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 ...

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 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [1][3]. Core Views - The company is the second-largest hydropower operator in China, holding the entire hydropower development rights of the Lancang River basin, with a total installed capacity of 29.2032 million kilowatts as of 1H2024, of which hydropower accounts for 25.9498 million kilowatts [2][19]. - The company is expected to release additional hydropower capacity in 2024-2025, with significant projects like the TB hydropower station and the Hardshell hydropower station contributing to a 10% increase in installed capacity [2][21]. - The tightening supply-demand balance is expected to push up local electricity prices, with the company benefiting from a competitive pricing strategy for electricity sent to Guangdong [2][3]. - The depreciation of existing assets is set to decrease, which will help release profits, alongside a reduction in financing costs from 4.33% in 2019 to 2.96% in 1H2024 [2][26]. Summary by Sections Company Overview - The company is the only platform for the integration of Huaneng Group's hydropower business, with a focus on the Lancang River basin [19][23]. Capacity Expansion - The company has a robust plan for capacity expansion, with the TB hydropower station expected to be fully operational by 2025 and the Hardshell hydropower station expected to start operations in late 2024 [21][30]. Financial Performance - Revenue projections for 2024, 2025, and 2026 are estimated at 25.547 billion, 28.696 billion, and 29.644 billion yuan respectively, with corresponding net profits of 8.291 billion, 9.337 billion, and 9.922 billion yuan [3][4]. - The company has a clear shareholder return plan, committing to distribute at least 50% of its distributable profits as cash dividends [27][28]. Market Dynamics - The company is positioned to benefit from rising electricity prices due to a tight supply-demand situation in Yunnan province, where hydropower generation accounts for over 70% of total output [2][10]. - The company is actively involved in the construction of clean energy bases in Tibet, which are expected to start delivering electricity to the Guangdong-Hong Kong-Macao Greater Bay Area by 2030 [31][32].

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 第八期超短期融资券的发行。本期债券发行额为人民币 5 亿元，期限为 130 天， 单位面值为 100 元人民币，发行利率为 1.97%。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 25 亿元，中期票据（含永续中票）余额为 人民币 168 亿元。 2024 年度第八期超短期融资券由国家开发银行作为牵头主承销商，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 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨华能水电（600025.SH） [Table_Title] 蓄能限制短期业绩，全年仍将展望积极 | --- | --- | |----------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 三季度公司水电完成发电量 384.68 亿千瓦时，同比下降 5.63% 。但风光电量维持高速增长 , 因 | | | 此公司三季度发电量同比减少 4.59% 。公司三季度营收同比降低 -1.27% （追溯调整后），公司 | | | 营收降幅较窄主因系新投产电站电价较高影响。由于新水电机组造价高于存量电站以及新投产 | | | 新能源项目盈利能力或略弱于存量电站，因此公司三季度实现归母净利润 30.56 亿元，同比下 | | | 7.37% ；前三季度来看，由于电站蓄能影响，公司电量同比增长 3.82% ，实现归母净利润 | | | 72.2 ...

2024 年前三季度发电量同比增加的主要原因：一是新能源装机大规模提升， 新能源发电量同比大幅增加。二是截至 9 月末，澜沧江流域乌弄龙、小湾和糯扎 渡断面来水同比分别偏丰 5%、3.6%和 8.5%。三是云南省内用电需求同比增加， 西电东送电量持续增加。 | 序号 | 发电类型/ | | | 发电量（亿千瓦时） | | | | | 上网电量（亿千瓦时） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 电站名称 | 2024 | 年 | 2023 | 年 | 同比 | 年 | 2024 | 2023 | 年 | 同比 | | | | 前三季度 | | 前三季度 | | | 前三季度 | | 前三季度 | | | | | 大型水电站（装机容量 | 25 | | 万千瓦及以上） | | | | | | | | | 1 | 乌弄龙 | 36.39 | | 36.31 | | 0.22% | 36.18 | | 36.09 | | 0.25% | | 2 | 里底 | 15.06 | | 15.29 ...

Financial Performance - Operating revenue for the first three quarters of 2024 reached 1,941,763.21 million yuan, a year-on-year increase of 7.05%[3] - Total profit for the first three quarters of 2024 was 905,272.82 million yuan, up 9.39% year-on-year[3] - Net profit attributable to shareholders of the listed company was 722,569.05 million yuan, a year-on-year increase of 7.78%[3] - Earnings per share attributable to shareholders of the listed company increased to 4.11 yuan, up 9.90% year-on-year[3] - The increase in total profit was mainly due to a year-on-year increase in power generation and operating revenue by 127,935.62 million yuan[4] Asset and Equity Growth - Total assets at the end of the reporting period were 20,394,038.11 million yuan, an increase of 4.46% compared to the beginning of the period[3] - Shareholders' equity attributable to the listed company was 7,399,319.56 million yuan, up 9.90% year-on-year[3]

2024 年度第四期绿色中期票据（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 2024 年度第四期绿色中期票据（乡村振兴）由中国银行股份有限公司作为 牵头主承销商、中国工商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。 证券代码：600025 证券简称：华能水电 公告编号：2024-053 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 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨华能水电（600025.SH） [Table_Title] 来水修复电量稳增，经营业绩稳健增长 报告要点 [Table_Summary] 得益于电量稳步增长，公司上半年营收 118.80 亿元，同比增长 13.10%，略高于公司电量 12.15% 的增速，主要或系新能源电量占比提升，而新能源电价高于水电电价带来的结构性变化影响。 而成本方面水电天然属性决定了变化相对有限，公司上半年实现归母净利润 41.69 亿元，同比 增长 22.47%。而单二季度营收增速低于电量增速，主要原因或系低电价的汛期电量占比显著 提升影响。整体来看，在营收稳步增长的拉动下，公司二季度实现归母净利润 31.04 亿元，同 比增长 24.37%。 分析师及联系人 [Table_Author] 张韦华 司旗 宋尚骞 刘亚辉 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 华能水电（600025.SH） cjzqdt11111 相关研究 ...

Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for its stock performance in the near term [3][5]. Core Views - The company's significant profit growth is attributed to favorable water conditions in the Lancang River basin during the first half of 2024, leading to increased electricity generation [4]. - The company is positioned as China's second-largest hydropower company, backed by the Huaneng Group, and has rights to develop hydropower resources across the entire Lancang River basin [4]. - Upcoming projects, including the completion of the Toba Hydropower Station and various renewable energy initiatives, are expected to enhance future earnings [2][4]. Financial Performance - For the first half of 2024, the company reported operating revenue of 11.88 billion yuan, a year-on-year increase of 13.10%, and a net profit attributable to shareholders of 4.169 billion yuan, up 22.47% [1]. - The company achieved a basic earnings per share (EPS) of 0.22 yuan, reflecting a 22.59% increase year-on-year [1]. - The weighted average return on equity (ROE) was 5.97%, an increase of 1.78 percentage points compared to the previous year [1]. Electricity Generation - In the first half of 2024, the company generated 46.695 billion kWh of electricity, a year-on-year increase of 12.15%, with hydropower generation rising by 22.42% due to improved water inflow [1][2]. - The second quarter of 2024 saw a significant increase in electricity generation, with total grid-connected electricity reaching 30.214 billion kWh, a year-on-year increase of 41.68% [1]. Future Outlook - The company plans to invest 13.991 billion yuan in 84 new renewable energy projects, aiming to increase its renewable energy capacity to 5.0181 million kW [2]. - The anticipated rise in electricity prices in Yunnan province, where the company primarily operates, is expected to support revenue growth [1][4]. Valuation Metrics - The projected EPS for 2024-2026 is expected to be 0.49, 0.54, and 0.60 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 22.4, 20.2, and 18.3 [5][6]. - The company's cash flow remains robust, with a cash dividend payout ratio of 58.42% for 2023 and a commitment to distribute 50% of distributable profits as dividends over the next three years [5].