Investment Rating - The investment rating for Huaneng Hydropower is "Buy" (maintained) [1] Core Views - The report indicates that Q3 performance was under pressure due to a decline in electricity generation, but the long-term outlook remains positive, particularly for the integrated development of wind, solar, and hydropower storage [1] - For the first three quarters of 2024, the company achieved operating revenue of 19.418 billion yuan, a year-on-year increase of 7.05%, and a net profit attributable to shareholders of 7.226 billion yuan, up 7.07% year-on-year [1] - The report highlights that the decline in electricity generation was primarily due to reduced water inflow and the impact of new depreciation costs from the newly commissioned Toba Hydropower Station [1] Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported operating revenue of 7.537 billion yuan, a decrease of 1.27% year-on-year, and a net profit of 3.056 billion yuan, down 8.27% year-on-year [1] - The total electricity generation for the first three quarters of 2024 decreased by 5.64% year-on-year, with a notable decline in existing hydropower stations' output [1] - The report projects that the company's net profit for 2024, 2025, and 2026 will be 8.60 billion, 9.48 billion, and 10.34 billion yuan respectively, with year-on-year growth rates of 12.5%, 10.3%, and 9.1% [1][8] Market Outlook - The report emphasizes the potential for growth in the company's clean energy business, particularly through the integration of wind, solar, and hydropower storage [1] - The company plans to enhance its hydropower capacity significantly, with approximately 50% growth potential remaining as of the end of 2023 [1] - The report maintains a positive long-term outlook for the company's integrated development strategy, despite short-term performance pressures [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][5]. Core Views - The company achieved a year-on-year profit increase of 8% in the first three quarters of 2024, with operating revenue of 19.418 billion yuan, up 7.05% year-on-year, and net profit attributable to shareholders of 7.226 billion yuan, up 7.78% year-on-year [3][4][12]. - The company is expected to face a slight decline in revenue due to reduced hydropower generation in Q3 2024, but the demand for electricity is expected to support the increase in on-grid electricity prices [4][16]. - The company plans to invest in the Yuwang Phase II project to integrate coal, wind, and solar power, aiming to maximize comprehensive benefits [4][18]. Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 7.537 billion yuan, with a year-on-year decrease of 1.27% and a quarter-on-quarter increase of 1.03%. The net profit attributable to shareholders was 3.056 billion yuan, down 7.37% year-on-year [4][12]. - The company completed a total power generation of 86.026 billion kWh in the first three quarters of 2024, representing a year-on-year increase of 3.82% [12][14]. Revenue and Profit Forecast - The company forecasts revenues of 25.852 billion yuan, 28.020 billion yuan, and 29.316 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 8.147 billion yuan, 9.108 billion yuan, and 9.797 billion yuan for the same years [5][19]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 21.50, 19.23, and 17.88, respectively [5][19]. Project Developments - The company is set to fully commission the Toba hydropower station by the end of 2024 and the Hanyingbao hydropower station by 2025. It aims to add 3.09 million kW of new energy capacity in 2024 [5][19]. - The company has partnered with Huaneng International to establish a joint venture for the Yuwang Phase II energy project, which will include the construction of two ultra-supercritical coal-fired units and associated renewable energy resources [4][18].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company achieved a revenue of 19.42 billion yuan in the first three quarters of 2024, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 7.23 billion yuan, up 7.8% year-on-year. However, in Q3 alone, revenue was 7.54 billion yuan, down 1.3% year-on-year, and net profit was 3.06 billion yuan, down 7.4% year-on-year [1]. - The total power generation for the first three quarters of 2024 was 86.026 billion kWh, an increase of 3.82% year-on-year, primarily driven by significant increases in renewable energy installations and improved water inflow in certain river basins [2]. - Despite a 5.9% year-on-year decline in hydropower generation in Q3, the company demonstrated resilience in electricity prices, with a composite on-grid electricity price of approximately 0.193 yuan/kWh, up from 0.186 yuan/kWh in the same period last year [3]. - The company is expected to face short-term cost increases due to the commissioning of new units, but these will contribute to profit growth in the long term as installed capacity continues to expand [3]. Financial Summary - The company is projected to achieve net profits of 8.24 billion yuan, 9.17 billion yuan, and 9.75 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 21.5x, 19.3x, and 18.2x [4]. - Revenue is expected to grow from 26.47 billion yuan in 2024 to 30.92 billion yuan in 2026, with growth rates of 12.82%, 10.30%, and 5.92% for the respective years [4]. - The company’s total assets are projected to reach 202.41 billion yuan by 2024, with total liabilities of 127.71 billion yuan, resulting in a debt ratio of approximately 62.9% [7]. Cash Flow and Investment - The operating cash flow for 2024 is estimated at 17.43 billion yuan, with capital expenditures of 15.12 billion yuan, indicating a focus on investment in growth [8]. - The company is expected to maintain a healthy cash flow despite fluctuations in net profit, with a projected net increase in cash of 225.62 million yuan for 2024 [8].

Investment Rating - The report maintains a "Buy" rating for Huaneng Hydropower, with expected earnings per share (EPS) of 0.47, 0.55, and 0.61 RMB for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 21x, 18x, and 17x [2][4]. Core Insights - Huaneng Hydropower reported a revenue of 19.42 billion RMB for the first three quarters of 2024, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 7.23 billion RMB, up 7.8% year-on-year. However, the third quarter saw a revenue decline of 1.3% and a net profit decrease of 7.4% [2]. - The company experienced a decrease in hydropower generation due to reduced water inflow in the Southwest region, with a 4.6% year-on-year drop in power generation for Q3 2024. Despite this, the company benefited from significant growth in photovoltaic installations and improved wind resources in Yunnan province [2][4]. - The average on-grid electricity price is estimated to be approximately 0.193 RMB/kWh for 2024, reflecting a year-on-year increase of about 3.7% [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, Huaneng Hydropower achieved a revenue of 194.2 billion RMB and a net profit of 72.3 billion RMB, with Q3 figures showing a revenue of 75.4 billion RMB and a net profit of 30.6 billion RMB [2]. - The company forecasts net profits of 8.45 billion RMB, 9.83 billion RMB, and 10.91 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS figures [4]. Operational Analysis - The hydropower generation for Q3 2024 was 38.5 billion kWh, down 5.6% year-on-year, attributed to a marginal decline in water inflow. However, wind and solar generation saw increases of 11.6% and 98.5% respectively [2]. - Yunnan province's electricity demand increased by 7.8% year-on-year in Q3 2024, supported by stable industrial production and rising electricity exports [2]. Taxation and Costs - The company faced an increase in income tax expenses due to the expiration of tax incentives for certain power stations, leading to a 4.8 percentage point rise in the effective tax rate [2].

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 10 月 30 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年前三季度经营成果、财务状况，公司计划于 2024 年 11 月 08 日上午 10:00-11:30 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年前三季度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 证券代码：600025 证券简称：华能水电 公告编号：2024-063 华能澜沧江水电股份有限公司 关于召开 2024 年第三季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。 独立董事：周正风 四、投资者参加方式 （一） 会议召开时间：2024 年 11 月 08 日上午 10:00-11:30 （二） 会议召开地点：上海证券交易 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-058 华能澜沧江水电股份有限公司 关于第四届监事会第四次会议决议公告 3.未发现参与公司《2024 年第三季度报告》编制和审议的人员有违反保密 规定的行为。 （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。 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、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）第四届监事会第四次 会议（以下简称本次会议）于 2024 年 10 月 21 日以书面和电子邮件方式发出会 议通知，并于 2024 年 10 月 29 日在公司以现场和通讯表决方式召开。 （二）本次会议应出席监事 5 人，实际以现场和通讯表决方式出席会议的监 事 5 人。公司监事会主席夏爱东主持会议，公司董事会秘书和证券事务代表列席 会议。 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》。 同意公司《2024 年第三季度报告》，并发表如下意见： 1.公司《202 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-061 华能澜沧江水电股份有限公司 关于开展定向资产支持票据（类 REITs）项目 暨关联交易的公告 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）拟通过下属 项目公司持有并运营的多个电厂资产等在中国银行间市场发行定向资产支持票 据（类 REITs）（以下简称本次发行）。为开展本次发行，拟由公司子公司华能石 林光伏发电有限公司（以下简称石林光伏）作为普通合伙人、中国康富国际租赁 股份有限公司（以下简称康富租赁）作为 A 类有限合伙人与公司子公司华能澜沧 江新能源有限公司（以下简称新能源公司）作为 B 类有限合伙人共同设立有限合 伙企业（具体名称以工商登记为准，以下简称合伙企业）。根据本次发行方案安 排，康富租赁后续拟将其持有的合伙企业 A 类有限合伙份额全部信托予公司关联 方华能贵诚信托有限公司（以下简称华能贵诚信托），并在中国银行间市场发行 华能水电新能源定向资产支持票据信托（以最终监管核准和实际发行名称为准， 以下简称资产支持票据），预计发行规模不超过人民币 180,000 万元。 在合伙企业中，石林光伏和新能源公司持有 ...

华能澜沧江水电股份有限公司董事会 近日，华能澜沧江水电股份有限公司（以下简称公司）收到控股股东中国华 能集团有限公司函件，因工作变动，建议刘兴国先生不再担任公司非独立董事及 薪酬与考核委员会委员，拟推荐王伟军先生为公司非独立董事候选人。公司董事 会对刘兴国先生在任职期间的工作给予充分肯定，对其作出的贡献表示衷心感谢。 2024 年 10 月 29 日，公司第四届董事会第四次会议审议通过了《关于更换 公司非独立董事的议案》。董事会同意提名王伟军先生为公司非独立董事候选人， 并担任董事会薪酬与考核委员会委员。非独立董事候选人经股东会审议通过后任 职，任期自股东会通过之日起至第四届董事会届满之日止。非独立董事候选人任 职资格已经通过公司董事会提名委员会 2024 年第三次会议审查，提名程序符合 《中华人民共和国公司法》和《公司章程》的规定。 非独立董事候选人简历附后。 特此公告。 证券代码：600025 证券简称：华能水电 公告编号：2024-060 华能澜沧江水电股份有限公司 关于更换公司非独立董事的公告 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 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-057 华能澜沧江水电股份有限公司 关于第四届董事会第四次会议决议公告 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 （一）华能澜沧江水电股份有限公司（以下简称公司）第四届董事会第四次 会议（以下简称本次会议）于2024年10月21日以书面和电子邮件方式发出会议通 知，并于2024年10月29日在公司以现场和通讯表决方式召开。 （二）本次会议应出席董事15人，实际以现场和通讯表决方式出席会议的董 事14人，委托出席的董事1人，其中董事李石山委托独立董事宋云苍出席并表决。 公司董事长孙卫主持会议，公司部分监事和高级管理人员列席了会议。 （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。 本议案已经公司董事会审计委员会2024年第五次会议审议通过，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《关于更换公司非独立董事的议案》。 经董事会提名委员会审查，同意 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-064 华能澜沧江水电股份有限公司 2024 年度第九期超短期融资券发行公告 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 2024 年 10 月 30 日 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 第九期超短期融资券的发行。本期债券发行额为人民币 15 亿元，期 ...