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].

Investment Rating - The investment rating for Huaneng Hydropower is "Buy - A" with a target price of 12.5 CNY for the next six months [4]. Core Views - The company reported a significant increase in performance, with a 13.1% year-on-year growth in revenue to 11.88 billion CNY and a 22.47% increase in net profit to 4.169 billion CNY in the first half of 2024 [1][2]. - The increase in electricity generation was driven by favorable water conditions in the Lancang River basin, leading to a 12.36% rise in total electricity output to 462.72 billion kWh [2]. - The company is expanding its hydropower capacity, with the successful commissioning of the first unit of the Toba Hydropower Station and plans for further projects, which will enhance short-term performance [3]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 11.88 billion CNY, a 13.1% increase year-on-year, and a net profit of 4.169 billion CNY, up 22.47% [1]. - The average on-grid electricity price increased slightly to 0.257 CNY/kWh, reflecting a tight supply-demand balance in Yunnan province [2]. Capacity Expansion - The company’s hydropower capacity increased from 22.95 GW to 25.6 GW following the acquisition of Huaneng Sichuan Energy Development Co., Ltd. [3]. - The Toba Hydropower Station, with a capacity of 1.4 million kW, is expected to be fully operational by December 2024, contributing to future revenue growth [3]. Future Projections - Revenue projections for 2024-2026 are 26.275 billion CNY, 28.836 billion CNY, and 30.263 billion CNY, with corresponding net profits of 8.936 billion CNY, 10.232 billion CNY, and 10.884 billion CNY [9]. - The company plans to invest 139.91 billion CNY in 84 new energy projects, aiming to add 3.09 million kW of capacity in 2024 [3].

2024 年 08 月 28 日 华能水电 (600025) ——来水转丰电量高增 水风光共成长 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 事件：公司发布 2024 年半年报，2024 年上半年实现营业收入 118.80 亿元，同比增长 13.10%，实 | --- | --- | |--------------------------|--------------------------| | 市场数据： 收盘价（元） | 2024 年 08 月 27 日11.51 | | 一年内最高/最低（元） | 12.30/7.13 | | 市净率 息率（分红/股价） | 3.71.56 | | 流通 A 股市值（百万元） | 207,180 | | 上证指数/深证成指 | 2,848.73/8,103.76 | | | | 结算电价 0.1937 元/千瓦时（不含税），我们测算 1H24 公司电量增发可增厚税前利润约 7.2 亿元。 ⚫ 上游电站建设加速，托巴电站投产有望贡献增量。根据公司公告，托巴水电站 1 号机组于 2024 年 6 月 15 日正式进入商业运行，预计下半年贡献增量。目前硬梁包、 ...

Investment Rating - The report maintains a "Recommended" rating for Huaneng Hydropower [4] Core Views - The company reported a revenue of 11.88 billion yuan for the first half of 2024, a year-on-year increase of 13.10%, and a net profit attributable to shareholders of 4.169 billion yuan, reflecting a year-on-year growth of 22.47% [2] - The company's profitability has improved, with a return on equity (ROE) of 5.97%, up 1.78 percentage points year-on-year, and a gross profit margin of 59.03%, an increase of 1.34 percentage points [2] - The increase in water inflow and electricity prices is expected to drive revenue growth, with hydropower generation reaching 44.588 billion kWh, a year-on-year increase of 8.99% [2][3] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 7.461 billion yuan, a year-on-year increase of 19.61%, and a net profit of 3.104 billion yuan, reflecting a year-on-year growth of 24.37% [2] - The operating cash flow for the first half of 2024 was 7.536 billion yuan, a year-on-year increase of 6.76%, indicating stable growth [2] Hydropower Generation - The company expects strong hydropower generation performance in the second half of 2024, with new projects like the Toba and Huanliangbao hydropower stations contributing to capacity growth [3] - The average on-grid electricity price for the first half of 2024 was 0.257 yuan/kWh, a slight increase of 0.66% year-on-year [2] Future Outlook - The company plans to add 10 million kW of new energy capacity during the 14th Five-Year Plan period, with significant growth expected in renewable energy generation [3][9] - The forecasted net profits for 2024, 2025, and 2026 are 8.813 billion yuan, 9.919 billion yuan, and 10.830 billion yuan, respectively, with corresponding price-to-earnings ratios of 23.51x, 20.89x, and 19.13x [9][10]

华能水电（600025.SH）2024 年半年报点评 来水偏丰，发电量提升带动业绩增长 2024 年 08 月 28 日 ➢ 事件：2024 年 8 月 27 日，公司发布 2024 半年度报告，24H1 实现营业收 入 118.80 亿元，同比增长 13.10%，实现归母净利润 41.69 亿元，同比增长 22.47%。基本每股收益 0.22 元，同比增长 22.59%，销售毛利率 59.03%，同比 略增 0.89pct，净利率 38.77%，同比增长 2.71pct。24Q2 单季度公司实现营业 收入 74.61 亿元，同比增长 33.34%，实现归母净利润 31.04 亿元，同比增长 32.06%。 ➢ 水电光伏齐发力，发电量大幅提升，平均上网电价保持稳定。24H1 受益于 新能源装机规模提升、澜沧江流域来水同比偏丰以及公司协调电网加快汛前水位 消落，公司水电发电量与新能源发电量同步提升，发电量分别为 445.88 亿千瓦 时、21.07 亿千瓦时，分别同比增加 8.99%、189.82%，合计发电量 466.95 亿 千瓦时，同比增加 12.15%，其中公司新投产光伏项目发电量达 17.65 亿千瓦 ...

2024年08月27日 华能水电 (600025.SH) (维持评级) 公司点评 证券研究报告 来水改善、装机增长，量利齐升 业绩简评 8 月 27 日公司发布 24 年半年报, 1H24 实现营收 118.8 亿元,同 比+13.1%（调整后）;实现归母净利 41.7 亿元,同比+22.5%（调 整后)。2Q24 实现营收 74.6 亿元,同比+10.2%(调整后);实现 归母净利 31.0 亿元，同比+19.3%（调整后）。 经营分析 载机增长+来水改善驱动 2Q24 发电量+26.1%。1) 水电:1H24 澜 沧江流域来水同比偏丰约３成,叠加托巴水电站首台机组于６月 投产，2024 公司完成水电发电量 295 亿千瓦时，同比+24. 1%。 2）新能源：1H24 新增光伏装机约 133 万千瓦、同比+149.7%, 2024 年新能源新增装机目标完成君度约 43%。2024 风、光分别完 成发电量 1.1、9.0亿千瓦时,同比分别-5.3%、+197.4%;其中, 风电受 Q2 风资源不佳影响,而光伏由装机增长驱动。 可再生能源电量高增缓解云南电力供需矛盾,2024平均上网电价 同比下降。2Q24 云 ...