【摘要】 经营业绩概览： 1）装机：截至2023年底，公司清洁能源装机容量2752.79万千瓦，水电装机 2559.98万千 瓦，新能源装机 192.81万千瓦。 2）发电量：全年完成发电量1070.61亿千瓦时，水电发电量1052.64 亿千瓦时，新能源发电 17.98亿千瓦时。 3）利用小时数：发电设备利用小时3968.70小时，相较于同行业3136.25小时超出832.45小 时。 境外电站： 1）瑞丽江一级电站：装机 60 万千瓦，是中国在缅甸投资的最大的水电项目。 2）桑河二级水电站：装机容量40 万千瓦，占柬埔寨全国总发电装机容量超20%，是柬埔寨境 内最大的水电站。 3）截至 2023 年，累计发电量 411.38亿千瓦时，实现利润 45.82 亿元。。 24年华能水电光伏电站投资计划 2024年公司预计开工和续建新能源项目84个，预计投产309万千瓦，新能源项目计划投资 139.91亿元。 【领导致辞】 随着西部大开发战略全面实施，公司应运而生，历经 25 年砥砺奋进，从无到有、从小到大、 从弱到强、从强到优，公司发展呈现了六个鲜明的特色：一是龙头示范有引领，公司总装机 2752 万千瓦，总资 ...

一、综述 本纪要由AI生成 内容以同名音频为准 请勿外传，仅供个人学习使用 长城证券密切关注华能水电的运营状况，涵盖了电量波动、电价走势、来水条件、限电政策等多个核 心要素。据统计，电量同比出现小幅下滑，主要原因在于新能源发电量的增长和送电线路的检修工 作。省内电价相较于去年同期有所上涨，预计今年的涨幅将超过上年度。两大水库的偏枯程度与去年 保持一致，全年可能维持在1-2成偏枯状态。随着云南省限电政策的放宽，电解铝产能利用率达到了约 74%。在新能源领域，自去年以来，已累计实现全投产容量约220万千瓦，而2021年的目标为300万千 瓦，十四五期间的目标则是达到10吉瓦。 华能水电发布了非公开发行公告，计划于9月底完成注册手续，并于12月结束发行，总发行额度为60亿 元。尽管原定于去年底公布的非公开发行预案因市场环境不利而推迟，但监管层批准了公司60亿额度 的再融资申请，这体现了对公司的认可。同时，公司正在与广东省就网因外送电协议展开谈判，价格 机制的具体变化仍在商讨中。预计至2024年，B公司将新增约300万千瓦的新能源装机规模。 目前，公司在流域内储备了一批具备开工条件的项目，水电与新能源一体化后，在联合 ...

【摘要】 经营业绩概览： 1）装机：截至2023年底，公司清洁能源装机容量2752.79万千瓦，水电装机 2559.98万千 瓦，新能源装机 192.81万千瓦。 2）发电量：全年完成发电量1070.61亿千瓦时，水电发电量1052.64 亿千瓦时，新能源发电 17.98亿千瓦时。 3）利用小时数：发电设备利用小时3968.70小时，相较于同行业3136.25小时超出832.45小 时。 境外电站： 1）瑞丽江一级电站：装机 60 万千瓦，是中国在缅甸投资的最大的水电项目。 2）桑河二级水电站：装机容量40 万千瓦，占柬埔寨全国总发电装机容量超20%，是柬埔寨境 内最大的水电站。 3）截至 2023 年，累计发电量 411.38亿千瓦时，实现利润 45.82 亿元。。 24年华能水电光伏电站投资计划 2024年公司预计开工和续建新能源项目84个，预计投产309万千瓦，新能源项目计划投资 139.91亿元。 【领导致辞】 随着西部大开发战略全面实施，公司应运而生，历经 25 年砥砺奋进，从无到有、从小到大、 从弱到强、从强到优，公司发展呈现了六个鲜明的特色：一是龙头示范有引领，公司总装机 2752 万千瓦，总资 ...

Investment Rating - The report maintains a "Buy" rating for Huadian Power International Corporation (600025) [6] Core Views - The company's 2023 net profit attributable to shareholders was 7.638 billion yuan, a 5.58% YoY increase, meeting expectations [6] - The company plans to distribute a dividend of 0.18 yuan per share, with a payout ratio of approximately 42.42% [6] - In Q1 2024, the company achieved a net profit attributable to shareholders of 1.065 billion yuan, an 8.25% YoY increase, slightly exceeding expectations [6] - The company's electricity generation and grid-connected electricity volume decreased in 2023 due to low water levels in the Lancang River basin, but improved in the second half of the year [6] - The company's electricity price increased in 2023, with the hydropower grid-connected electricity price rising 4.25% YoY to 218.85 yuan/MWh [6] - The company's financial expenses decreased in 2023, with a 60 basis point reduction in financing costs to 3.07% [6] - The company is accelerating the construction of upstream power stations on the Lancang River and continues to contribute to power generation through new energy projects [6] - The company's new energy installed capacity reached 1.9281 million kilowatts by the end of 2023 [6] - The report raises the company's net profit forecasts for 2024-2025 to 8.652 billion yuan and 9.637 billion yuan, respectively, and adds a 2026 forecast of 10.134 billion yuan [6] Financial Data and Profit Forecast - The company's operating income in 2023 was 23.461 billion yuan, a slight decrease of 0.5% YoY [7] - The company's operating income in Q1 2024 was 4.420 billion yuan, a 3.6% YoY increase [7] - The company's gross profit margin in 2023 was 56.4%, and it is expected to increase to 58.2% in 2024 [7] - The company's ROE in 2023 was 11.3%, and it is expected to increase to 14.6% in 2024 [7] - The company's P/E ratio in 2023 was 23, and it is expected to decrease to 20 in 2024 [7] Company Commentary - The company's operating income in 2023 was 23.461 billion yuan, slightly lower than the 23.581 billion yuan in 2022 [8] - The company's operating costs in 2023 were 10.238 billion yuan, a decrease from 10.444 billion yuan in 2022 [8] - The company's financial expenses in 2023 were 2.730 billion yuan, a decrease from 3.180 billion yuan in 2022 [8] - The company's net profit attributable to shareholders in 2023 was 7.638 billion yuan, an increase from 7.234 billion yuan in 2022 [8] - The company's EPS in 2023 was 0.40 yuan, an increase from 0.37 yuan in 2022 [8]

股 票 研 究 [Table_industryInfo] 电力/公用事业 [ Table_Main[华ITnaf 能bol]e 水_Ti电tle]( 600025) [评Tab级le_：Inv est] 增持 上次评级： 增持 水电电价提升，期待来水好转 目标价格： 11.00 上次预测： 8.40 公 华能水电更新报告 当前价格： 9.56 司 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 2024.05.06 更 021-38031730 021-38038670 021-38031030 [交Ta易bl数e_M据a rket] 新 yuhongguang025906@gtjas sunhuixian026739@gtjas.com wangyue028681@gtjas.com 报 证书编号 .Sc0o8m8 0522020001 S0880122070052 S0880123070143 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 6. 19 71 2- ,9 0. 89 07 告 本报告导读： 总股本/流通A股（百万股） 18,000/18,000 流通 B股/H股（百万股） ...

公司报告 | 年报点评报告 华能水电（600025） 证券研究报告 2024年05月 02日 投资评级 电价提升对冲电量下滑，装机增量为业绩持续增长打下基础 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 9.56元 事件： 目标价格 元 公司公布2023年年报与2024年一季报快报。2023年实现营业收入234.61 亿元，同比减少 0.51%，归母净利润 76.38 亿元，同比增长 5.58%；2024 基本数据 年Q1实现营业收入44.2亿元，同比增长3.58%，归母净利润10.65亿元， A股总股本(百万股) 18,000.00 同比增长17.25%。 流通A股股本(百万股) 18,000.00 全年电价提升+财务费用压降，公司23年利润保持稳健增长 A股总市值(百万元) 172,080.00 ①电价提升对冲电量下滑：电量端，2023年受到年初梯级蓄能同比减少、 流通A股市值(百万元) 172,080.00 上半年来水偏枯以及电网调度等一系列因素影响，全年发电量为1070.6亿 每股净资产(元) 3.07 千瓦时，同比减少4.04%；电价端，2023年云南省内市场化交易电价持续 资产负债 ...

公司报告 | 年报点评报告 华能水电（600025） 证券研究报告 2024年05月 02日 投资评级 电价提升对冲电量下滑，装机增量为业绩持续增长打下基础 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 9.56元 事件： 目标价格 元 公司公布2023年年报与2024年一季报快报。2023年实现营业收入234.61 亿元，同比减少 0.51%，归母净利润 76.38 亿元，同比增长 5.58%；2024 基本数据 年Q1实现营业收入44.2亿元，同比增长3.58%，归母净利润10.65亿元， A股总股本(百万股) 18,000.00 同比增长17.25%。 流通A股股本(百万股) 18,000.00 全年电价提升+财务费用压降，公司23年利润保持稳健增长 A股总市值(百万元) 172,080.00 ①电价提升对冲电量下滑：电量端，2023年受到年初梯级蓄能同比减少、 流通A股市值(百万元) 172,080.00 上半年来水偏枯以及电网调度等一系列因素影响，全年发电量为1070.6亿 每股净资产(元) 3.07 千瓦时，同比减少4.04%；电价端，2023年云南省内市场化交易电价持续 资产负债 ...

[Table_Page] 年报点评|公用事业 证券研究报告 [华Table_能Title] 水电（600025.SH） [公Tab司le_I评nves级t] 买入 当前价格 9.48元 电站投产、电价提升，量价均有向上弹性 合理价值 9.76元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-29 ⚫ 电价提升、成本优化，Q1归母净利润同比提升17%。2023年四川水 [相Tab对le_P市icQ场uote表] 现 电公司并表，公司实现营业收入 234.61 亿元（同比-0.51%）、归母净 利润 76.38 亿元（同比+5.58%），24Q1 营业收入 44.20 亿元（同比 42% 29% +3.58%）、归母净利润10.65亿元（同比+17.3%）。2023年电量下降 16% 电价提升，营业收入基本持平；通过贷款置换降低财务费用 4.5 亿元 4% （23 年综合融资成本 3.07%，下降 0.6%），带动归母净利润提升。 -9%05/23 07/23 09/23 10/23 12/23 02/24 04/24 2024Q1在电量下滑的情况下实现收入增长，预 ...

Investment Rating - The report maintains a "Buy - A" investment rating for Huaneng Hydropower, with a target price of 10.78 CNY for the next six months [5]. Core Views - The company is expected to experience long-term growth potential due to the imminent commissioning of new power stations and a favorable pricing environment for electricity [2][3]. - Despite challenges such as reduced water inflow affecting power generation, the company has managed to maintain stable growth through increased electricity prices and optimized financial costs [2][3]. - The company has a robust cash flow and plans to distribute at least 50% of its distributable profits as dividends over the next three years [8]. Summary by Sections Financial Performance - In 2023, Huaneng Hydropower achieved a revenue of 23.4613 billion CNY, a slight decrease of 0.51% year-on-year, while net profit increased by 5.58% to 7.6381 billion CNY [1]. - For Q1 2024, the company reported a revenue of 4.42 billion CNY, up 3.58% year-on-year, and a net profit of 1.065 billion CNY, reflecting a 17.25% increase [1]. Capacity and Production - As of the end of 2023, the company had a total installed capacity of 27.53 GW, with hydropower accounting for 25.6 GW and renewable energy for 1.93 GW [2]. - The company is set to commission two major hydropower stations during the 14th Five-Year Plan, which will increase its hydropower capacity by 9.2% [3]. Cost Structure and Profitability - The company's average electricity price increased by 4.24% to 218.85 CNY/MWh in 2023, contributing to its profitability despite lower power generation due to water scarcity [2]. - The company's gross margin improved to 56.36% in 2023, up 0.65 percentage points year-on-year, with expectations for further enhancement as depreciation costs decline [8]. Future Projections - Revenue projections for 2024 to 2026 are 26.5623 billion CNY, 29.2991 billion CNY, and 31.3229 billion CNY, with respective growth rates of 13.2%, 10.3%, and 6.9% [9]. - Net profit forecasts for the same period are 8.7591 billion CNY, 9.9886 billion CNY, and 10.6922 billion CNY, with growth rates of 14.7%, 14.0%, and 7% [9].

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.47, 0.58, and 0.67 for the years 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 21x, 17x, and 14x [1][3]. Core Insights - In 2023, the company achieved a revenue of 23.46 billion RMB, a slight decrease of 0.5% year-on-year, while the net profit attributable to shareholders increased by 5.6% to 7.64 billion RMB. For Q1 2024, revenue rose by 3.6% to 4.42 billion RMB, and net profit increased by 17.3% to 1.07 billion RMB [1]. - The company faced challenges in power generation due to reduced water inflow and increased renewable energy installations, resulting in a year-on-year decrease in power generation of 4.0% in 2023 and 7.2% in Q1 2024. However, the average on-grid electricity price for hydropower increased by 4.2% in 2023, benefiting revenue despite lower generation [1][3]. - Significant capital expenditures in 2023 totaled 28.49 billion RMB, primarily due to acquisitions and construction projects, which are expected to alleviate cash flow pressures and enhance future dividend potential [1][3]. Summary by Sections Performance Review - The company reported a revenue of 23.46 billion RMB in 2023, with a net profit of 7.64 billion RMB, reflecting a 5.6% increase year-on-year. Q1 2024 figures show a revenue of 4.42 billion RMB and a net profit of 1.07 billion RMB, marking increases of 3.6% and 17.3% respectively [1][3]. Operational Analysis - Power generation was impacted by reduced water inflow, with hydropower generation down 5.2% in 2023. The company added 1.313 million kW of renewable energy capacity, achieving a 243.8% increase in generation from renewables [1][3]. - The average on-grid electricity price for hydropower rose to 0.219 RMB/kWh in 2023, while the market price for clean energy exceeded 0.29 RMB/kWh in early 2024, supporting revenue growth despite lower generation volumes [1][3]. Financial Forecast and Valuation - The company is projected to achieve net profits of 8.49 billion RMB, 10.39 billion RMB, and 12.02 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.47, 0.58, and 0.67 [1][3].