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 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-058 华能澜沧江水电股份有限公司 关于第四届监事会第四次会议决议公告 3.未发现参与公司《2024 年第三季度报告》编制和审议的人员有违反保密 规定的行为。 （三）本次会议的召集、召开、表决程序符合《中华人民共和国公司法》和 《公司章程》的有关规定。 本公司监事会及全体监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、监事会会议召开情况 （一）华能澜沧江水电股份有限公司（以下简称公司）第四届监事会第四次 会议（以下简称本次会议）于 2024 年 10 月 21 日以书面和电子邮件方式发出会 议通知，并于 2024 年 10 月 29 日在公司以现场和通讯表决方式召开。 （二）本次会议应出席监事 5 人，实际以现场和通讯表决方式出席会议的监 事 5 人。公司监事会主席夏爱东主持会议，公司董事会秘书和证券事务代表列席 会议。 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》。 同意公司《2024 年第三季度报告》，并发表如下意见： 1.公司《202 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-061 华能澜沧江水电股份有限公司 关于开展定向资产支持票据（类 REITs）项目 暨关联交易的公告 重要内容提示： 华能澜沧江水电股份有限公司（以下简称公司或华能水电）拟通过下属 项目公司持有并运营的多个电厂资产等在中国银行间市场发行定向资产支持票 据（类 REITs）（以下简称本次发行）。为开展本次发行，拟由公司子公司华能石 林光伏发电有限公司（以下简称石林光伏）作为普通合伙人、中国康富国际租赁 股份有限公司（以下简称康富租赁）作为 A 类有限合伙人与公司子公司华能澜沧 江新能源有限公司（以下简称新能源公司）作为 B 类有限合伙人共同设立有限合 伙企业（具体名称以工商登记为准，以下简称合伙企业）。根据本次发行方案安 排，康富租赁后续拟将其持有的合伙企业 A 类有限合伙份额全部信托予公司关联 方华能贵诚信托有限公司（以下简称华能贵诚信托），并在中国银行间市场发行 华能水电新能源定向资产支持票据信托（以最终监管核准和实际发行名称为准， 以下简称资产支持票据），预计发行规模不超过人民币 180,000 万元。 在合伙企业中，石林光伏和新能源公司持有 ...

华能澜沧江水电股份有限公司董事会 近日，华能澜沧江水电股份有限公司（以下简称公司）收到控股股东中国华 能集团有限公司函件，因工作变动，建议刘兴国先生不再担任公司非独立董事及 薪酬与考核委员会委员，拟推荐王伟军先生为公司非独立董事候选人。公司董事 会对刘兴国先生在任职期间的工作给予充分肯定，对其作出的贡献表示衷心感谢。 2024 年 10 月 29 日，公司第四届董事会第四次会议审议通过了《关于更换 公司非独立董事的议案》。董事会同意提名王伟军先生为公司非独立董事候选人， 并担任董事会薪酬与考核委员会委员。非独立董事候选人经股东会审议通过后任 职，任期自股东会通过之日起至第四届董事会届满之日止。非独立董事候选人任 职资格已经通过公司董事会提名委员会 2024 年第三次会议审查，提名程序符合 《中华人民共和国公司法》和《公司章程》的规定。 非独立董事候选人简历附后。 特此公告。 证券代码：600025 证券简称：华能水电 公告编号：2024-060 华能澜沧江水电股份有限公司 关于更换公司非独立董事的公告 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 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-057 华能澜沧江水电股份有限公司 关于第四届董事会第四次会议决议公告 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、董事会会议召开情况 （一）华能澜沧江水电股份有限公司（以下简称公司）第四届董事会第四次 会议（以下简称本次会议）于2024年10月21日以书面和电子邮件方式发出会议通 知，并于2024年10月29日在公司以现场和通讯表决方式召开。 （二）本次会议应出席董事15人，实际以现场和通讯表决方式出席会议的董 事14人，委托出席的董事1人，其中董事李石山委托独立董事宋云苍出席并表决。 公司董事长孙卫主持会议，公司部分监事和高级管理人员列席了会议。 （三）本次会议的召集、召开、表决程序符合《中华人民共和国公司法》和 《公司章程》的有关规定。 本议案已经公司董事会审计委员会2024年第五次会议审议通过，同意议案内 容并提交董事会审议。 表决结果：同意15票，反对0票，弃权0票。 （二）审议通过《关于更换公司非独立董事的议案》。 经董事会提名委员会审查，同意 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-064 华能澜沧江水电股份有限公司 2024 年度第九期超短期融资券发行公告 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）本金余 额不超过人民币 140 亿元，中期票据（含永续中票）本金余额不超过人民币 200 亿元。每年年末 12 月 31 日短期融资券（含超短期融资券）本金余额不超过人民 币 50 亿元，中期票据（含永续中票）本金余额不超过人民币 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 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 第九期超短期融资券的发行。本期债券发行额为人民币 15 亿元，期 ...

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].

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。 重要内容提示： 华能澜沧江水电股份有限公司（以下简称公司或华能水电）拟作为参股 股东与关联人华能国际电力股份有限公司（以下简称华能国际）共同出资成立华 能云南雨汪二期能源有限公司（以市场监督管理部门最终核准的名称为准，以下 简称合资公司）。双方于 2024 年 10 月 29 日签署《关于雨汪二期煤电与新能源联 营项目之合资协议》，华能国际拟以现金出资认缴合资公司注册资本 150,960 万 元，持股比例为 51%，华能水电拟以现金出资认缴合资公司注册资本 145,040 万 元，持股比例为 49%（以下简称本次交易或本次关联交易）。 证券代码：600025 证券简称：华能水电 公告编号：2024-062 华能澜沧江水电股份有限公司 关于参股成立合资公司暨关联交易公告 公司控股股东中国华能集团有限公司（以下简称华能集团）系华能国际 最终控股股东，根据《上海证券交易所股票上市规则》，公司与华能国际共同出 资设立合资公司构成关联交易，本次交易不构成《上市公司重大资产重组管理办 法》规 ...