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 ...

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 ...

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].

Investment Rating - The report maintains a "Buy" rating for Huaneng Hydropower (600025) [5] Core Views - The company reported a 13.1% year-on-year increase in revenue for the first half of 2024, reaching 11.88 billion yuan, and a 22.47% increase in net profit attributable to shareholders, totaling 4.17 billion yuan, aligning with expectations [5] - The hydropower generation increased by 12.15% year-on-year to 46.695 billion kWh in the first half of 2024, driven by abundant water flow in the Lancang River basin [5] - The company is accelerating the construction of upstream power stations, with the Toba hydropower station expected to contribute additional capacity [5] - The renewable energy capacity continues to grow, significantly boosting electricity generation, with wind and solar power generation increasing by 5.45% and 290.64% year-on-year, respectively [5] - The company's financial leverage has increased, but a decrease in interest rates has helped reduce financial expenses [5] - Profit forecasts for 2024-2026 are maintained at 8.652 billion, 9.637 billion, and 10.134 billion yuan, respectively, with corresponding price-to-earnings ratios of 24, 21, and 20 [5] Summary by Sections Market Data - Closing price as of August 27, 2024, is 11.51 yuan, with a one-year high/low of 12.30/7.13 yuan [2] - The market capitalization of circulating A shares is 207.18 billion yuan [2] Financial Data - As of June 30, 2024, the company reported a net asset value per share of 3.06 yuan and a debt-to-asset ratio of 64.32% [3] - The total number of shares is 18,000 million [3] Revenue and Profit Forecast - Total revenue for 2024 is projected at 24.698 billion yuan, with a year-on-year growth rate of 5.3% [7] - Net profit for 2024 is estimated at 8.652 billion yuan, reflecting a 13.3% year-on-year increase [7] - Earnings per share for 2024 is forecasted at 0.48 yuan [7]

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]