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 ...

Group 1 - The report emphasizes the defensive attributes of the public utility sector, particularly in light of recent policy changes aimed at enhancing price governance mechanisms [1][14][30] - In March, the Shanghai Composite Index fell by 0.07%, while the public utility index rose by 1.87%, indicating a relative outperformance of the sector [1][32] - The report highlights the significant drop in coal prices, which enhances the profitability of thermal power generation, with a projected increase in earnings per kilowatt-hour as coal prices decrease [2][16][18] Group 2 - The report recommends major thermal power companies such as Huadian International and Shanghai Electric, citing their resilience in the face of declining coal prices and electricity prices [3][30] - It notes that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and a favorable investment environment due to declining risk-free rates [31] - The report identifies high-dividend water power stocks, particularly Changjiang Electric Power, as having strong defensive characteristics and long-term investment value [24][25][29] Group 3 - The report discusses the expected stability in nuclear power company earnings, recommending companies like China Nuclear Power and China General Nuclear Power [3][30] - It highlights the growth potential in the renewable energy sector, recommending leading companies such as Longyuan Power and Three Gorges Energy, which are expected to benefit from ongoing government support for new energy development [3][30] - The report also points out the significant market opportunity in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental Energy as beneficiaries of upcoming EU policies [31]

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]

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The report emphasizes the central government's commitment to advancing electricity price reforms and the expectation of a more refined market mechanism [11][12] - The market-oriented reform of electricity pricing is expected to benefit various power sources, particularly thermal power, which is anticipated to gain significantly from these changes [11][12] - The report highlights the importance of green electricity price reforms and the acceleration of environmental value realization [11][12] Summary by Sections Event Description - The Central Committee and the State Council issued an opinion on improving price governance mechanisms, advocating for a gradual and systematic market-oriented reform of electricity pricing across various power sources [6][11] Event Commentary - The report notes that the elevation of electricity reform to the central government level indicates a strong commitment to market-oriented reforms, with a focus on establishing a supportive system for smooth reform progression [11] - It discusses the potential for capacity and ancillary service price reforms to create systemic benefits for stable output and flexible adjustment capabilities, particularly for thermal and nuclear power [11] - The report also mentions the need to eliminate unreasonable price competition and government interference in price formation, which could lead to a more orderly market environment [11] - The emphasis on green electricity pricing reform suggests that the environmental value of green power is expected to be realized more rapidly [11] Investment Recommendations - The report suggests that the "carbon neutrality" era and electricity market reforms will redefine the intrinsic value of power operators throughout the 14th Five-Year Plan period [11] - It recommends focusing on quality thermal power operators such as Huadian International, China Resources Power, and Huaneng Power, as well as large hydropower companies like Yangtze Power and Guotou Power [11] - For the renewable energy sector, it highlights companies like Longyuan Power, China Nuclear Power, and China Three Gorges Energy as potential investment opportunities [11]

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].

Group 1 - The company achieved a revenue of 30.9 billion yuan in 2024, a year-on-year decrease of 21.9%, but net profit increased by 622% to 0.7 billion yuan, driven by revenue structure optimization and cost reductions from AI-enabled efficiency improvements [4][5] - The payment business showed marginal improvement with a revenue decline of 22.9% to 26.9 billion yuan, attributed to a 19% drop in total GPV and a slight decrease in payment rates [5][6] - The company’s overseas payment business expanded significantly, with transaction volume exceeding 1.1 billion yuan, a nearly fivefold increase year-on-year [5] Group 2 - The company reported a revenue of 31.48 billion yuan in 2024, a decrease of 17.2%, with a net profit of 2.34 billion yuan, down 68.98% [11][12] - The domestic acquiring business processed a total of 1.47 trillion yuan, maintaining stable monthly transaction volumes, while overseas market revenue reached 9.01 billion yuan, with a 63.61% increase in high-end market revenue [13][14] - The company’s AI digital employee product has been commercialized, with applications in digital marketing and e-commerce [15] Group 3 - China Aluminum reported a revenue of 237.07 billion yuan in 2024, an increase of 5.2%, and a net profit of 12.4 billion yuan, up 85.4% [16][17] - The increase in profits was primarily due to rising aluminum and alumina prices, with alumina revenue reaching 74 billion yuan, a 38.3% increase [18] - The company plans to distribute a cash dividend of 0.135 yuan per share, with a total dividend amount of 3.72 billion yuan, reflecting a payout ratio of 30.2% [20] Group 4 - Three Squirrels reported a revenue of 10.622 billion yuan in 2024, a year-on-year increase of 49.3%, with a net profit of 408 million yuan, up 85.51% [22][23] - The company’s online revenue reached 7.407 billion yuan, with significant growth in various channels, particularly Douyin [23][24] - The company is planning to issue H shares to enhance its brand and global supply chain capabilities [25][26] Group 5 - Kailai Ying reported total revenue of 5.805 billion yuan in 2024, a decrease of 25.82%, with a net profit of 949 million yuan, down 58.17% [27][28] - The small molecule business showed stable growth, with revenue of 4.571 billion yuan, reflecting an 8.85% increase when excluding large orders [28][29] - The emerging business segment achieved revenue of 1.226 billion yuan, a growth of 2.25% [29] Group 6 - Zhejiang Shuju reported a revenue of 3.097 billion yuan in 2024, a slight increase of 0.61%, with a net profit of 512 million yuan, down 22.84% [30][31] - The online gaming business generated 1.34 billion yuan in revenue, with a gross margin of 91.04% [33] - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares, totaling 203 million yuan [32] Group 7 - Zhongke Xingtou focuses on the space-earth big data industry, with a projected revenue of 40.78 billion yuan in 2025, increasing to 63.98 billion yuan by 2027 [38][41] - The company has established a comprehensive digital earth solution, integrating data collection, processing, and application [39][40] - The company aims to expand its business into low-altitude economy and commercial aerospace sectors [40] Group 8 - Yinghe Technology reported a revenue of 8.524 billion yuan in 2024, a decrease of 12.58%, with a net profit of 503 million yuan, down 9.14% [43][44] - The lithium battery equipment segment faced challenges, while the electronic cigarette segment showed strong performance with a revenue of 3.191 billion yuan [44][45] - The company expects growth in the lithium battery equipment market due to domestic production recovery and expansion into overseas markets [45][46] Group 9 - Meiya Optoelectronics achieved a revenue of 2.311 billion yuan in 2024, a decrease of 4.7%, with a net profit of 649 million yuan, down 12.8% [48] - The color sorting machine business grew by 9.9%, while the medical equipment segment faced a decline of 33.4% [49] - The company anticipates a recovery in the medical equipment sector due to ongoing economic development and demographic trends [49]

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].