Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 12.19, representing a potential upside of 35% [5][20]. Core Insights - The company is a leading hydropower and new energy developer in the Lancang River Basin, with a controlled installed capacity of 29.20 million kilowatts as of the first half of 2024. It has announced a joint project to enhance its system regulation capabilities [2][17]. - The company has shown resilience in its financial performance, with a slight revenue decline of 0.5% in 2023, but a projected revenue growth of 7.3% in 2024. The net profit is expected to grow steadily over the next few years [3][5]. - The company is well-positioned to benefit from the ongoing market reforms in the electricity sector, which are expected to enhance its pricing power and overall profitability [3][18]. Summary by Sections Company Overview - The company is a subsidiary of Huaneng Group, holding a 50.4% stake, and focuses on hydropower development in the Lancang River Basin. It operates a cascade of hydropower stations with strong regulation capabilities [2][17]. Financial Performance - For 2023, the company reported revenues of RMB 23.50 billion and a net profit of RMB 7.60 billion, with year-over-year growth rates of -0.5% and 6%, respectively. The on-grid electricity price was RMB 0.221 per kWh, reflecting a 4% increase year-over-year [3][18]. - The company expects to achieve net profits of RMB 8.52 billion, RMB 9.53 billion, and RMB 10.11 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of RMB 0.47, RMB 0.53, and RMB 0.56 [5][20]. Growth Prospects - The company is expanding its hydropower capacity through various projects, including the acquisition of Huaneng Sichuan, which adds 2.65 million kilowatts of installed capacity. New projects are expected to contribute significantly to future revenues [4][19]. - The company is also set to benefit from the issuance of tradable green certificates for new hydropower projects, which could enhance its revenue streams [4][19]. Valuation - The report uses a PE valuation method, assigning a multiple of 23x for 2025, leading to a target price of RMB 12.19. A PB valuation method suggests a fair price of RMB 12.72, indicating strong growth potential [5][20].

Investment Rating - The report initiates coverage with a "Hold" rating for Huaneng Hydropower [2][62]. Core Views - Huaneng Hydropower is a leading large-scale hydropower enterprise in China, focusing on the development and operation of hydropower and renewable energy resources in the Lancang River basin [12][19]. - The company has completed the 100% equity injection of Huaneng Sichuan Company, significantly enhancing its installed capacity [12][43]. - The company is actively pursuing a "water-wind-solar integration" strategy, with plans to invest in 84 new energy projects in 2024, aiming for an additional 10 million kW of capacity during the 14th Five-Year Plan period [12][45]. Summary by Sections 1. Huaneng's Core Hydropower Platform - Huaneng Hydropower holds the development rights for the main stream of the Lancang River and is responsible for maximizing resource allocation in the basin [12][19]. - The company has a total installed capacity of 29.2032 million kW as of June 2024, ranking first in Yunnan Province [12][19]. 2. Contribution from Sichuan Hydropower and Rising Electricity Prices in Yunnan - In the first half of 2024, the company achieved a power generation of 46.695 billion kWh, a year-on-year increase of 12.15% [2][28]. - The average market transaction electricity price in Yunnan increased by approximately 11.4% in 2023, reaching about 0.252 yuan/kWh [2][38]. 3. Abundant Hydropower Resources in the Lancang River Basin - The Lancang River basin has significant hydropower resources, with a total potential installed capacity estimated at 32 million kW [41][43]. - The company is implementing a "water-wind-solar integration" strategy to optimize cost efficiency and stabilize power output [45]. 4. Profit Forecast and Investment Recommendations - Revenue forecasts for 2024, 2025, and 2026 are 24.55 billion yuan, 27.20 billion yuan, and 28.51 billion yuan, respectively, with corresponding net profits of 8.70 billion yuan, 9.69 billion yuan, and 10.14 billion yuan [2][62]. - The report provides a price-to-earnings (P/E) ratio forecast of 19.5, 17.5, and 16.7 for the years 2024, 2025, and 2026, respectively [62].

Investment Rating - The report maintains a "Buy" rating for the company [15] Core Views - The company's hydropower business is strong and sustainable, with a focus on both hydropower and new energy development [28] - The company's hydropower electricity price has long-term upward potential, supported by increasing renewable energy generation and market reforms [27] - The company's new energy generation business is expected to bring new growth opportunities [28] Market Data - Closing price: 9.41 yuan [2] - 52-week high/low: 12.25 yuan / 8.31 yuan [3] - Price-to-book ratio: 2.92x [5] - Market capitalization: 169.38 billion yuan [6] Financial Data - Revenue for the first three quarters of 2024: 19.418 billion yuan, up 7.05% YoY [17] - Net profit attributable to shareholders for the first three quarters of 2024: 7.226 billion yuan, up 7.78% YoY [17] - Operating cash flow for the first three quarters of 2024: 14.346 billion yuan, up 11.94% YoY [17] - Basic EPS for the first three quarters of 2024: 0.38 yuan, up 9.09% YoY [17] - ROE for the first three quarters of 2024: 9.86%, up 1.26 percentage points YoY [17] Business Performance - The company's power generation in the first three quarters of 2024 was 86.026 billion kWh, up 3.82% YoY, driven by new energy generation and increased hydropower output [18] - New energy generation in the first three quarters of 2024 was 2.971 billion kWh, up 151.57% YoY [18] - Hydropower generation in the first three quarters of 2024 was 83.056 billion kWh, up 1.69% YoY [18] - The company's financial expense ratio for the first three quarters of 2024 was 10.19%, down 0.97 percentage points YoY [18] Industry Position - The company ranks second in hydropower installed capacity among A-share companies and first in power generation capacity in Yunnan Province [20] - As of June 2024, the company's installed capacity was 29.2032 GW, with an additional 15 GW under construction or in the planning stage [25] Future Projects - The company is investing in the Yuwang Phase II coal power and new energy integration project, with a total capacity of 2×1,000 MW [26] - The company plans to add 3.09 GW of new energy capacity in 2024, providing incremental growth opportunities [25] Valuation and Forecast - The company's net profit for 2024-2026 is forecasted to be 8.379 billion yuan, 9.5 billion yuan, and 10.594 billion yuan, respectively [28] - EPS for 2024-2026 is forecasted to be 0.47 yuan, 0.53 yuan, and 0.59 yuan, respectively [28] - The PE ratio for 2024-2026 is estimated at 20.21x, 17.83x, and 15.99x, respectively [28] Industry Outlook - The hydropower industry is expected to benefit from long-term electricity price increases and market reforms [27] - The company's new energy projects are expected to contribute to future growth [28]

近日，华能澜沧江水电股份有限公司（以下简称公司）董事会收到副总经理、 总法律顾问查荣瑞先生的书面辞职报告。因工作变动原因，查荣瑞先生申请辞去 公司副总经理、总法律顾问职务。根据《中华人民共和国公司法》《公司章程》 的有关规定，查荣瑞先生的辞职报告自送达董事会之日起生效。查荣瑞先生确认 与公司董事会无意见分歧，且没有与其辞职有关的其他事宜需通知公司及股东。 查荣瑞先生在担任公司副总经理、总法律顾问期间，恪尽职守、勤勉尽责， 为推动公司法治化建设、完善公司治理结构和上市公司高质量发展等方面做出了 重要贡献，公司董事会对查荣瑞先生为公司发展做出的卓越贡献表示衷心感谢。 特此公告。 华能澜沧江水电股份有限公司董事会 证券代码：600025 证券简称：华能水电 公告编号：2024-070 华能澜沧江水电股份有限公司 关于高级管理人员辞职的公告 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。 2024 年 12 月 7 日 ...

根据中国银行间市场交易商协会出具的接收注册通知书（中市协注〔2024〕 ABN142 号），同意注册金额为 17.91 亿元，注册额度自通知书落款之日起 2 年内 有效。 截至本公告披露之日，中国康富国际租赁股份有限公司 2024 年度第一期华 能水电绿色定向资产支持票据（碳中和债/类 REITs）的簿记管理人中信建投证 券股份有限公司已成功发行优先级与次级资产支持票据，并获得全额认购，其中 次级资产支持票据由康富租赁认购。资产支持票据于 2024 年 11 月 21 日正式发 行，2024 年 11 月 26 日正式设立。资产支持票据的基本情况如下： | 产品分层 | 优先级资产支持票据 | | | | 次级资产支持票据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 规模（亿元） | 17.90 | | | | 0.01 | | | | | 评级 | AAA | | | | 不涉及 | | | | | 发行利率 | 2.40% | | | | 不涉及 | | | | | 起息日 | 年 日 2024 26 | 11 | 月 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-068 华能澜沧江水电股份有限公司 特此公告。 华能澜沧江水电股份有限公司董事会 2024 年 11 月 23 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 第六期绿色超短期融资券（乡村振兴）的发行。本期债券发行额为人民币 13 亿 元，期限为 106 天，单位面值为 100 元人民币，发行利率为 1.90%。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 亿元，中期票据（含 永续中票）余额为人民币 160 亿元。 2024 年度第六期绿色超短期融资券（乡村振兴）由中国农业银行股份有限 公司作为牵头主承销商、中国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。 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 ...

华能澜沧江水电股份有限公司 2024 年度第十一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。 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 第十一期超短期融资券的发行。本期债券发行额为人民币 6 亿元，期限为 30 天， 单位面值为 100 元人民币，发行利率为 1.84%。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 53 亿元，中期票据（含永续中票）余额为 人民币 160 亿元。 证券代码：600025 证券简称：华能水电 公告编号：2024-067 2024 年度第十一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。 华能澜沧江水电股份有限公司董事会 2024 年 11 月 23 日 ...

证券代码：600025 证券简称：华能水电 公告编号：2024-066 华能澜沧江水电股份有限公司 2024 年度第十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。 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 第十期超短期融资券的发行。本期债券发行额为人民币 7 亿元，期限为 70 天， 单位面值为 100 元人民币，发行利率为 1.90%。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 47 亿元，中期票据（含永续中票）余额为 人民币 160 亿元。 2024 年度第十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。 2024 年 11 月 19 日 二、审批程序履行情况 特此公告。 公司 ...

Summary of the Conference Call for Huaneng Lancang River Hydropower Company Overview - Huaneng Lancang River Hydropower is a major hydropower development and operation enterprise controlled by China Huaneng Group, focusing on the Lancang River basin in Yunnan, China [1][2] Core Industry Insights - The company is positioned as a leader in hydropower development, contributing significantly to China's energy security and green transition [1][2] - The company emphasizes the importance of green, low-carbon, and eco-friendly development strategies in line with national energy policies [1][5] Key Financial Performance - For the first three quarters of 2020, the company achieved a power generation of 86.026 billion kWh, an increase of 3.82% year-on-year [5] - Revenue reached 19.418 billion yuan, up 7.05% year-on-year, with a total profit of 9.053 billion yuan, reflecting a 9.39% increase [5] - Net profit attributable to the parent company was 7.226 billion yuan, a year-on-year increase of 7.78% [5] Growth Drivers - The increase in power generation was attributed to several factors: - A 3.82% year-on-year increase in overall power generation [5] - Significant growth in renewable energy capacity [6] - Additional power generation from the Toba Hydropower Station [6] - Favorable hydrological conditions in the Yangtze River basin [6] - Increased electricity demand within Yunnan province [6] Strategic Initiatives - The company is committed to technological innovation and digital transformation, aiming to enhance its operational efficiency and sustainability [3][7] - It has established several benchmark projects, including the first integrated water-solar project in Yunnan [3] - The company is actively pursuing a dual-energy strategy, focusing on both hydropower and renewable energy development [7] Market Position and Shareholder Engagement - As of September 30, 2020, the company's market capitalization was 207.9 billion yuan, with a year-to-date increase of 52.56 billion yuan, reflecting a growth rate of 33.84% [6] - The company has seen an increase in shareholder engagement, with 78,166 shareholders as of the end of September 2020, an increase of 4,244 from the beginning of the year [6] Future Outlook - Huaneng Lancang River Hydropower aims to continue its commitment to high-quality development and enhance its core competitiveness [8] - The company plans to accelerate the creation of a world-class, modern green power enterprise, aligning with national energy security strategies [8]

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]