new energy integration project, which includes 2 000 MW of coal power and supporting new energy resources, with the company holding a 49% stake [1][6] - The company's Q3 2024 revenue decreased by 1 27% YoY, while net profit attributable to the parent company decreased by 7 37% YoY [3][7] Financial Performance - In Q3 2024, the company achieved a revenue of 7 537 billion yuan, a decrease of 1 27% YoY, and a net profit attributable to the parent company of 3 056 billion yuan, a decrease of 7 37% YoY [3][7] - For the first three quarters of 2024, the company achieved a revenue of 19 418 billion yuan, an increase of 7 05% YoY, and a net profit attributable to the parent company of 7 226 billion yuan, an increase of 7 78% YoY [5] - The company's EPS for 2024-2026 is expected to be 0 49 yuan, 0 55 yuan, and 0 61 yuan, respectively, with corresponding P/E ratios of 20 34x, 18 23x, and 16 39x [4] Power Generation - In Q3 2024, the company's hydropower generation was 38 468 billion kWh, a decrease of 5 63% YoY, while wind and solar power generation maintained rapid growth [1][7] - For the first three quarters of 2024, the company's hydropower generation was 83 056 billion kWh, an increase of 1 69% YoY, while wind power generation was 319 million kWh, an increase of 6 33% YoY, and solar power generation was 2 652 billion kWh, an increase of 201 02% YoY [5] Expansion and Growth - The company's Tuoba power station, with a total installed capacity of 1 400 MW, is expected to be fully operational by the end of 2024 [6] - The Yuwang Phase II coal power and new energy integration project is expected to support the company's performance growth during the "15th Five-Year Plan" period [1][6] Market and Valuation - The company's current stock price is 10 02 yuan, with a total market capitalization of 180 billion yuan [8] - The company's P/E ratio for 2024-2026 is expected to be 20 34x, 18 23x, and 16 39x, respectively, with a P/B ratio of 2 20x, 2 06x, and 1 93x [4][10]

Investment Rating - The report maintains a "Buy" rating for Huaneng Hydropower, with expected earnings per share (EPS) of 0.47, 0.55, and 0.61 RMB for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 21x, 18x, and 17x [2][4]. Core Insights - Huaneng Hydropower reported a revenue of 19.42 billion RMB for the first three quarters of 2024, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 7.23 billion RMB, up 7.8% year-on-year. However, the third quarter saw a revenue decline of 1.3% and a net profit decrease of 7.4% [2]. - The company experienced a decrease in hydropower generation due to reduced water inflow in the Southwest region, with a 4.6% year-on-year drop in power generation for Q3 2024. Despite this, the company benefited from significant growth in photovoltaic installations and improved wind resources in Yunnan province [2][4]. - The average on-grid electricity price is estimated to be approximately 0.193 RMB/kWh for 2024, reflecting a year-on-year increase of about 3.7% [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, Huaneng Hydropower achieved a revenue of 194.2 billion RMB and a net profit of 72.3 billion RMB, with Q3 figures showing a revenue of 75.4 billion RMB and a net profit of 30.6 billion RMB [2]. - The company forecasts net profits of 8.45 billion RMB, 9.83 billion RMB, and 10.91 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS figures [4]. Operational Analysis - The hydropower generation for Q3 2024 was 38.5 billion kWh, down 5.6% year-on-year, attributed to a marginal decline in water inflow. However, wind and solar generation saw increases of 11.6% and 98.5% respectively [2]. - Yunnan province's electricity demand increased by 7.8% year-on-year in Q3 2024, supported by stable industrial production and rising electricity exports [2]. Taxation and Costs - The company faced an increase in income tax expenses due to the expiration of tax incentives for certain power stations, leading to a 4.8 percentage point rise in the effective tax rate [2].

重要内容提示： 华能澜沧江水电股份有限公司（以下简称公司）将于 2024 年 10 月 30 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年前三季度经营成果、财务状况，公司计划于 2024 年 11 月 08 日上午 10:00-11:30 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年前三季度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 证券代码：600025 证券简称：华能水电 公告编号：2024-063 华能澜沧江水电股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 独立董事：周正风 四、投资者参加方式 （一） 会议召开时间：2024 年 11 月 08 日上午 10:00-11:30 （二） 会议召开地点：上海证券交易 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥7,537,196,021.05, a decrease of 1.27% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥3,056,312,901.73, down 7.37% year-on-year[2]. - The basic earnings per share for Q3 2024 was ¥0.16, reflecting a decrease of 5.88% compared to the same period last year[3]. - Total operating revenue for the first three quarters of 2024 reached CNY 19.42 billion, an increase of 7.05% compared to CNY 18.14 billion in the same period of 2023[14]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 7.23 billion, representing a 7.77% increase from CNY 6.70 billion in 2023[15]. - Total comprehensive income attributable to the parent company reached CNY 7,160,540,445.88, an increase from CNY 6,743,362,976.43 in the same period last year, reflecting a growth of approximately 6.2%[17]. - Operating profit increased to CNY 7,235,173,213.48, up from CNY 6,718,389,841.90, representing a growth of approximately 7.67%[26]. - Net profit for the first three quarters of 2024 reached CNY 6,256,922,456.12, compared to CNY 5,916,697,775.08 in 2023, marking an increase of about 5.75%[26]. Assets and Liabilities - The total assets at the end of the reporting period were ¥203,940,381,102.63, an increase of 4.46% from the end of the previous year[3]. - The company's total liabilities as of the end of the third quarter of 2024 amounted to CNY 126.31 billion, an increase of 1.45% from CNY 124.52 billion at the end of 2023[13]. - Total current assets increased to ¥6,720,440,054.09 as of September 30, 2024, up from ¥4,339,798,782.40 at the end of 2023, representing a growth of approximately 55.0%[9]. - Non-current assets totaled ¥197,219,941,048.54, up from ¥190,899,466,514.95, indicating an increase of about 3.0%[11]. - The company's total equity rose to CNY 70,771,940,330.20, compared to CNY 65,034,329,589.32, indicating an increase of about 8.45%[24]. Cash Flow - The cash flow from operating activities for the year-to-date period was ¥14,345,669,042.32, an increase of 11.94% year-on-year[2]. - Cash and cash equivalents at the end of the third quarter of 2024 were CNY 7.48 billion, compared to CNY 6.94 billion at the end of 2023, indicating a liquidity improvement[12]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY 10,842,609,170.03, an increase from CNY 10,265,503,391.12 in the same period of 2023, representing a growth of approximately 5.6%[27]. - The company reported a net increase in cash and cash equivalents of CNY 1,261,890,977.07, compared to a decrease of CNY 61,775,541.98 in the same period last year[20]. - The net cash flow from financing activities showed a decrease, with a net outflow of CNY 6,440,593,574.64 in 2024 compared to CNY 1,929,338,300.42 in 2023, reflecting a worsening of approximately 234%[29]. Investments and Expenses - Research and development expenses for the first three quarters of 2024 were CNY 101.84 million, a decrease of 10.77% compared to CNY 114.17 million in the same period of 2023[14]. - The company's financial expenses for the first three quarters of 2024 were CNY 1.98 billion, a slight decrease from CNY 2.02 billion in the previous year[14]. - Investment income increased significantly to CNY 604,498,646.00 from CNY 488,133,705.60, representing a growth of approximately 23.83%[25]. - The company received CNY 3,000,600,000.00 from investment activities, slightly up from CNY 2,997,600,000.00 in the previous year, indicating a marginal increase[19]. - The company reported an increase in investment income cash receipts to CNY 581,914,667.65 from CNY 327,306,807.53, representing a growth of approximately 77.5%[27]. Operational Highlights - The company reported an increase in electricity generation, which contributed to the growth in operating revenue and net profit year-on-year[6]. - The company continues to focus on expanding its renewable energy projects and enhancing operational efficiency in the upcoming quarters[9]. - The company maintains a strong liquidity position with a current ratio improvement due to increased cash reserves[9]. - The company has no significant changes in the top 10 shareholders or their participation in margin trading[8]. - The company did not apply new accounting standards or interpretations for the first time in 2024, maintaining consistency in financial reporting[30].

证券代码：600025 证券简称：华能水电 公告编号：2024-065 华能澜沧江水电股份有限公司 2024 年度第五期绿色中期票据（乡村振兴）发行公告 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法律责任。 一、发行基本情况 公司 2024 年 5 月 28 日召开的 2023 年年度股东大会审议通过《关于公司在 银行间市场债务融资工具注册发行的议案》，同意公司在 2023 年度股东大会批 准之日起 24 个月（现执行《注册通知书》（中市协注〔2024〕TDFI25 号）有效 期截止日）的任一时点，一次或分次发行本金余额合计不超过人民币 340 亿元的 债务融资工具，其中单项余额限额为：短期融资券（含超短期融资券）不超过人 民币 140 亿元，中期票据（含永续中票）不超过人民币 200 亿元。每年年末 12 月 31 日短期融资券（含超短期融资券）余额不超过人民币 50 亿元，中期票据（含 永续中票）余额不超过人民币 160 亿元。 特此公告。 华能澜沧江水电股份有限公司董事会 2024 年 10 月 30 日 华能澜沧江水电股份有 ...