证券代码：600027 证券简称：华电国际 公告编号：2025-029 华电国际电力股份有限公司 2025 年第一季度发电量及上网电价公告 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。 特此公告。 华电国际电力股份有限公司 2025 年 4 月 17 日 4 | 类型 | 发电厂/公司名称 | 2025 年 | 1-3 | 月 | 2025 年 | 1-3 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 发电量 | | 上网电量 | | | | | | | （亿千瓦时） | | （亿千瓦时） | | | | 煤电 | 邹县发电厂 | | 17.03 | | 15.52 | | | | | 十里泉发电厂 | | 17.30 | | 16.08 | | | | | 莱城发电厂 | | 8.67 | | 7.92 | | | | | 奉节发电厂 | | 15.85 | | 14.96 | | | | | 华电邹县发电有限公司 | | 19.61 | | ...

[Table_Info1] 华电国际(600027) 电力/公用事业 [Table_Date] 发布时间：2025-04-14 [Table_Title] 证券研究报告 / 公司深度报告 财务稳健分红提升，受益并购前景可期 报告摘要： [Table_Summary] 盈利修复，持续分红。截至 2024 年末，公司已投入运行的控股发电企 业共计 46 家，控股装机容量为 5,981.862 万千瓦，主要包括燃煤发电控 股装机 4,675 万千瓦，燃气发电控股装机 1,060 万千瓦，水力发电控股 装机 245.9 万千瓦，权益装机占比在 80%左右。权益装机构成，燃煤发 电占比约 79%，燃气占比约 17%。主要由于煤价下行，公司 2024 年各 季度毛利率均高于 2023年同期，但仍明显低于 2019/2020 年同期，仍有 一定提升空间。公司财务稳健，费用管控能力突出，经营活动现金流净 额持续提升背景下，资本开支持续下降，去年首次进行年中分红，全年 分红率 46%，每股股利同比增长 40%，按当前股价计算 A/H 股息率达 3.8%/5.5%，考虑到每股股利仍有提升空间，长期投资价值显著。此 外，公司拟收购 ...

证券代码：600027 证券简称：华电国际 公告编号：2025-028 华电国际电力股份有限公司 关于股东权益变动的提示性公告 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： 华电国际电力股份有限公司（以下简称"本公司"）股东山东发展投资控股集团 有限公司（以下简称"山东发展"）与山东国惠投资控股集团有限公司（以下简称"山东 国惠"）于 2025 年 4 月 8 日签署了《山东国惠投资控股集团有限公司与山东发展投资控 股集团有限公司之吸收合并协议》（以下简称"《吸收合并协议》"），协议约定山东国惠 对山东发展进行吸收合并（以下简称"本次吸收合并"）。本次吸收合并完成后，山东国 惠更名为山东发展投资控股集团有限公司（以下简称"新山东发展"）继续存续。 一、本次权益变动基本情况 （一）信息披露义务人基本情况 1 本次权益变动不触及要约收购。 本次权益变动不会导致本公司控股股东及实际控制人发生变化。 | 注册资本 | 1,000,000 万元 | | | --- | --- | --- | | 企业类型 | 有限责任 ...

信息披露义务人:山东发展投资控股集团有限公司 住所:山东省济南市高新区经十东路7000号汉峪金谷A3-5号楼39层 通讯地址:山东省济南市历下区海右路山东发展大厦20层 股份变动性质：股份减持,因公司合并重组将持有的华电国际股票划转至 新重组后的公司 签署日期:2025年 4月 8日 华电国际电力股份有限公司 简式权益变动报告书 上市公司名称:华电国际电力股份有限公司 上市地点：上海证券交易所、香港联合交易所有限公司 股票简称：华电国际（A股）、华电国际电力股份(H股) 股票代码:600027.SH、01071.HK 1 信息披露义务人声明 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人 没有通过任何其他方式增加或减少其在华电国际电力股份有限公司拥有权 益的股份。 四、本次权益变动是根据本报告所载明的资料进行的。除信息披露义 务人外，没有委托或者授权任何其他人提供未在本报告书中列载的信息和 对本报告书做出任何解释或者说明。 3 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上 市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15号——权益变动报告书》及其他相关法律、 ...

华电国际电力股份有限公司 简式权益变动报告书 上市公司名称:华电国际电力股份有限公司 上市地点：上海证券交易所、香港联合交易所有限公司 股票简称：华电国际（A股）、华电国际电力股份(H股) 股票代码: 600027. SH、01071. HK 信息披露义务人:山东国惠投资控股集团有限公司 住所:山东省济南市历下区解放东路3-23号历下总部商务中心E座 通讯地址：山东省济南市历下区解放东路3-23号历下总部商务中心E座 股份变动性质:股份增持 签署日期: 2025年 4月 8 日 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上 市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15号——权益变动报告书》及其他相关法律、法规及部门规章的有关规定 编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行 不违反信息披露义务人章程及内部规则中的任何条款,或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公 开发行证券的公司信息披露内容与格式准则第15号——权益变动报告书》 的规定,本报告书已全面披露了信息披露义务人在华电国际电力股份 ...

Core Viewpoint - The company aims to enhance its operational quality and market competitiveness while ensuring shareholder returns through various strategic initiatives and governance improvements [1][2][5]. Group 1: Enhancing Operational Quality and Market Competitiveness - The company is committed to improving its operational quality by integrating transformation, efficiency enhancement, and compliance risk management [2]. - It plans to adapt to new electricity market requirements and optimize trading strategies across different market segments to boost overall competitiveness [2]. - The company will explore effective value management strategies to ensure its market value reflects its intrinsic value [2]. Group 2: Strengthening Corporate Governance - The company emphasizes the importance of corporate governance and is continuously improving its management practices in accordance with relevant laws and regulations [3][4]. - It has established a robust internal control system and governance structure to protect shareholder interests and ensure compliance [3]. - The company will continue to update and enhance its internal systems and governance practices to promote stable and healthy development [4]. Group 3: Increasing Shareholder Returns - The company has actively responded to national policies aimed at enhancing investor returns, achieving a dividend payout ratio of 45.72% of distributable net profit for 2024, an increase of 2.07 percentage points from 2023 [5]. - It has proposed a semi-annual dividend of RMB 0.08 per share and an annual dividend of RMB 0.21 per share for 2024, totaling approximately RMB 818.20 million and RMB 1,329.58 million respectively [5]. - The company will maintain a proactive and prudent dividend policy in 2025, considering various factors such as strategic planning and shareholder preferences [5][6].

华电国际电力股份有限公司 关于持续开展"提质增效重回报"行动的公告 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。 为深入贯彻党的二十大和中央经济工作会议精神，持续落实国务院国资委提高央企 控股上市公司质量工作有关部署，积极响应上海证券交易所《关于开展沪市公司"提质 增效重回报"专项行动的倡议》，华电国际电力股份有限公司（"本公司"）将以进一步深 化提质增效为抓手，着力推动本公司高质量发展，引导本公司价值合理回归，持续开展 "提质增效重回报"行动。 证券代码：600027 证券简称：华电国际 公告编号：2025-027 本公司一贯重视公司治理，不断推进管理创新，严格按照《公司法》、《证券法》等 有关法律法规的要求，以及境内外证券监管机构的有关规定，完善本公司的治理结构， 健全内部控制体系，努力实现本公司成长与股东利益的协调发展。自上市以来，本公司 非常重视企业法制建设，尤其重视现代企业制度建设。本公司股东大会、董事会、监事 会依法规范运作，形成了一整套相互制衡、行之有效的内部管理和控制制度体系，有效 保障股东利益，保障董事、监 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 112.99 billion yuan in 2024, a year-on-year decrease of 3.57%, while the net profit attributable to shareholders increased by 26.11% to 5.70 billion yuan, slightly below expectations due to a decline in long-term equity investment income and a significant increase in income tax expenses [7] - The company plans to distribute a final dividend of 0.13 yuan per share, resulting in a total annual dividend of 0.21 yuan per share, with a payout ratio of approximately 45.72% and a current dividend yield of about 3.7% [7] - The company’s thermal power generation decline has narrowed, with total power generation of 222.63 billion kWh in 2024, a decrease of 0.52% year-on-year [7] - The average on-grid electricity price for 2024 was 511.74 yuan per MWh, a slight decrease of 5.24 yuan per MWh year-on-year, with expectations for minimal price pressure in 2025 [7] - Cost improvements are ongoing, with a 4.13% decrease in operating costs for the thermal power segment in 2024, primarily due to falling coal prices [7] - Financial expenses decreased by 3.78 million yuan to 3.23 billion yuan in 2024, indicating reduced financial pressure [7] - The company is set to acquire high-quality thermal power assets totaling 15.97 million kW for 7.167 billion yuan, which is expected to enhance earnings per share by 7.81% and 2.87% post-acquisition [7] - The profit forecast for 2025-2026 has been adjusted downwards to 6.64 billion yuan and 7.12 billion yuan respectively, with a new forecast for 2027 at 7.42 billion yuan [7] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 117.18 billion yuan, with a year-on-year growth rate of 9.5% [6] - The net profit attributable to shareholders for 2023 is estimated at 4.52 billion yuan, with a significant year-on-year growth of 3789% [6] - Earnings per share for 2025 is projected at 0.65 yuan, with a price-to-earnings ratio of 9 [6]

Core Viewpoint - The company reported a slight decline in revenue for 2024, but significant growth in net profit and cash flow, indicating improved operational efficiency and cost management [1][4]. Financial Performance - In 2024, the company achieved operating revenue of 1129.94 billion yuan, a year-on-year decrease of 3.57% [1]. - The net profit attributable to shareholders was 57.03 billion yuan, up 26.11% year-on-year [1]. - The non-recurring net profit was 53.52 billion yuan, reflecting a 40.74% increase year-on-year [1]. - For Q4 2024, the company reported operating revenue of 281.83 billion yuan and net profit of 5.46 billion yuan, representing year-on-year increases of 6.55% and 2212.03%, respectively [1]. Business Segmentation - Revenue from power generation, heating, and coal sales for 2024 was 947.44 billion yuan, 97.43 billion yuan, and 79.05 billion yuan, with year-on-year changes of -1.46%, +1.24%, and -25.43%, respectively [2]. - The power generation segment accounted for the largest share, with electricity generation of 2084.53 billion kWh, a decrease of approximately 0.52% year-on-year [2]. - The average utilization hours for the company's power generation units were 3746 hours, down 210 hours year-on-year [2]. Cost Management - The company's operating costs for 2024 were approximately 1030.71 billion yuan, a decrease of 6% year-on-year [3]. - Fuel costs were about 705.67 billion yuan, down 6.49% year-on-year, with the standard coal price at 965.16 yuan/ton [3]. - The company's coal consumption per unit of electricity generated was 287.53 grams/kWh, a reduction of 1.81 grams/kWh year-on-year [3]. Cash Flow and Dividends - The net cash flow from operating activities was 163.36 billion yuan, an increase of 23.28% year-on-year [4]. - The company declared dividends totaling 21.48 billion yuan, a 40% increase year-on-year, with a payout ratio of 37.66%, up 3.73 percentage points [4]. Future Outlook - The company anticipates continued growth in net profit for 2025-2027, with projected figures of 66 billion yuan, 76 billion yuan, and 85 billion yuan, reflecting year-on-year growth rates of 15.91%, 14.89%, and 11.80%, respectively [4].

Investment Rating - The investment rating for the company is upgraded to "Buy" due to significant growth in main business profits despite a decline in investment income [5]. Core Insights - The report highlights that the company's main business profits have increased significantly, while investment income has decreased year-on-year. The expected net profits for 2025-2027 are projected to be 65.3 billion, 71.6 billion, and 77.4 billion RMB respectively, with corresponding PE ratios of 9, 8, and 7 times [6][9]. Financial Performance Summary - The company achieved a revenue of 112.99 billion RMB in 2024, a decrease of 3.57% year-on-year, while the net profit attributable to shareholders was 5.703 billion RMB, an increase of 26.11% year-on-year [9]. - The average on-grid electricity price was approximately 511.7 RMB/MWh, down 1.01% year-on-year, and the total fuel cost decreased by 6.49% due to lower coal prices [9]. - The company’s coal-fired power generation hours decreased significantly, primarily due to the impact of renewable energy and electricity demand [9]. Profit Forecast and Valuation - The forecasted operating income for 2025 is 106.639 billion RMB, with a projected net profit of 6.529 billion RMB, reflecting a growth rate of 14.48% [8]. - The report suggests that the company’s stock is currently undervalued, and if coal prices continue to decline, there is potential for greater earnings elasticity [6][9]. Dividend Information - The company plans to distribute a cash dividend of 0.21 RMB per share for 2024, with a payout ratio of approximately 45.7% [9].