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 ...

华能澜沧江水电股份有限公司 关于对中国华能财务有限责任公司的风险持续评估报告 华能澜沧江水电股份有限公司（以下简称"公司"）根据《上海证券交易所 上市公司自律监管指引第 5 号——交易与关联交易（2023 年 1 月修订）》（上 证发〔2023〕6 号）相关要求，通过查验中国华能财务有限责任公司（以下简称 "华能财务"）《金融许可证》《营业执照》等资料，并审阅包括资产负债表、 损益表、现金流量表等在内的华能财务 2024 年上半年未经审计的财务报表，对 华能财务的经营资质、内部控制、业务和风险状况进行了评估，具体情况报告如 下： 一、华能财务基本情况 华能财务 1987 年 10 月 27 日经中国人民银行银复〔1987〕333 号文件批准 成立，于 1988 年 5 月 21 日经国家工商行政管理总局批准，取得《企业法人营业 执照》。华能财务有股东 9 家，其中中国华能集团有限公司（简称"华能集团"） 持股比例为 52%，公司与北方联合电力有限责任公司、华能国际电力开发公司、 华能国际电力股份有限公司、华能资本服务有限公司、华能能源交通产业控股有 限公司、西安热工研究院有限公司、华能新能源股份有限公司持股比 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-050 华能澜沧江水电股份有限公司 关于第四届董事会第三次会议决议公告 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 该报告的具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn） 披露的《关于对中国华能财务有限责任公司的风险持续评估报告》。 （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。 二、董事会会议审议情况 （一）审议通过《关于公司2024年半年度报告及摘要的议案》。 本议案所述内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披 露的《华能澜沧江水电股份有限公司2024年半年度报告》。 本议案已经公司董事会审计委员会2024年第四次会议审议通过，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《关于公司对中国华能财务有限责任公司的风险持续评估 报告的议案》。 中国华能财务有限责任公司(简称华能财务）持有合法 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥11.88 billion, a 13.10% increase compared to ¥10.50 billion in the same period last year[14]. - Net profit attributable to shareholders was ¥4.17 billion, reflecting a 22.47% increase from ¥3.40 billion year-on-year[14]. - The company generated a net cash flow from operating activities of ¥7.54 billion, up 6.76% from ¥7.06 billion in the previous year[14]. - The basic earnings per share for the first half of 2024 was ¥0.22, a 22.59% increase compared to ¥0.18 in the same period last year[15]. - The net profit after deducting non-recurring gains and losses for the first half of 2024 was approximately CNY 4.17 billion, representing a 37.42% increase compared to CNY 3.03 billion in the same period last year[94]. - The company's total revenue for the first half of 2024 reached ¥8,310,541,636.93, an increase of 1.93% compared to ¥8,152,923,062.26 in the same period of 2023[104]. - Operating profit for the first half of 2024 was ¥4,042,314,859.72, up from ¥3,521,242,661.35 in the previous year, reflecting a growth of 14.77%[105]. - Net profit for the first half of 2024 was ¥3,518,184,942.84, compared to ¥3,099,174,422.85 in the same period of 2023, representing an increase of 13.54%[106]. - The company reported a total comprehensive income of ¥4,635,094,152.98 for the first half of 2024, compared to ¥3,863,575,256.39 in the same period of 2023, marking an increase of 19.93%[103]. Operational Highlights - The company achieved a total electricity generation of 46.695 billion kWh, a 12.15% increase year-on-year[17]. - The new energy installed capacity significantly increased, contributing to a substantial rise in new energy generation[17]. - The water inflow in the Lancang River basin was approximately 30% higher than the previous year, positively impacting hydropower generation[17]. - The company completed the acquisition of 100% equity in Huaneng Sichuan Energy Development Co., Ltd., which was included in the consolidated financial statements from September 2023[17]. - The installed capacity of the company reached 29.2032 million kW by the end of June 2024, ranking first in Yunnan Province[21]. - The company is actively developing a clean energy base integrating hydropower and wind-solar resources in the Lancang River basin[21]. - The company maintained a "zero accident" safety record while enhancing safety management and emergency response capabilities[23]. - The company has released over 11 million indigenous fish as part of its ecological protection efforts in the first half of 2024[23]. - The company is committed to balancing ecological protection with project development in the Lancang River clean energy base[51]. Financial Position - The total assets of the company include CNY 2,021,168,096.65 in cash, which is 14.82% higher than the previous year[29]. - The accounts receivable have increased to CNY 4,919,221,315.93, a significant rise of 99.05% compared to the previous year[30]. - The company’s long-term borrowings stand at CNY 92,708,619,974.41, showing a 1.03% increase from the previous year[31]. - The company holds overseas assets totaling CNY 7,473,705,517.25, accounting for 3.71% of total assets[32]. - The total assets as of June 30, 2024, amounted to CNY 7.09 billion, an increase from CNY 4.34 billion at the end of the previous year[95]. - Total liabilities reached ¥129.49 billion, compared to ¥124.52 billion in the previous year, indicating a growth of around 3.95%[97]. - The company's cash and cash equivalents increased to ¥105.32 million from ¥39.14 million, showing a significant rise of approximately 168.5%[98]. - The company’s total liabilities at the end of the first half of 2024 are 14,978,218,522.47 CNY[118]. Risk Management - The company has emphasized risk management and will take proactive measures to address potential risks as outlined in the report[6]. - The company faces risks related to water inflow in the Lancang River basin[40]. - The transition of the electricity market poses risks, with the value of electricity shifting from a single energy value to a comprehensive value that includes safety and green attributes, creating challenges for revenue and pricing[41]. - The company's revenue heavily relies on a single customer, Yunnan Electric Power Company, which poses risks if economic growth slows in Yunnan or Guangdong, leading to potential oversupply in the electricity market[41]. Corporate Governance - The company did not distribute dividends or issue new shares in the 2023 fiscal year[48]. - The company has not implemented any employee stock ownership plans or other incentive measures[50]. - The integrity status of the company and its major stakeholders remains good, with no significant debts due that have not been repaid[64]. - The company has not faced any significant litigation or arbitration matters during the reporting period[63]. Environmental and Social Responsibility - The company operates clean energy projects, including hydropower, wind power, and solar energy, with no pollutant emissions during electricity production[51]. - The company allocated 38 million RMB for rural revitalization projects, focusing on five key areas including ecological livability and social governance[54]. - The company made donations totaling 1.4135 million RMB, including 1.2 million RMB to support disaster recovery efforts in Yunnan Province[54]. - The company has not experienced any major ecological damage or environmental pollution incidents during the reporting period[52]. Accounting and Financial Policies - The company has implemented specific accounting policies for financial instruments, inventory, fixed asset depreciation, and revenue recognition[126]. - The company’s accounting currency is Renminbi (CNY)[129]. - The company recognizes revenue from electricity sales based on the approved on-grid electricity price and the amount of electricity sold at the end of each month[185]. - The company benefits from a reduced corporate income tax rate of 15% for projects located in the western region, effective from January 1, 2021, to December 31, 2030[197].

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）第四届监事会第三次 会议（以下简称本次会议）于 2024 年 8 月 19 日以书面和电子邮件方式发出会议 通知，并于 2024 年 8 月 27 日在公司以通讯表决方式召开。 证券代码：600025 证券简称：华能水电 公告编号：2024-051 华能澜沧江水电股份有限公司 关于第四届监事会第三次会议决议公告 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）审议通过《关于公司 2024 年半年度报告及摘要的议案》。 同意《公司 2024 年半年度报告及摘要》，并发表如下意见： 1.《公司 2024 年半年度报告及摘要》的编制和审议程序符合法律法规、《公 司章程》和公司内部管理制度的各项规定； 2.《公司 2024 年半年度报告及摘要》的内容和格式符合中国证监会和上海 证券交易所的各项规定，所包括的信息真实地反映出公司的经营管理和财务状况 等事项； 3.未发现参与《公司 2024 年半年度报告及摘要》编制和审议的人员有违反 保密规定的行为。 表决结果 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-048 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，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 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 第七期超短期融资券的发行。本期债券发行额为人民币 10 亿元，期限为 93 天， 单位面值为 100 元人民币，发行利率为 1.94%。本次发行完成后，公司短期融资 ...

华能澜沧江水电股份有限公司 关于召开 2024 年半年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。 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 08 月 28 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年上 半年经营成果、财务状况，公司计划于 2024 年 09 月 03 日下午 15:00-16:30 举 行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 证券代码：600025 证券简称：华能水电 公告编号：2024-049 会议召开时间：2024 年 9 月 3 日（星期二）下午 15:00-16:30 会议召开地点：上海证券交易所上证路演中心 （网址 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 08 月 27 日（星期二）至 09 月 02 日(星期一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公 ...

华能澜沧江水电股份有限公司 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 第三期绿色中期票据（科创票据）的发行。本期债券品种一发行额为人民币 5 亿元，期限为 3+N 年，单位面值为 100 元人民币，发行利率为 2.06%；品种二发 行额为人民币 10 亿元，期限为 5+N 年，单位面值为 100 元人民币，发行利率为 2.17%。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 66.40 亿元，中期票据（含永续中票）余额为人民币 175 亿元。 2024 年度第三期绿色中期票据（科创票据）由中国建设银行股份有限公司 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。 证券代码：600025 证券简称：华能水电 公告编号：2024-047 2024 年度第三期绿色中期票据（科创票据）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 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-046 华能澜沧江水电股份有限公司 2024 年度第六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。 2024 年度第六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。 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，其中单项余额限额为：短期融资券（含超短期融资券）本金余 ...

Investment Rating - The report initiates coverage on Huadian Power with a "Buy" rating, indicating an expected investment return outperforming the market benchmark by 15% or more over the next 6-12 months [16] Core Views Financial Performance - In 2023, Huadian Power achieved operating revenue of 23.461 billion yuan, a slight decrease of 0.51% year-over-year, while net profit attributable to shareholders increased by 5.58% to 7.638 billion yuan [4] - For Q1 2024, operating revenue grew 3.58% year-over-year to 4.42 billion yuan, with net profit attributable to shareholders surging 17.25% to 1.065 billion yuan [4] - The company's financial expenses decreased by 14.14% in 2023 due to optimized debt financing structure and cost control measures [4] Business Development - Huadian Power is the sole platform for hydropower business integration within the Huadian Group, responsible for developing hydropower and new energy resources along the Lancang River [5] - As of 2023, the company's installed capacity reached 27.53 GW, including 25.6 GW of hydropower and 1.93 GW of new energy [5] - The company is implementing a "wind-solar-hydro-storage" integrated development strategy, planning to build a "double ten-million-kilowatt" clean energy base in Yunnan and Tibet during the 14th Five-Year Plan period [5] Market Environment - Yunnan Province's power demand has been growing rapidly, with electricity consumption increasing by 11.7% in 2022 and 5.1% in 2023 [6] - The company's average settlement price increased by 2.96% in 2023, and tight power supply-demand conditions in Yunnan are expected to continue supporting electricity price increases [6] Financial Projections - The report forecasts net profit attributable to shareholders of 9.33 billion yuan, 9.97 billion yuan, and 10.8 billion yuan for 2024, 2025, and 2026, respectively, representing year-over-year growth rates of 22.2%, 6.9%, and 8.3% [7] - As of July 23, 2024, the company's stock price corresponds to PE ratios of 22.96x, 21.47x, and 19.83x for 2024, 2025, and 2026, respectively [7] Valuation and Investment Thesis - The company's hydropower business provides stable cash flow to support large-scale capital expenditures [7] - Short-term performance elasticity is expected from the commissioning of Tuoba and Yingliangbao hydropower stations [7] - Long-term growth potential is supported by the integrated development strategy of wind, solar, hydro, and storage [7]