Investment Rating - The report assigns a "Buy" rating for Huadian International (600027) as part of its initial coverage [1][7]. Core Insights - The company's performance in Q4 2024 showed significant improvement due to enhanced coal power performance, increased carbon trading revenue, and reduced impairment losses, contributing to a notable rise in earnings [4][6]. - In 2024, Huadian International achieved a revenue of 112.99 billion yuan, a decrease of 3.6% year-on-year, while the net profit attributable to shareholders increased by 26.1% to 5.7 billion yuan [4][6]. - The report forecasts that the company's revenue for 2025-2027 will be approximately 109.9 billion yuan, with net profits expected to grow steadily, reaching 68.3 billion yuan by 2027 [6][8]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 28.18 billion yuan, up 6.6% year-on-year, and a net profit of 0.55 billion yuan, compared to 0.02 billion yuan in the same period last year [4][6]. - The coal power segment's net profit for 2024 was 3.04 billion yuan, reflecting a 93% increase year-on-year, with a profit per kilowatt-hour of 0.017 yuan, up 0.008 yuan from the previous year [6][8]. Dividend Policy - For the fiscal year 2024, the company plans to distribute a cash dividend of 0.13 yuan per share, with a total annual dividend of 0.21 yuan per share, resulting in a cash dividend payout ratio of 45.72% [4][6]. Earnings Forecast - The projected earnings for Huadian International are as follows: 2025 expected revenue of 109.85 billion yuan, net profit of 6.53 billion yuan; 2026 expected revenue of 109.72 billion yuan, net profit of 6.67 billion yuan; and 2027 expected revenue of 110.59 billion yuan, net profit of 6.83 billion yuan [8][9].

证券代码：600027 证券简称：华电国际 公告编号：2025-026 华电国际电力股份有限公司 关于收到上海证券交易所中止审核发行股份 及支付现金购买资产并募集配套资金 暨关联交易通知的公告 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（以下简称"本公司"）拟通过发行普通股（A 股）及支 付现金的方式购买中国华电集团有限公司持有的华电江苏能源有限公司 80%股权，福建 华电福瑞能源发展有限公司持有的上海华电福新能源有限公司 51%股权、上海华电闵行 能源有限公司 100%股权、广州大学城华电新能源有限公司 55.0007%股权、华电福新广 州能源有限公司 55%股权、华电福新江门能源有限公司 70%股权、华电福新清远能源有 限公司 100%股权，以及中国华电集团北京能源有限公司持有的中国华电集团贵港发电 有限公司 100%股权等，并募集配套资金（以下简称"本次交易"）。2025 年 3 月 27 日， 本次交易通过上海证券交易所（以下简称"上交所"）并购重组审核委员会审议。 本公司于 2025 年 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][20]. Core Views - The company's revenue decreased by 3.57% year-on-year to 1129.94 billion yuan in 2024, while the net profit attributable to shareholders increased by 26.11% to 57.03 billion yuan, driven by lower coal prices reducing fuel costs [7][11]. - The company is experiencing a decline in electricity generation and trading volume, which has impacted revenue, but the net profit growth is attributed to a decrease in coal prices [7][11]. - The company has ongoing projects and asset injections that are expected to enhance future performance, with plans to invest 12 billion yuan in 2025 for power projects and environmental upgrades [3][19]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1129.94 billion yuan, a decrease of 3.57% year-on-year, while the net profit attributable to shareholders was 57.03 billion yuan, an increase of 26.11% [7][11]. - The average on-grid electricity price was 511.74 yuan per megawatt-hour, down 0.98%, and the total electricity generation was 2226.26 billion kilowatt-hours, a decrease of 0.52% [7][11]. - The company’s coal price for fuel was 965.16 yuan per ton, down 7.07%, contributing to a reduction in fuel costs to 705.67 billion yuan, down 6.49% [7][11]. Investment Income - Investment income for 2024 was 34.78 billion yuan, a decrease of 7.89% year-on-year, with significant declines in income from various subsidiaries [2][17]. Capacity and Projects - The company added 150.88 million kilowatts of new installed capacity in 2024, primarily from gas-fired power plants, bringing the total controlled capacity to 5981.86 million kilowatts [3][17]. - There are ongoing construction projects totaling 932.14 million kilowatts, with plans for further investments to drive future growth [3][19]. Profitability Metrics - The gross margin improved to 8.78%, an increase of 2.36 percentage points, while the net margin rose to 6.05%, up 1.95 percentage points [11][15]. - Return on equity (ROE) increased to 11.66%, reflecting improved profitability [15]. Future Outlook - The company has revised its profit forecasts for 2025-2027, expecting net profits of 63.9 billion yuan, 66.1 billion yuan, and 69.4 billion yuan, respectively, with corresponding EPS of 0.62, 0.65, and 0.68 yuan [4][20]. - The reasonable market value is estimated between 639 billion yuan and 703 billion yuan, indicating a potential upside of 14%-25% from the current stock price [4][20].

Investment Rating - The investment rating for Huadian International is "Buy" (maintained) [1] Core Views - The report highlights continuous cost optimization and accelerated asset injection from the group, which is expected to enhance the company's long-term competitiveness [7] - The company reported a total operating revenue of 112.99 billion yuan for 2024, a decrease of 3.57% year-on-year, while the net profit attributable to shareholders increased by 26.11% to 5.703 billion yuan [7] - The average on-grid electricity price for 2024 was 511.74 yuan per megawatt-hour, slightly down from 516.78 yuan in 2023, but the company benefits from favorable regional electricity prices and a significant reduction in fuel costs [7] Financial Performance Summary - Total operating revenue (million yuan): 117,176 in 2023, 112,994 in 2024, with a projected increase to 136,224 in 2027 [1] - Net profit attributable to shareholders (million yuan): 4,522 in 2023, 5,703 in 2024, projected to reach 7,740 in 2027 [1] - Earnings per share (EPS): 0.44 in 2023, 0.56 in 2024, expected to grow to 0.76 in 2027 [1] - The company’s cash flow from operating activities for 2024 was 16.336 billion yuan, an increase of 23.28% [7] Asset and Capacity Growth - The company plans to inject approximately 15.84 million kilowatts of high-quality thermal power assets, which is expected to increase its installed capacity by 26% [7] - As of December 31, 2024, the company’s controllable installed capacity was 59,818.62 MW, with coal-fired power accounting for approximately 78.15% [7] Cost and Efficiency Metrics - The company’s coal consumption for power generation was 287.53 grams per kilowatt-hour in 2024, a decrease of 1.81 grams year-on-year [7] - The average utilization hours for the company’s power generation units were 3,746 hours, a decrease of 210 hours year-on-year [7]

Core Viewpoint - The recent policy push for renewable energy and green power certificates in China is expected to enhance the market for green electricity, stimulating demand while ensuring a competitive supply side [1][2]. Group 1: Market Performance - The China Securities National New State-Owned Enterprises Modern Energy Index (932037) increased by 0.45%, with notable gains from companies such as Longyuan Power (up 7.90%) and Huadian International (up 5.27%) [1]. - The Central State-Owned Enterprises Modern Energy ETF (561790) rose by 0.28%, with a trading volume of 1.1757 million yuan and a turnover rate of 2.31% [1]. Group 2: Policy Developments - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the high-quality development of the renewable energy green power certificate market, aiming for a gradual increase in green electricity consumption by 2027 [1]. - In February, the National Energy Administration issued 256 million green certificates, a year-on-year increase of 544%, with 63.32% being tradable [1]. Group 3: Investment Opportunities - Guosheng Securities highlights the rapid growth of new energy, predicting that by 2024, new energy installed capacity will exceed 42%, contributing over 60% to the total national power generation growth [2]. - The firm recommends focusing on the power sector, particularly on undervalued green electricity stocks and leading companies in thermal power equipment [2]. Group 4: ETF Performance Metrics - The Central State-Owned Enterprises Modern Energy ETF has seen a significant growth of 1.6704 million yuan in size over the past six months, ranking in the top third among comparable funds [3]. - The ETF's share count increased by 7 million shares in the same period, also placing it in the top third among peers [4]. - As of March 28, 2025, the ETF has achieved a maximum monthly return of 10.03% since inception, with a historical one-year profit probability of 96.27% [4]. Group 5: Financial Metrics - The ETF has outperformed its benchmark with an annualized excess return of 1.29% over the past year [5]. - The maximum drawdown for the ETF this year is 4.36%, with a management fee of 0.50% and a custody fee of 0.10%, the lowest among comparable funds [6]. - The ETF's tracking error over the past two months is 0.008%, indicating high tracking precision [6]. Group 6: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 11.91, which is below 91.34% of the time over the past year, indicating a historically low valuation [6]. - The top ten weighted stocks in the index account for 51.63% of the total, including major players like China Yangtze Power and China Nuclear Power [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][20][24] Core Views - The company's revenue decreased by 3.57% year-on-year to 1129.94 billion yuan in 2024, while the net profit attributable to shareholders increased by 26.11% to 57.03 billion yuan, driven by lower coal prices reducing fuel costs [1][7] - The company is experiencing a decline in electricity generation and trading volume, which has impacted revenue, but the net profit growth is attributed to a decrease in coal prices [1][2] - The company plans to invest 12 billion yuan in 2025 for power project construction, environmental protection, and energy-saving technology upgrades, which is expected to drive future performance growth [3][19] Financial Performance - In 2024, the company reported a net profit margin increase to 6.05%, up 1.95 percentage points year-on-year, due to improved gross margins and reduced expense ratios [11][15] - The company's operating revenue and net profit forecasts for 2025-2027 are adjusted to 63.9 billion yuan, 66.1 billion yuan, and 69.4 billion yuan respectively, reflecting a growth of 12.1%, 3.5%, and 4.9% [4][20] - The company’s total installed capacity reached 59.82 million kilowatts, with significant ongoing projects that are expected to enhance future earnings [3][17] Investment Income - Investment income for 2024 decreased by 7.89% to 3.478 billion yuan, with notable declines in several subsidiaries [2][17] Asset Injection - The company is progressing with asset injection plans, including acquiring stakes in various subsidiaries, which is expected to enhance its asset portfolio and competitive position [19][20]

Core Viewpoint - Huadian International (600027) reported a mixed financial performance for 2024, with a decline in revenue but significant growth in net profit, indicating potential resilience in profitability despite revenue challenges [3][4]. Trading Information Summary - As of March 28, 2025, Huadian International's stock closed at 5.5 yuan, up 0.36%, with a turnover rate of 2.0% and a trading volume of 1.7 million hands, resulting in a transaction value of 949 million yuan [1]. - On the same day, the net inflow of main funds was 40.8 million yuan, accounting for 4.3% of the total transaction value, while retail investors experienced a net outflow of 21.6 million yuan, representing 2.28% of the total transaction value [2]. Financial Performance Summary - For the year 2024, Huadian International reported a total revenue of 112.99 billion yuan, a decrease of 3.57% year-on-year, while the net profit attributable to shareholders increased by 26.11% to 5.7 billion yuan [3][4]. - In Q4 2024, the company achieved a quarterly revenue of 28.18 billion yuan, up 6.55% year-on-year, and a net profit of 546 million yuan, reflecting a substantial increase of 2212.03% year-on-year [3]. - The company reported a debt ratio of 61.55%, with investment income of 3.48 billion yuan and financial expenses of 3.23 billion yuan, resulting in a gross profit margin of 8.78% [3]. Company Announcements Summary - The annual report for 2024 indicated total assets of 223.88 billion yuan, a year-on-year increase of 0.38%, while the net assets attributable to shareholders decreased by 3.47% to 67.33 billion yuan [4]. - The company proposed a cash dividend of 0.21 yuan per share (including a final dividend of 0.13 yuan), with a total cash dividend amounting to 2.15 billion yuan, representing 45.72% of the distributable net profit [5]. - Huadian International successfully issued 2 billion yuan in medium-term notes with a term of 3 years at a coupon rate of 2.40% and 2 billion yuan in short-term financing notes with a term of 90 days at a coupon rate of 1.86% [8]. Acquisition and Financing Activities - The company plans to acquire an 80% stake in Huadian Jiangsu Energy Co., Ltd. and several other energy assets from China Huadian Group through a combination of stock issuance and cash payment, pending approval from the China Securities Regulatory Commission [9][10].

公司研究 火电 2025 年 03 月 29 日 事项： ❖ 公司公告 2024 年报：2024 年第四季度公司实现收入 281.8 亿，同比增长 6.5%； 2024 年公司实现收入 1129.9 亿，同比下降 3.6%。2024 年第四季度公司实现 归母净利润 5.5 亿，2023 年四季度归母净利润约为 0.24 亿元，同比大幅增长； 2024 年公司实现归母净利润 57.0 亿，同比增长 26.1%。 评论： ❖ 风险提示：煤价波动风险、电力市场化改革不及预期、电价上升不及预期等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 112,994 | 115,222 | 119,617 | 123,402 | | 同比增速(%) | -3.6% | 2.0% | 3.8% | 3.2% | | 归母净利润(百万) | 5,703 | 6,315 | 7,249 | 8,195 | | 同比增速(%) | 26.1% | 10.7% ...

SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 丨证券研究报告丨 公司研究丨点评报告丨华电国际（600027.SH） [Table_Title] 参股绿电煤矿表现欠佳，成本优化护航业绩增长 报告要点 [Table_Summary] 受火电量价承压、煤炭贸易收缩影响，公司 2024 年营业收入同比减少 3.57%。得益于燃料成 本的显著回落，电力主业实现毛利 105.56 亿元，同比增长 26.14%。2024 年公司投资收益为 34.78 亿元，同比降低 7.89%，其中华电新能贡献投资收益 26.45 亿元，同比降低 10.34%；参 股煤炭资产贡献投资收益为 3.04 亿元，同比降低 35.61%。综合影响下，公司 2024 年实现归 母净利润 57.03 亿元，同比增长 26.11%。此外，公司 2024 年每股股息 0.21 元，分配总额占 可供分配归母净利润的 45.72%，按 3 月 27 日收盘价测算 A/H 股股息率分别为 3.83%/5.18%。 分析师及联系人 [T ...

本次交易价格(不含募集配套资金金额)为716,653.71万元。经各方协商一致，2025年3月，贵港公司以评 估基准日南宁公司100%股权估值29,567.08万元、创意天地80%股权估值-1,638.93万元，将南宁公司 100%股权及创意天地80%股权转让给华电福瑞，截至报告书签署日，前述转让已完成工商变更。贵港 公司持有的两家公司长期股权投资按照2024年6月30日评估值等价出售，不影响本次交易中贵港公司 100%股权的整体评估值与作价。 中国经济网北京3月28日讯华电国际（600027）(600027.SH)昨日晚间发布关于发行股份及支付现金购买 资产并募集配套资金暨关联交易事项获得上海证券交易所并购重组审核委员会审核通过的公告。 根据公告，华电国际拟通过发行普通股(A股)及支付现金的方式购买中国华电集团有限公司持有的华电 江苏能源有限公司80%股权，福建华电福瑞能源发展有限公司持有的上海华电福新能源有限公司51%股 权、上海华电闵行能源有限公司100%股权、广州大学城华电新能源有限公司55.0007%股权、华电福新 广州能源有限公司55%股权、华电福新江门能源有限公司70%股权、华电福新清远能源有限 ...