X·[Table_StockInfo] 买入 2024年 03月 28日 （维持） 证券研究报告•2023年年报点评 当前价： 6.78元 华电国际（600027） 公用事业 目标价： ——元（6个月） 业绩符合预期，火电利润修复 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2023年年报，实现营收 1171.76亿元，同比增长 9.5%；实现 [分Ta析bl师e_：Au池th天or惠] 归母净利润45.2亿元，同比增长44.2亿元。 执业证号：S1250522100001 电话：13003109597 23Q4公司实现营收 264.5亿元；实现归母净利润0.2亿元，营收环比Q3下降 邮箱：cth@swsc.com.cn 15.4%，归母净利润环比下降19亿元，主要系上网电价环比下降1.5%； 分析师：刘洋  量增价减火电营收稳定，煤价低位运行盈利有望持续修复。分业务看，火电/水 执业证号：S1250523070005 电板块分别实现营收943/18.9亿元，同比分别+0.9%/-8.5%。报告期内，火电/ 电话：18019200867 水电完成发电量 2145/93亿 ...

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 8.1 CNY, indicating an 18% upside from the current price of 6.87 CNY [1][7]. Core Insights - The report discusses the long-term positioning and valuation of thermal power, emphasizing that the "second half" for thermal power may officially begin in 2024, driven by capacity pricing and auxiliary service revenue enhancement [1][6]. - Short-term, the thermal power index has shown significant excess returns, primarily due to the market adjusting its EPS expectations for thermal power [5][24]. - Long-term, the report suggests that the introduction of capacity pricing will stabilize earnings and reduce volatility, while the growing share of renewable energy will necessitate thermal power's role in grid stability [31][30]. Summary by Sections Company Overview - Huadian International is a leading thermal power operator in China, focusing primarily on thermal power operations after divesting its renewable energy assets in 2021. As of 2023, the company has a total installed capacity of 58.45 million kW, with coal-fired capacity at 46.89 million kW [1][14]. Short-term and Long-term Perspectives - In the short term, the report notes that the market's concerns over coal and electricity price uncertainties have been alleviated, leading to a recovery in thermal power earnings expectations [25][26]. - For the long term, the report anticipates that the introduction of capacity pricing will provide a safety net for earnings, while the increasing share of renewable energy will highlight the need for thermal power to adapt and provide grid support [29][30]. Operational Capability - The report highlights Huadian International's superior operational quality compared to peers, with a focus on ROE recovery and a stable dividend capacity due to reduced capital expenditure needs following the divestiture of renewable assets [37][42]. Profit Forecast and Valuation - The company is expected to achieve net profits of 7.37 billion CNY, 8.13 billion CNY, and 9.30 billion CNY for the years 2024 to 2026, representing year-on-year growth rates of 63.0%, 10.3%, and 14.4% respectively [2][50]. - The report employs a segmented valuation approach, estimating a target market value of 82.6 billion CNY for 2024, based on the net asset values of its thermal and hydropower segments [57][58].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in the thermal power sector has significantly improved due to a decrease in coal costs, leading to a substantial increase in profits [4][5] - The company reported a revenue of 117.18 billion yuan for 2023, a year-on-year increase of 9.45%, and a net profit attributable to shareholders of approximately 4.52 billion yuan, a significant rise from 116 million yuan in 2022 [4][6] - The average on-grid electricity price for the company was 516.98 yuan per megawatt-hour, a slight decrease of 0.44% year-on-year, while the coal price dropped by 12.24% to 1,038.56 yuan per ton [4][5] - The company expects to generate additional revenue of nearly 4.7 billion yuan from capacity pricing in 2024, supported by a stable thermal power business outlook [4] Summary by Sections Financial Performance - The company achieved a total revenue of 117.18 billion yuan in 2023, with a year-on-year growth rate of 9.5% [6] - The net profit attributable to shareholders reached 4.52 billion yuan, reflecting a year-on-year increase of 3,789% [6] - The company’s gross profit margin improved significantly, with a gross profit of 7.59 billion yuan from thermal power operations, a 497% increase year-on-year [4][6] Cost Structure - The company's coal cost decreased, contributing to improved profitability in the thermal power sector [4][5] - Financial expenses were reduced to 3.60 billion yuan, a decrease of approximately 10.95% year-on-year, due to refinancing efforts [5] Future Outlook - The company has adjusted its profit forecasts for 2024 and 2025, projecting net profits of 7.01 billion yuan and 7.52 billion yuan, respectively [4][6] - The report anticipates continued improvement in the thermal power business, bolstered by the implementation of capacity pricing [4]

Investment Rating - The investment rating for Huadian International (600027.SH) is "Buy" [1][4] Core Views - The company's revenue has steadily increased, with a significant year-on-year growth in net profit. In 2023, the company achieved a revenue of 117.176 billion yuan (+9.45%) and a net profit attributable to shareholders of 4.522 billion yuan (+3789.00%) [1][5] - The increase in revenue is primarily driven by an increase in coal trading volume, while the substantial growth in net profit is attributed to a decrease in fuel costs, which were approximately 75.462 billion yuan in 2023 (-8.93%) [1][5] - The company's installed capacity for thermal power generation has further increased, which is expected to drive performance growth. As of 2023, the company has a controlling installed capacity of 58.45 GW, including coal power (46.89 GW), gas power (9.09 GW), and hydro power (2.46 GW) [1][14] - The stabilization of electricity prices and the decline in coal prices are expected to further improve the profitability of thermal power generation [1][15] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 117.176 billion yuan, a 9.45% increase from the previous year. The net profit attributable to shareholders was 4.522 billion yuan, reflecting a dramatic increase of 3789.00% [2][5] - The company's investment income was approximately 3.776 billion yuan, a decrease of 21.41% year-on-year, mainly due to reduced earnings from coal enterprises [1][5] Installed Capacity and Projects - The company has increased its thermal power generation capacity, with 3.70 GW of new power generation projects put into operation in 2023, including 3.02 GW of coal power and 0.68 GW of gas power [1][14] - The company has approved and under-construction units with a total capacity of 6.54 GW, which includes 3.32 GW of coal power and 2.92 GW of gas power [1][14] Profitability and Cost Management - The company's gross margin improved to 6.43% in 2023, an increase of 6.00 percentage points year-on-year, primarily due to the decline in coal prices [1][12] - The company is implementing various measures to enhance operational efficiency, including optimizing coal procurement and reducing financial costs through refinancing [1][15] Future Outlook - The company has raised its profit forecast due to the growth in coal power generation capacity and the decline in coal prices. Expected net profits for 2024-2026 are projected to be 6.8 billion yuan, 7.5 billion yuan, and 8.1 billion yuan, respectively [1][15]

2024 年 03 月 29 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩同比扭亏为盈，经营性现金流修复明显 Q4 证券分析师： 钟琪 S0350523080002 zhongq@ghzq.com.cn ——华电国际（ ） 年年报点评 600027 2023 最近一年走势 事件 : 2024年3月27日，华电国际发布2023年年报： 1）2023年公司实现收入1171.8亿元，同比+9.45%；实现归母净利润 45.2亿元，上年同期为1.0亿元。2023Q4 实现收入264.5亿元，同比 -3.5%；实现归母净利润0.2亿元，上年同期为-22.3亿元。 2）分红：2023年度，公司每股派发现金红利人民币 0.15 元（含税）， 合计分红15.3亿元，以扣除永续债利息后的归母净利润计算，分红比例 44%。 相对沪深300表现 2024/03/29 表现 1M 3M 12M 投资要点 : 华电国际 11.0% 33.7% 24.3% 沪深300 0.6% 3.1% -11.7%  2023Q4煤价同比下降+减值减少拉动公司业绩同比扭亏为盈。2023 年公司归母净利润大幅改善， ...

股 票 研 究 [Table_industryInfo] 电力/公用事业 [ Table_Main[华ITnaf 电bol]e 国_Ti际tle]( 600027) [评Tab级le_：Inv est] 增持 上次评级： 增持 减值金额收窄，资产负债表持续修复 目标价格： 8.19 上次预测： 6.84 公 华电国际 2023年年报点评 当前价格： 6.74 司 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 2024.03.28 更 021-38031730 021-38038670 021-38031030 [交Ta易bl数e_M据a rket] 新 yuhongguang025906@gtjas sunhuixian026739@gtjas.com wangyue028681@gtjas.com 证书编号 .Sc0o8m8 0522020001 S0880122070052 S0880123070143 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 4.6 66 8- ,7 9. 32 40 报 告 本报告导读： 总股本/流通A股（百万股） 10,228/8,510 流通 B股/H股 ...

Investment Rating - The report maintains an "Accumulate" rating for Huadian International [2] Core Views - Huadian International reported a significant increase in profitability for coal-fired power generation, with a notable decrease in leverage [2] - The company achieved a total operating revenue of 117.176 billion yuan in 2023, representing a year-on-year increase of 9.45% [2][3] - The net profit attributable to shareholders reached 4.522 billion yuan, a remarkable year-on-year growth of 3789% [2][3] - The operating cash flow was 13.252 billion yuan, up 37.27% year-on-year [2] - The gross profit margin for coal-fired power generation improved to 8.1%, an increase of 6.8 percentage points year-on-year [2] Financial Summary - Total revenue for 2023 was 117,176 million yuan, with a projected revenue of 116,283 million yuan for 2024, indicating a slight decline of 0.8% [3][4] - The net profit attributable to shareholders is forecasted to grow to 7,225 million yuan in 2024, reflecting a year-on-year increase of 59.8% [3][4] - The gross margin is expected to rise to 10.1% in 2024, compared to 6.4% in 2023 [3][4] - The company's asset-liability ratio decreased to 62.6%, down 5.83 percentage points year-on-year [2][3] - The earnings per share (EPS) for 2023 was 0.44 yuan, projected to increase to 0.71 yuan in 2024 [3][4] Investment Recommendations - The report suggests maintaining the "Accumulate" rating based on the company's strong performance and improved financial metrics [2] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 7.225 billion, 8.340 billion, and 8.721 billion yuan, respectively [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 117.18 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 significant increase of 3789% year-on-year [2][3] - The cash dividend ratio for 2023 was 43.65%, indicating a strong return to shareholders [3] - The report anticipates further recovery in the profitability of the thermal power industry, driven by a decline in coal prices and reduced capital expenditures in the coal power sector [3] - The company is expected to benefit from a decrease in coal prices, with projections indicating a drop of 100-200 yuan/ton to a price range of 800-900 yuan/ton in 2024 [3] - The company’s electricity generation increased by 1.21% year-on-year, while the average electricity price decreased by 0.44% [3] Financial Forecasts and Valuation - The company’s net profit forecasts for 2024 and 2025 have been adjusted to 6.44 billion yuan and 7.32 billion yuan, respectively, with a projected net profit of 8.25 billion yuan for 2026, reflecting year-on-year growth rates of 42.40%, 13.62%, and 12.79% [4] - The report estimates the price-to-earnings (P/E) ratio to be 11, 9, and 8 times for the years 2024, 2025, and 2026, respectively [4] - The company’s total revenue is projected to grow from 119.20 billion yuan in 2024 to 126.93 billion yuan in 2026 [4]

Financial Performance - The company's operating revenue for 2023 reached RMB 117,176,125 thousand, representing a 9.45% increase compared to RMB 107,058,536 thousand in 2022[14] - The net profit attributable to shareholders for 2023 was RMB 4,522,125 thousand, a significant increase of 3,789.00% from RMB 116,280 thousand in 2022[14] - The net cash flow from operating activities was RMB 13,251,646 thousand, up 37.26% from RMB 9,654,498 thousand in the previous year[14] - The company's total assets as of the end of 2023 were RMB 223,036,299 thousand, a slight decrease of 0.10% from RMB 223,260,470 thousand at the end of 2022[14] - The net assets attributable to shareholders increased by 17.25% to RMB 69,756,242 thousand from RMB 59,492,252 thousand in 2022[14] - Basic earnings per share for 2023 were RMB 0.35, compared to a loss of RMB 0.08 per share in 2022[15] - The diluted earnings per share also stood at RMB 0.35, reflecting a recovery from the previous year's loss[15] - The return on equity increased to 9.34%, up 11.41 percentage points from -2.07% in 2022[15] Dividend Distribution - The company plans to distribute a dividend of RMB 0.15 per share, totaling approximately RMB 1,534,134.17 thousand, which accounts for 43.65% of the distributable net profit[3] - The cash dividend amount (including tax) is CNY 1,534,134.17 thousand, which accounts for 43.65% of the net profit attributable to ordinary shareholders in the consolidated financial statements[142] - The cash dividend per 10 shares is CNY 1.50 (including tax)[142] Operating Activities - The company's operating income for Q1 2023 was CNY 31,978,448 thousand, while Q2 was CNY 27,471,203 thousand, Q3 was CNY 31,275,461 thousand, and Q4 was CNY 26,451,013 thousand[20] - The net profit attributable to shareholders for Q3 2023 was CNY 1,916,602 thousand, while Q4 showed a drastic decline to CNY 23,624 thousand[20] - The cash flow generated from operating activities in Q3 2023 was CNY 7,825,670 thousand, while Q4 was CNY 1,702,167 thousand[20] Government Subsidies and Non-Recurring Gains - The company's total government subsidies recognized in 2023 amounted to CNY 490,350 thousand, down from CNY 659,805 thousand in 2022[21] - The company reported a total of CNY 719,373 thousand in non-recurring gains and losses for 2023, compared to CNY 676,048 thousand in 2022[21] Asset Management - The company's total assets measured at fair value decreased from CNY 370,055 thousand at the beginning of the period to CNY 351,434 thousand at the end of the period[23] - The company's total installed capacity reached 58,449.78 MW, with coal-fired generation accounting for approximately 80.22% of this capacity[30] - The company completed the commissioning of power projects totaling 3,695.54 MW in 2023, including 3,020 MW of efficient coal-fired units and 675.54 MW of gas-fired units[26] Environmental and Sustainability Efforts - The company has completed ultra-low emission renovations for all coal-fired power generation units, ensuring compliance with environmental standards[148] - The company has set up 272 main discharge outlets in accordance with the pollution discharge permits, with all emissions meeting the required standards[147] - The company has achieved a 100% treatment rate for hazardous waste, minimizing solid waste storage[154] - The company emphasizes the importance of ecological environment restoration and protection, conducting regular fish breeding activities[154] - The company is committed to sustainability, with a goal to reduce carbon emissions by 20% by 2025[118] Corporate Governance - The company completed the election of the 10th Board of Directors and Supervisory Board, with 5 new directors elected and 7 re-elected, ensuring gender diversity with 2 female directors[87] - The company has established a robust internal control system and conducted an internal control evaluation report for 2022, enhancing risk prevention capabilities[89] - The company emphasizes investor protection and has improved communication with investors through various channels[88] - The company has established a remuneration and assessment committee responsible for reviewing and proposing changes to the remuneration policies for directors and senior management[121] Market Expansion and Strategic Initiatives - The company is actively expanding its market presence with new projects and technologies, focusing on both traditional and renewable energy sources[63] - The company is focused on expanding its market presence and enhancing its operational efficiency through strategic management and investment[113] - The company plans to enhance its supply chain management, aiming to reduce costs by 10% over the next year[116] - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market penetration by 30%[114] Related Party Transactions - The company maintains strict management of related party transactions, ensuring fairness and compliance with legal procedures[96] - The company has a total of 5,745,860 thousand RMB in related party debts to its controlling shareholder, China Huadian[178] - The company reported a total loan amount of 30,389,159 thousand RMB from Huadian Finance, with a repayment amount of 32,472,354 thousand RMB during the period[180] Financial Management - The company’s financial management is overseen by a newly elected financial director, ensuring compliance and strategic financial planning[123] - The company has a structured process for determining the remuneration of its directors and senior management, which requires shareholder approval[121] - The total pre-tax compensation for the company's executives during the reporting period amounted to 642.12 million CNY[106] Risk Management - The company faces risks from the electricity market due to the rapid growth of renewable energy installations, which may reduce the generation capacity of thermal power[82] - The company is actively researching coal procurement strategies to mitigate risks associated with decreasing long-term contract coverage and rising fuel costs[83] Employee Management - The total number of employees in the parent company and major subsidiaries is 24,778, with 10,773 retirees[136] - The company conducted training for 323,097 employees in 2023, achieving a training rate of 98.85%[139] - The company emphasizes a salary policy that links total salary to efficiency and effectiveness, ensuring fair distribution among employees[137]

华电国际(600027.SH)&华电国际电力股份(1071.HK) 2023年年报点评 业绩仍有上行空间 2024年03月28日 ➢ 事件：3月27日，公司发布2023年度报告，报告期内实现营业收入1171.76 谨慎推荐 维持评级 亿元，同比增长9.45%（经重述）；归母净利润45.22亿元，同比增长3789.00% A股当前价格： 6.74元（人民币） （经重述）；扣非归母净利润38.03亿元，同比扭亏为盈（经重述）；公司拟向 A股目标价格： 7.35元（人民币） 全体股东每股派发现金股利 0.15 元，合计派发现金红利 15.34 亿元，分配总额 H股当前价格： 4.25元（港币） 占可供分配归母净利润的43.65%。 H股目标价格 5.33元（港币） ➢ 装机增长消弭电价风险，火电营收仍有望增长：2023 年公司完成火电上网 电量2003.12亿千瓦时，同比增长1.5%；但因综合售电价微降，全年火电发电 [Table_Author] 收入同比增加7.78亿元至942.07亿元，增幅0.8%，略低于电量增速；折度电 营收约0.4703元，同比下降0.6%。展望2024年，年度长协落地后平均电量电 价或同 ...