证券代码：600027 证券简称：华电国际 公告编号：2024-074 华电国际电力股份有限公司 关于本次交易相关内幕信息知情人买卖股票 情况自查报告的公告 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"或"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，以及中国华电集团发电运营有限公司持有的中国 华电集团贵港发电有限公司 100%股权，并向不超过 35 名特定投资者发行股份募集配套 资金（以下简称"本次交易"）。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内容与格 式准则第 26 号——上市公司重大资产重 ...

二、本次交易的内幕信息知情人核查范围 1 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本次交易 相关内幕信息知情人买卖股票情况的自查报告的核查意见 华电国际电力股份有限公司（以下简称"上市公司"、"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公司 100%股权，以及中 国华电集团发电运营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"）。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则第26号——上市公司重大资产重组》《上市公司监管指引第5号— —上市公司内幕信息知情人登记管理制度》《监管规则适用指引——上市类第1 号》《上市公司监管指引第7号—上市公司重大资产重组相关股票异常交易监 ...

华电国际电力股份有限公司 2024 年第四次临时股东大会 会议材料 二〇二四年十一月 2024 年第四次临时股东大会会议议程 2024 年第四次临时股东大会会议议程 会议时间：2024 年 11 月 27 日（星期三）下午 14:00 现场会议地点：北京市东城区东直门南大街 6 号北京东方花园酒店 会议召集人：华电国际电力股份有限公司（以下简称"华电国际"、"本公司"或"公 司"）董事会 会议召开方式：与会股东和股东代表以现场记名投票表决与网络投票表决相结合的方式 审议通过有关提案。本次会议将通过上海证券交易所交易系统向本公司的 A 股股东提 供网络形式的投票平台。本公司的 A 股股东既可参与现场投票，也可以在网络投票时间 内通过上海证券交易所的交易系统参加网络投票。本公司 A 股股东只能选择现场投票 和网络投票其中一种表决方式，如同一股份通过现场和网络投票系统重复进行表决的或 同一股份在网络投票系统重复进行表决的，均以第一次表决为准。 现场会议安排： 会议主席宣布本公司 2024 年第四次临时股东大会开始。 1 第一项， 与会股东及代表听取并审议以下议案： 1. 关于本次发行股份及支付现金购买资产并募集配套 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][7]. Core Views - The company reported a steady performance in Q3 2024, with a total revenue of 31.63 billion yuan, reflecting a year-on-year growth of 1.13%. The net profit attributable to shareholders was 1.93 billion yuan, up 0.87% year-on-year [3][4]. - The increase in electricity generation and pricing is attributed to improved demand and a decrease in hydropower output during Q3. The average on-grid electricity price for Q3 was 511.26 yuan per megawatt-hour, a 1.62% increase year-on-year [3][4]. - The company is expanding its scale through the acquisition of high-quality assets from its parent group, which is expected to enhance its growth potential in the long term [5]. Summary by Sections Financial Performance - In Q3 2024, the company achieved an on-grid electricity generation of 63.006 billion kilowatt-hours, a year-on-year increase of 3.18%. The total on-grid electricity for the first three quarters was 1577.21 billion kilowatt-hours, down 2.52% year-on-year [3][4]. - The company's operating costs for Q3 were 28.503 billion yuan, a 1.02% increase year-on-year, while gross profit reached 3.127 billion yuan, up 2.17% year-on-year [4]. - The significant increase in income tax expenses by 93.25% year-on-year has limited the overall performance of the company [4]. Growth Potential - The company disclosed a capital increase announcement to inject gas power assets worth 7.167 billion yuan, which represents 27.16% of its current installed capacity. This acquisition is seen as cost-effective with a price-to-book ratio of 1.32 [5]. - The company anticipates further injections of high-quality hydropower and thermal power assets from the parent group as market conditions improve, indicating a broad growth space in the future [5]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.60 yuan, 0.71 yuan, and 0.80 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 9.54, 8.03, and 7.20 [5][10].

此乃要件 請即處理 閣下如對本通函任何內容或需採取的行動有任何疑問，應諮詢 閣下的持牌證券商、銀行經理、律師、專 業會計師或其他專業顧問。 閣下如已將名下的華電國際電力股份有限公司（「本公司」）的股份全部售出或轉讓，應立即將本通函及代 理人委任表格交予買主或承讓人，或經手買賣或轉讓的銀行、持牌證券商或其他代理商，以便轉交買主或 承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 本通函僅供參考，概不構成收購、購買或認購本公司證券的邀請或要約。 華電國際電力股份有限公司 Huadian Power International Corporation Limited* （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） (1)主要交易及關連交易 (2)建議發行A股 (3)申請清洗豁免 及 (4)臨時股東大會通告 本公司之財務顧問 獨立董事委員會及獨立股東之獨立財務顧問 董事會函件載於本通函第10至46頁。獨立董事委 ...

Investment Rating - The report maintains a "Hold" rating for the company [2] Core Views - The company plans to acquire 80% equity of Jiangsu Company from China Huadian through share issuance and to purchase various stakes in other companies for a total transaction price of 7.167 billion yuan, with an estimated PB of 1.61x [1] - The company achieved a total on-grid electricity of 63.008 billion kWh in Q3, a year-on-year increase of 3.18%, with an average on-grid electricity price of 0.511 yuan/kWh, reflecting a slight increase [2] - The company’s Q3 revenue increased by 1.13% year-on-year, while the gross profit margin improved to 9.89% [2] - The report projects the company's net profit for 2024-2026 to be 6.242 billion, 6.623 billion, and 7.012 billion yuan respectively, with corresponding PE ratios of 8.8x, 8.3x, and 7.9x [2] Financial Summary - For 2023, the company reported revenue of 117.176 billion yuan, with a year-on-year growth of 9.5% [1] - The projected revenue for 2024 is 121.254 billion yuan, with a growth rate of 3.5% [1] - The net profit attributable to shareholders for 2023 is 4.522 billion yuan, with a staggering year-on-year growth of 3789.0% [1] - The gross profit margin is expected to increase from 6.4% in 2023 to 12.0% by 2026 [1] - The return on equity (ROE) is projected to rise from 6.5% in 2023 to 9.0% in 2026 [1]

证券代码：600027 证券简称：华电国际 公告编号：2024-073 华电国际电力股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024 年第四次临时股东大会 召开的日期时间：2024 年 11 月 27 日 14 点整 召开地点：北京市东城区东直门南大街 6 号北京东方花园酒店 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 27 日 至 2024 年 11 月 27 日 1 股东大会召开日期：2024年11月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方 式 （四） 现场会议召开的日期、时间和地点 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 ...

公司报告 | 季报点评 电量电价向好，拟注入火电资产有望提升持续盈利能力 事件：公司发布 2024 年三季报。前三季度公司实现营收 848.11 亿元，同 比下降 6.52%；实现归母净利润 51.56 亿元，同比增长 14.63%。 点评： Q1-3 电量电价降幅较 H1 均有所收窄，单 Q3 营收同比+1.13% 前三季度公司累计完成发电量 1,684.59 亿千瓦时，同比下降约 2.46%；完 成上网电量 1,577.21 亿千瓦时，同比下降约 2.52%，主要系水电发电量增 长挤占公司煤电机组上网电量空间。前三季度公司平均上网电价约为 510.46 元/兆瓦时，同比下降约 1.46%。前三季度公司电量电价降幅较上半 年均有所收窄，公司实现营收 848.11 亿元，同比下降 6.52%。单三季度公 司实现营收 316.3 亿元，同比增长 1.13%。 前三季度盈利能力有所改善，归母净利同比+15% 盈利能力方面，前三季度公司实现毛利率 9.09%，同比提高了 2.17pct。参 股方面，公司持有华电新能 31%的股权以及华电煤业、银星煤业等的股权， 增厚公司业绩。前三季度公司投资净收益为 30.73 亿 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][20] Core Views - The company reported a stable performance in Q3 2024, with a year-on-year decline in revenue but an increase in net profit attributable to shareholders. Revenue for the first three quarters of 2024 was CNY 84.811 billion, down 6.52%, while net profit attributable to shareholders was CNY 5.156 billion, up 14.63% [1][6] - The company is set to enhance its earnings per share (EPS) through an asset acquisition plan, which includes purchasing 80% of Jiangsu Company and several other assets for a total consideration of CNY 7.167 billion. This transaction is expected to increase the company's EPS from CNY 0.3472 to CNY 0.3688, representing a 6.22% increase [2][15] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of CNY 84.811 billion, a decrease of 6.52% year-on-year, while net profit attributable to shareholders was CNY 5.156 billion, an increase of 14.63%. The third quarter alone saw a revenue of CNY 31.630 billion, up 1.13%, and net profit of CNY 1.933 billion, up 0.87% [1][6] - The decline in revenue was primarily due to a decrease in power generation and grid electricity prices. The average grid electricity price was CNY 510.46 per MWh, down 1.46% [1][6] Asset Acquisition - The company announced a plan to acquire assets from China Huadian, which includes purchasing 80% of Jiangsu Company and several other stakes for a total of CNY 71.67 billion. The share issuance price is set at CNY 5.05 per share, and the acquisition is expected to enhance the company's EPS significantly [2][15] Earnings Forecast - The company maintains its profit forecast, expecting net profits of CNY 6.071 billion, CNY 6.753 billion, and CNY 7.421 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34.3%, 11.2%, and 9.9% [16][18] - The projected EPS for the same years is CNY 0.59, CNY 0.66, and CNY 0.73, with corresponding price-to-earnings ratios (PE) of 9.2, 8.3, and 7.5 [16][18]

Investment Rating - Maintains an "Overweight" rating with a target price of 7.88 CNY [3][10] Core Views - The company's 3Q24 performance showed steady growth, with revenue of 31.6 billion CNY, up 1.1% YoY, and net profit attributable to shareholders of 1.93 billion CNY, up 0.9% YoY [10] - The company plans to issue shares and pay cash to acquire coastal thermal power assets from its parent group, with a total consideration of 7.17 billion CNY [2][10] - The acquisition includes approximately 16.0 GW of conventional energy assets, with coal-fired capacity of 7.6 GW and gas-fired capacity of 8.4 GW [10] Financial Performance - 1~3Q24 revenue was 84.8 billion CNY, down 6.5% YoY, while net profit attributable to shareholders was 5.16 billion CNY, up 14.6% YoY [10] - 3Q24 gross profit was 3.13 billion CNY, up 2.2% YoY, with a gross margin of 9.9%, up 0.1 ppts YoY and 1.1 ppts QoQ [10] - 3Q24 electricity generation was 63.0 billion kWh, up 3.2% YoY, with coal-fired generation at 53.4 billion kWh, up 16.7% YoY [10] - The average on-grid tariff in 3Q24 was 0.511 CNY/kWh, up 1.6% YoY and 0.1% QoQ [10] Asset Acquisition Details - The acquisition involves issuing 680 million shares at 5.05 CNY per share, accounting for 6.2% of the total share capital post-acquisition [10] - The total consideration of 7.17 billion CNY implies a PB multiple of 1.6x and a PE multiple of 13.5x based on 2023 net profit of 530 million CNY [10] - The acquired assets represent 27.2% of the company's installed capacity as of 1H24 and 25.1% of the parent group's non-listed conventional energy capacity as of 2023 [10] Financial Forecasts - Revenue is expected to grow to 124.9 billion CNY in 2024, 126.2 billion CNY in 2025, and 125.6 billion CNY in 2026 [9] - Net profit attributable to shareholders is forecasted to be 6.44 billion CNY in 2024, 6.53 billion CNY in 2025, and 6.99 billion CNY in 2026 [9] - EPS is projected to be 0.63 CNY in 2024, 0.64 CNY in 2025, and 0.69 CNY in 2026 [10] Valuation Metrics - The current P/E ratio is 13.05x for 2023, expected to decrease to 9.16x in 2024 and 8.45x in 2026 [9] - The current P/B ratio is 0.85x, with a target P/B ratio of 0.81x in 2024 [9] - The dividend yield is expected to increase from 2.6% in 2023 to 5.3% in 2026 [9]