Investment Rating - The report maintains a "Buy" rating for the company [15] Core Views - The company's hydropower business is strong and sustainable, with a focus on both hydropower and new energy development [28] - The company's hydropower electricity price has long-term upward potential, supported by increasing renewable energy generation and market reforms [27] - The company's new energy generation business is expected to bring new growth opportunities [28] Market Data - Closing price: 9.41 yuan [2] - 52-week high/low: 12.25 yuan / 8.31 yuan [3] - Price-to-book ratio: 2.92x [5] - Market capitalization: 169.38 billion yuan [6] Financial Data - Revenue for the first three quarters of 2024: 19.418 billion yuan, up 7.05% YoY [17] - Net profit attributable to shareholders for the first three quarters of 2024: 7.226 billion yuan, up 7.78% YoY [17] - Operating cash flow for the first three quarters of 2024: 14.346 billion yuan, up 11.94% YoY [17] - Basic EPS for the first three quarters of 2024: 0.38 yuan, up 9.09% YoY [17] - ROE for the first three quarters of 2024: 9.86%, up 1.26 percentage points YoY [17] Business Performance - The company's power generation in the first three quarters of 2024 was 86.026 billion kWh, up 3.82% YoY, driven by new energy generation and increased hydropower output [18] - New energy generation in the first three quarters of 2024 was 2.971 billion kWh, up 151.57% YoY [18] - Hydropower generation in the first three quarters of 2024 was 83.056 billion kWh, up 1.69% YoY [18] - The company's financial expense ratio for the first three quarters of 2024 was 10.19%, down 0.97 percentage points YoY [18] Industry Position - The company ranks second in hydropower installed capacity among A-share companies and first in power generation capacity in Yunnan Province [20] - As of June 2024, the company's installed capacity was 29.2032 GW, with an additional 15 GW under construction or in the planning stage [25] Future Projects - The company is investing in the Yuwang Phase II coal power and new energy integration project, with a total capacity of 2×1,000 MW [26] - The company plans to add 3.09 GW of new energy capacity in 2024, providing incremental growth opportunities [25] Valuation and Forecast - The company's net profit for 2024-2026 is forecasted to be 8.379 billion yuan, 9.5 billion yuan, and 10.594 billion yuan, respectively [28] - EPS for 2024-2026 is forecasted to be 0.47 yuan, 0.53 yuan, and 0.59 yuan, respectively [28] - The PE ratio for 2024-2026 is estimated at 20.21x, 17.83x, and 15.99x, respectively [28] Industry Outlook - The hydropower industry is expected to benefit from long-term electricity price increases and market reforms [27] - The company's new energy projects are expected to contribute to future growth [28]

近日，华能澜沧江水电股份有限公司（以下简称公司）董事会收到副总经理、 总法律顾问查荣瑞先生的书面辞职报告。因工作变动原因，查荣瑞先生申请辞去 公司副总经理、总法律顾问职务。根据《中华人民共和国公司法》《公司章程》 的有关规定，查荣瑞先生的辞职报告自送达董事会之日起生效。查荣瑞先生确认 与公司董事会无意见分歧，且没有与其辞职有关的其他事宜需通知公司及股东。 查荣瑞先生在担任公司副总经理、总法律顾问期间，恪尽职守、勤勉尽责， 为推动公司法治化建设、完善公司治理结构和上市公司高质量发展等方面做出了 重要贡献，公司董事会对查荣瑞先生为公司发展做出的卓越贡献表示衷心感谢。 特此公告。 华能澜沧江水电股份有限公司董事会 证券代码：600025 证券简称：华能水电 公告编号：2024-070 华能澜沧江水电股份有限公司 关于高级管理人员辞职的公告 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。 2024 年 12 月 7 日 ...

根据中国银行间市场交易商协会出具的接收注册通知书（中市协注〔2024〕 ABN142 号），同意注册金额为 17.91 亿元，注册额度自通知书落款之日起 2 年内 有效。 截至本公告披露之日，中国康富国际租赁股份有限公司 2024 年度第一期华 能水电绿色定向资产支持票据（碳中和债/类 REITs）的簿记管理人中信建投证 券股份有限公司已成功发行优先级与次级资产支持票据，并获得全额认购，其中 次级资产支持票据由康富租赁认购。资产支持票据于 2024 年 11 月 21 日正式发 行，2024 年 11 月 26 日正式设立。资产支持票据的基本情况如下： | 产品分层 | 优先级资产支持票据 | | | | 次级资产支持票据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 规模（亿元） | 17.90 | | | | 0.01 | | | | | 评级 | AAA | | | | 不涉及 | | | | | 发行利率 | 2.40% | | | | 不涉及 | | | | | 起息日 | 年 日 2024 26 | 11 | 月 ...

华能澜沧江水电股份有限公司 2024 年度第十一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 第十一期超短期融资券的发行。本期债券发行额为人民币 6 亿元，期限为 30 天， 单位面值为 100 元人民币，发行利率为 1.84%。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 53 亿元，中期票据（含永续中票）余额为 人民币 160 亿元。 证券代码：600025 证券简称：华能水电 公告编号：2024-067 2024 年度第十一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。 华能澜沧江水电股份有限公司董事会 2024 年 11 月 23 日 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-068 华能澜沧江水电股份有限公司 特此公告。 华能澜沧江水电股份有限公司董事会 2024 年 11 月 23 日 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 第六期绿色超短期融资券（乡村振兴）的发行。本期债券发行额为人民币 13 亿 元，期限为 106 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 66 亿元，中期票据（含 永续中票）余额为人民币 160 亿元。 2024 年度第六期绿色超短期融资券（乡村振兴）由中国农业银行股份有限 公司作为牵头主承销商、中国银行股份有限公司作为联席主承销商，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。 二、审批程序履行情况 公司 2024 年 5 月 28 日召开的 2023 年年度股东 ...

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].