火电 华电国际（600027.SH） 增持-A(首次) 盈利显著改善，看好龙头电企估值提升 2024年4月18日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2023年年度报告：报告期内公司实现营业收入1171.76亿元， 同比+9.45%；归母净利润45.22亿元，同比+3789%；扣非后归母净利润38.03 亿元；经营活动产生的现金流量净额132.52亿元，同比+37.26%；基本每股 收益为0.35元；加权平均ROE为9.34%，同比增加11.41个百分点。 事件点评  动力煤中枢下行叠加长协保供，公司度电成本下降，盈利增加。2023 年秦港动力末煤Q5500均价965.34元/吨，同比-23.99%；动力煤年度长协均 市场数据：2024年4月18日 价713.83元/吨，同比-1.09%；同时，2023年煤炭保供政策执行力度较大， 收盘价（元）： 7.10 公司公司通过积极拓宽煤炭资源供应渠道，落实长协煤兑现工作，提高了公 年内最高/最低（元）： 7.67/4.61 司燃料煤长协占比，有效降低了成本。2023年公司火电平均度电成本0.4327 流通A股/总股本（亿）： 85.10/ ...

附表：目前本集团在运主要发电机组 2024 年第一季度发电量及上网电量情况： 1 | 类型 | 发电厂/公司名称 | 2024 年 1-3 | 月 | 2024 年 1-3 月 | | --- | --- | --- | --- | --- | | | | 发电量 | | 上网电量 | | | | （亿千瓦时） | | （亿千瓦时） | | | 华电章丘发电有限公司 | 11.66 | | 10.63 | | | 华电滕州新源热电有限公司 | 11.35 | | 10.16 | | | 华电龙口发电有限公司 | 12.01 | | 10.81 | | | 四川广安发电有限责任公司 | 45.61 | | 42.14 | | | 华电新乡发电有限公司 | 10.84 | | 10.13 | | | 华电漯河发电有限公司 | 7.02 | | 6.34 | | | 华电渠东发电有限公司 | 7.53 | | 6.75 | | | 华电国际电力股份有限公司朔州热电分 公司 | 8.68 | | 7.88 | | | 安徽华电宿州发电有限公司 | 16.42 | | 15.66 | | 煤电 | 安徽华电芜湖发电有限 ...

Company Overview - The company operates a total of 45 power generation assets with a controlling installed capacity of 58,449.78 MW, including 46,890 MW from coal-fired power, 9,094.59 MW from gas-fired power, and 2,459 MW from hydropower[4]. - The company has a total of 10,227,561,133 shares outstanding, with A-shares accounting for approximately 83.21% and H-shares for 16.79%[5]. - The company employs a total of 24,778 staff members as of December 31, 2023[5]. - The company has a strong presence in 12 provinces and cities across China, strategically located in power load centers[4]. Power Generation Capacity - The total installed capacity of Huadian International Power Co., Ltd. is 6,855.6 MW, with an ownership interest of 82.56% in Hubei Company[8]. - The company has a total of 1,320 MW capacity in Lu'an Company, with a 95% ownership[8]. - The installed capacity of the company in Wuhu Company is 2,320 MW, with a 65% ownership[8]. - The company has a 100% ownership in Tianjin Development Zone Company with an installed capacity of 510 MW[8]. - Huadian International Power has a 100% ownership in the 1,200 MW Changsha Company[8]. - The company has a total of 920 MW capacity in Luding Hydropower Company, with 100% ownership[11]. - The company holds a 64% ownership in Zagu Nao Hydropower Company with an installed capacity of 591 MW[11]. - The company has a 100% ownership in Sichuan Investment Company with an installed capacity of 883 MW[11]. Financial Performance - The company achieved a revenue of approximately RMB 116.376 billion, an increase of about 9.83% compared to the previous year[25]. - The net profit attributable to shareholders was approximately RMB 4.601 billion, with basic earnings per share of RMB 0.355[26]. - The total power generation reached 223.80 million MWh, representing a year-on-year growth of approximately 1.30%[24]. - The company added a total of 3,695.54 MW of new generating capacity during the year, including 3,020 MW of efficient coal-fired units and 675.54 MW of gas-fired units[19]. - The company plans to add 6,536.84 MW of approved and under-construction units, including various gas and coal-fired projects[29]. - The company proposed a dividend of RMB 0.15 per share, totaling approximately RMB 1.534 billion based on the total share capital[20]. - The company maintained a debt-to-asset ratio of 62.07%, reflecting a strong position compared to industry peers[18]. Strategic Initiatives - The company is focused on expanding its renewable energy projects as part of its strategic initiatives[4]. - The company has plans for future market expansion, particularly in regions with high electricity demand[4]. - The company aims to increase its market share through potential mergers and acquisitions in the energy sector[4]. - The company is actively involved in research and development of new technologies to enhance operational efficiency[4]. - The company is actively developing strategic emerging industries and enhancing its capabilities in energy storage and carbon reduction technologies[19]. Market Outlook - In 2024, the national electricity consumption is expected to reach 9.8 trillion kWh, representing a growth of approximately 6% compared to 2023[30]. - The total installed power generation capacity in China is projected to reach 3.25 billion kW by the end of 2024, an increase of around 12% year-on-year[31]. - The group plans to achieve an electricity generation volume of approximately 220 billion kWh in 2024, remaining stable compared to the previous year[33]. Risk Management - The group faces potential risks from the electricity market due to the increasing proportion of renewable energy, which may reduce the operational space for thermal power generation[38]. - The company is facing significant project development risks due to the accelerated construction of new power systems and uncertainties in the planning of pumped storage projects, which may hinder the formation of scale effects in the short term[39]. - The company is under increasing pressure from safety and environmental risks, with stricter carbon compliance regulations leading to heightened operational risks for thermal power enterprises[40]. - The company will strengthen its carbon asset research and management, preparing for reduced carbon emission quotas in 2024 and analyzing the impact of carbon trading on corporate benefits[40]. Corporate Governance - The company is committed to improving its corporate governance and transparency in financial reporting[3]. - The company has established a comprehensive corporate governance framework, adhering to relevant regulations and enhancing governance standards[162]. - The board of directors consists of 11 members, including 4 independent non-executive directors, ensuring effective leadership and oversight[167]. - The company has implemented a strategic committee in addition to the audit, remuneration, and nomination committees to enhance decision-making processes[168]. - The independent non-executive directors have confirmed their independence in accordance with the Hong Kong Listing Rules[170]. Environmental Commitment - The company has maintained a commitment to environmental protection, ensuring compliance with environmental regulations and improving the efficiency of environmental facilities[87]. - The company has achieved ultra-low emissions standards for all 103 coal-fired generating units as of the report date[89]. - The management team emphasizes a commitment to sustainability, aiming for a 30% reduction in carbon emissions by 2025[55]. Shareholder Information - The shareholding structure shows that China Huadian Group holds 44.33% of A shares and 0.84% of H shares indirectly[14]. - Other A and H shareholders hold 38.88% and 15.95% of shares respectively[14]. - The company reported that the distributable reserves available for shareholders amount to approximately RMB 11.562 billion as of December 31, 2023[84]. - The company did not have any significant contingent liabilities as of December 31, 2023[70]. Operational Efficiency - The company plans to implement new operational strategies to reduce costs by 5% over the next year[54]. - The company has a structured process for convening board meetings, including provisions for emergency meetings within 10 days if necessary[176]. - The company has integrated risk management and internal control into daily operations, continuously assessing risks and developing management strategies[198].

2023 年持续督导意见 独立财务顾问 二〇二四年三月 华泰联合证券有限责任公司 关于 华电国际电力股份有限公司 发行股份及可转换公司债券购买资产 之 一、本次交易方案概述 华电国际电力股份有限公司（以下简称"上市公司"）向建信金融资产投资 有限公司（以下简称"建信投资"）和中银金融资产投资有限公司（以下简称"中 银投资"）发行普通股 A 股和可转换公司债券购买其分别持有的内蒙古华电蒙 东能源有限公司（以下简称"蒙东能源"）45.15%股权和天津华电福源热电有限 公司（以下简称"福源热电"）36.86%股权，其中以发行股份、可转换公司债券 支付的对价分别占本次交易对价的 2%和 98%。 根据上市公司与交易对方签署的资产购买协议及其补充协议，标的资产作价 合计为 150,016.26 万元，其中 3,000.36 万元对价由上市公司以发行普通股 A 股 的形式支付，147,015.90 万元对价以发行可转换公司债券的形式支付。 二、发行股份及可转换公司债券购买资产实施情况 （一）新增注册资本的验资情况及股份发行登记情况 2021 年 9 月 28 日，华电国际已办理完毕本次发行股份购买资产的新增股份 登记，相 ...

本期债券由中国银行股份有限公司和招商银行股份有限公司主承销，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。本期债券募集资金用于补充本公司在 业务运营过程中对营运资金的需求。 华电国际电力股份有限公司 关于中期票据发行的公告 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。 华电国际电力股份有限公司（"本公司"）2022 年度股东大会于 2023 年 5 月 31 日 通过决议，同意本公司自 2022 年度股东大会批准之日起至 2023 年度股东大会结束时 止，根据本公司资金需求，适时一次或分次发行本金余额不超过等值 600 亿元人民币的 短期融资券、超短期融资券、中期票据、永续票据、高级美元债及永续美元债等境内外 融资工具。 本公司已于近日完成了华电国际电力股份有限公司2024年度第一期中期票据（"本 期债券"）的发行。本期债券发行总额为 20 亿元人民币，期限为 3+N 年，单位面值为 100 元人民币，发行票面利率为 2.80%。 证券代码：600027 证券简称：华电国际 公告编号：2024-015 本期债券 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company's profitability in thermal power has significantly improved, with a gross margin increase of 6.69 percentage points year-on-year [2]. - The company achieved a revenue of 117.2 billion yuan in 2023, representing a year-on-year growth of 9.45%, and a net profit attributable to shareholders of 4.52 billion yuan, a remarkable increase of 3789% [1][6]. - Investment income from new energy and coal has contributed positively to the company's performance, with investment income reaching 3.8 billion yuan in 2023 [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 117.18 billion yuan, up 9.45% from the previous year [6]. - The net profit attributable to shareholders was 4.52 billion yuan, showing a dramatic increase of 3789% compared to 2022 [1][6]. - The EBITDA for 2023 was 19.40 billion yuan, indicating a strong operational performance [6]. Thermal Power Business - The thermal power generation volume increased by 1.55% to 214.5 billion kWh in 2023, despite a slight decrease in the comprehensive electricity price [2]. - Fuel costs decreased by approximately 8.93% to about 75.46 billion yuan, primarily due to falling coal prices [2]. - The gross profit from thermal power reached 7.59 billion yuan, a significant increase year-on-year, with a gross margin of 8.05% [2]. New Energy and Investment - The company holds a 31% stake in Huadian New Energy, contributing approximately 2.95 billion yuan in investment income for the year [3]. - The company plans to expand its new energy capacity significantly during the 14th Five-Year Plan, with an expected addition of 75 GW [3]. Future Outlook - For 2024, the company anticipates a stable power generation volume of around 220 billion kWh, with expectations for further improvement in profitability [4]. - The capital expenditure for 2024 is projected to be approximately 9.7 billion yuan, focusing on power generation projects and environmental upgrades [4].

2024年04月01日 公司研究●证券研究报告 华电国际（ ） 公司快报 600027.SH 电力及公用事业 | 火电Ⅲ 业绩大幅改善，看好能源转型+电改深化下的火 投资评级 买入-A(首次) 电盈利能力 股价(2024-04-01) 6.74元 交易数据 投资要点 总市值（百万元） 68,933.76 流通市值（百万元） 57,359.61 事件 ：公司发布2023年年度报告。全年实现营收1171.76亿元，同比+9.45%； 总股本（百万股） 10,227.56 归母净利润45.22亿元，同比+3789.00%。 流通股本（百万股） 8,510.33 12个月价格区间 7.00/4.73 点评： 一年股价表现 业绩大幅提升，盈利能力修复。公司2023年实现营收1171.76亿元，同比+9.45%； 归母净利润45.22亿元，同比+3789.00%，实现了大幅增长。其中，2023Q4实现 收入264.51亿元，同比-3.49%；实现归母净利润0.24亿元，同比+101.06%。2023 年，本公司经营活动产生的现金净流入额约为人民币132.52亿元，同比+37.26%； 毛利率为6.43%，同比+6. ...

[Table_MainInfo] 公司研究/公用事业/电力 证券研究报告 华电国际（600027）公司研究报告 2024年04月01日 [Table_InvestInfo] 首次 电改+成本降+市值考核+平台整合 投资评级 优于大市 覆盖 股票数据 [Table_Summary] 0[3Ta月b2le9_日S收to盘ck价I（nf元o]） 6.87 投资要点： 52周股价波动（元） 4.61-7.32 总股本/流通A股（百万股） 10228/8510  燃料成本下降致归母净利润大幅增长。公司发布 2023 年年报，全年实现营 总市值/流通市值（百万元） 70263/70263 收1172亿元，YOY+9.45%；归母净利润45亿元，YOY+3789%；基本每股 相关研究 收益 0.35元。公司业绩大幅改善主因燃料成本同比下降 8.93%。公司 2023 市《场发表电现资 产整合，股息回报凸显》 年利润分配预案为派发股息每股 0.15 元（含税），总额合计约为 15.34 亿元 2[T0a2b1le.0_9Q.0u1o teInfo] 华电国际 海通综指 （含税），分配总额占可供分配归母净利润的 43.65% ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨华电国际（ ） 600027.SH [电Ta力b主le_业T经itle营] 显著修复，煤炭收益限制业绩增长 报告要点 [得Ta益bl于e_成Su本m端m的ar显y]著回落，公司电热力业务实现毛利65.84亿元，较2022年毛利层面亏损3.93 亿元大幅修复，煤炭贸易业务也实现毛利4.80亿元，同比增长683.88%。2023年公司计提资 产减值损失5.27亿元，在一定程度上限制业绩表现。2023年公司投资收益为37.59亿元，同 比减少21.64%，其中华电新能贡献投资收益29.50亿元，同比增长13.72%，而参股煤炭公司 ...

Investment Rating - The investment rating for Huadian International (600027) is "Buy" (maintained) [1] Core Views - The company's 2023 annual report shows revenue of 117.176 billion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 4.522 billion yuan, a year-on-year increase of 44.2% [2] - In Q4 2023, the company reported revenue of 26.45 billion yuan, with a net profit of 0.02 billion yuan, reflecting a quarter-on-quarter revenue decline of 15.4% and a net profit decline of 1.9 billion yuan, primarily due to a 1.5% decrease in on-grid electricity prices [2] - The company is focusing on developing high-quality conventional energy and diversifying into pumped storage [2] - The company’s investment income decreased by 21.4% year-on-year to 3.78 billion yuan, mainly due to a significant drop in coal prices affecting the earnings from coal enterprises [2] Summary by Sections Financial Performance - The company achieved a total revenue of 117.176 billion yuan in 2023, with a growth rate of 9.5% [3] - The net profit attributable to shareholders was 4.522 billion yuan, with a staggering growth rate of 4430.69% [3] - The earnings per share (EPS) for 2023 was 0.44 yuan, with projected EPS for 2024-2026 being 0.59, 0.66, and 0.74 yuan respectively [3] Business Segments - The thermal power segment generated revenue of 94.3 billion yuan, a year-on-year increase of 0.9%, while the hydropower segment saw a revenue decline of 8.5% to 1.89 billion yuan [2] - The total power generation for thermal and hydropower was 2,145 billion kWh and 93 billion kWh respectively, with thermal power generation increasing by 1.5% year-on-year [2] Future Outlook - The company expects to maintain a stable recovery in thermal power profitability due to low coal prices, with coal costs decreasing by 8.9% year-on-year to 75.46 billion yuan [2] - The forecast for net profit for 2024-2026 is 6.02 billion, 6.75 billion, and 7.52 billion yuan respectively [2] - The company plans to add 3.7 GW of new generating capacity, with a total installed capacity of 58.4 GW by the end of the reporting period [2]