资金面上看，两市主力资金全天净流出404.09亿元，今日有5个行业主力资金净流入，公用事业行业主 力资金净流入规模居首，该行业今日上涨0.15%，全天净流入资金3.11亿元，其次是钢铁行业，日跌幅 为1.45%，净流入资金为2.83亿元。 主力资金净流出的行业有26个，电力设备行业主力资金净流出规模居首，全天净流出资金58.32亿元， 其次是机械设备行业，净流出资金为53.11亿元，净流出资金较多的还有电子、非银金融、计算机等行 业。 沪指3月31日下跌0.46%，申万所属行业中，今日上涨的有4个，涨幅居前的行业为通信、家用电器，涨 幅分别为0.58%、0.37%。公用事业行业今日上涨0.15%。跌幅居前的行业为电力设备、国防军工，跌幅 分别为1.94%、1.81%。 公用事业行业今日上涨0.15%，全天主力资金净流入3.11亿元，该行业所属的个股共132只，今日上涨的 有47只，涨停的有3只；下跌的有72只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有52只，其中，净流入资金超3000万元的有7只，净流入资金居首的是韶能股份，今日净流入资金 1.61亿元，紧随其后的是国电电力、华电国际， ...

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]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **electric power industry** in the context of the upcoming Q1 2025 reports, highlighting recent performance trends and future expectations [1] Core Insights and Arguments - The **electric power industry** has shown weak performance in the past 3 to 4 months, primarily due to fundamental factors and changes in market style. However, there are positive changes expected as the reporting window approaches, which may lead to improved market performance [2] - In Q1, the **thermal power sector** was impacted by coal prices, electricity prices, and utilization hours. National thermal power trading prices generally declined year-on-year, but some regions like Shandong and Inner Mongolia saw stable or rising prices. The drop in coal prices reduced thermal power supply costs by approximately 0.033 CNY/kWh, leading to expected stable or slightly increased profits year-on-year [3][4] - National thermal power generation volume decreased by 6.5% to 8% year-on-year in January and February, but this had a limited impact on profitability due to fixed cost dilution. Major companies like Huaneng and Huadian are expected to achieve single-digit growth, with Huadian potentially exceeding double-digit growth [3][6][7] - The **hydropower sector** is performing well, with reservoir capacity being good and hydropower generation increasing by about 4.5% year-on-year in January and February. Companies like Yangtze Power and Huaneng Hydropower are expected to see growth rates between 15% and 20% [8][9] - The **nuclear power sector** shows a mixed competitive landscape, with nuclear generation increasing by over 7% year-on-year due to capacity improvements. However, companies like Guangyue are facing pressure from demand declines in Guangdong and Guangxi [10] - The **renewable energy sector** (wind and solar) has performed strongly, with wind power growing by double digits and solar power by nearly 30% year-on-year, driven by installed capacity. However, warm winter conditions negatively impacted operational hours [11][12] Additional Important Insights - The **renewable energy market** faces pricing pressures and competition, but national electricity generation is expected to increase year-on-year in 2024, with high-price regions performing better [12] - **Regional performance** varies, with Fujian province showing a significant increase in utilization hours, leading to strong expected performance from local companies like Zhongmin Energy and Funiu Co., with growth rates potentially exceeding 30% [13] - The competitive landscape for thermal power favors regions like Shandong and Anhui, where price declines are limited and costs are decreasing. Companies like Huadian International are expected to perform well [14][15] - Long-term investment opportunities include companies with low valuations like China Coal Energy, which is expected to benefit from asset injections and regional developments [14][15] Recommendations - Recommended stocks for Q1 include **Zhongmin Energy** and **Funiu Co.** in the wind power sector, **Huadian International** in thermal power, and **Huaneng Hydropower** in hydropower. China Coal Energy is also highlighted as a good long-term investment option [15]

截至2025年3月31日11:19，中证全指公用事业指数(000995)上涨0.48%，成分股龙源电力上涨5.86%，大唐发电、华电国际、申能股份、国电电力等个股跟 涨。公用事业ETF(159301)跟随涨势，最新价报0.9元，盘中成交额已达230.79万元，暂居可比ETF首位，换手率3.66%。规模方面，公用事业ETF近1月规模 增长299.65万元，新增规模位居可比基金首位。 从估值层面来看，公用事业ETF跟踪的中证全指公用事业指数最新市盈率（PE-TTM）仅15.67倍，处于近1年5.14%的分位，即估值低于近1年94.86%以上的 时间，处于历史低位。 广发证券发布研报称，公用事业板块企稳与催化信号同步显现，煤价超预期下跌及水电蓄能释放推动火电、水电业绩预期反转，叠加高股息策略和市值管理 方案密集落地，板块配置价值凸显。 公用事业ETF（159301）紧密跟踪中证全指公用事业指数，选取50只涉及电力、环保、储能等领域的股票作为指数样本，按申万三级行业来看，前四大行业 分别为水力发电、火力发电、核力发电和风力发电，合计权重近78%，具备高分红与稳健成长属性，是较为典型的红利成长资产。 | 股票代码 | ...

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]

长江商报记者注意到，近年来，华电国际积极对外投资，并产生了较好的投资收益。从2021年开始，公 司的年度投资收益均超过30亿元，2021年至2024年，四年间公司的投资收益累计达193.18亿元。 登录新浪财经APP 搜索【信披】查看更多考评等级 长江商报消息 ●长江商报记者 杨蝶 大型综合性能源公司华电国际（600027.SH）盈利能力稳定。 3月27日晚间，华电国际发布2024年年报。公司全年实现营业收入1129.94亿元，同比下降3.57%；归属 于上市公司股东的净利润（以下简称"净利润"）57.03亿元，同比增长26.11%。 2024年，尽管受发电量和煤炭贸易量减少、上网电价下降的影响，华电国际的营业收入小幅下降，但同 时因公司营业成本降幅高于营业收入，由此形成减收增利的局面。 当前，华电国际正在加速推进71.67亿元的关联收购，以进一步提升业务规模。 上述数据显示，2022年至2024年，华电国际净利润连续三年增长，三年累计实现净利润103.41亿元。 长江商报记者注意到，2024年，受发电量和煤炭贸易量减少、上网电价下降的影响，华电国际的营业收 入小幅下降，但同时因公司营业成本降幅高于营业收入， ...

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].

星标 ★ IPO日报 精彩文章第一时间推送 近期，A股市场并购重组持续活跃。 3月24日至3月30日（上周），多家上市公司发布并购计划，例如泰豪科技（600590.SH）拟购买江西泰豪军工集团13.87%股权、易普力 （002096.SZ）拟以3.16亿元收购松光民爆51%股份、浙江力诺（300838.SZ）拟收购徐州化工机械有限公司100%股权、淮河能源 （600575.SH）拟以11.94亿元购买淮河能源电力集团10.70%股权…… 与此同时，上周沪深交易所"久违"地均召开了并购重组委审议会议，审核了两家上市公司的并购项目。 制图：佘诗婕 多家重大资产重组 上周，在一众并购中，截至记者发稿，有三家上市公司的收购构成重大资产重组，包括一家还涉及换股吸收合并。 3月26日，迅捷兴(688655)公告称，公司正在筹划以发行股份及支付现金的方式购买深圳市嘉之宏电子有限公司（简称"嘉之宏"）100% 股权并募集配套资金。本次交易预计构成重大资产重组。 3月27日，概伦电子(688206)公告称，公司正在筹划通过发行股份及支付现金的方式购买成都锐成芯微科技股份有限公司控股权，同时 拟募集配套资金。经初步测算，本次交易 ...

Investment Rating - The report maintains a "Strong Buy" rating for Huadian International, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Views - The company's revenue for Q4 2024 reached 28.18 billion, a year-on-year increase of 6.5%, while the total revenue for 2024 was 112.99 billion, a decrease of 3.6% compared to the previous year. The net profit attributable to shareholders for Q4 2024 was 550 million, significantly up from approximately 24 million in Q4 2023, leading to a total net profit of 5.70 billion for 2024, reflecting a year-on-year growth of 26.1% [2][5]. Financial Performance Summary - **Revenue and Profitability**: - Total revenue for 2024 is projected at 112.99 billion, with a year-on-year growth rate of -3.6%. The net profit attributable to shareholders is expected to be 5.70 billion, with a growth rate of 26.1% [5]. - **Earnings Per Share (EPS)**: - EPS for 2024 is estimated at 0.56 yuan, with projections of 0.62 yuan, 0.71 yuan, and 0.80 yuan for 2025, 2026, and 2027 respectively [5]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is projected to decrease from 10 in 2024 to 7 in 2027, while the price-to-book (P/B) ratio remains stable at around 1 [5]. - **Dividends**: - The company plans to distribute a total cash dividend of 2.148 billion, with a cash dividend ratio of approximately 45.72%, up from 43.65% in 2023 [9]. Operational Insights - **Electricity Generation**: - In 2024, the company completed an on-grid electricity generation of 2084.53 billion kWh, a slight decrease of 0.52% year-on-year. The average on-grid electricity price was approximately 511.74 yuan per MWh, down by 1.0% [9]. - **Cost Management**: - The fuel cost for 2024 is estimated at 70.567 billion, a decrease of 6.49% year-on-year, contributing to an improved gross margin of 8.8%, which is an increase of 2.4 percentage points [9]. - **Future Capital Expenditure**: - The company plans to increase capital expenditures to 12 billion in 2025, focusing on power generation projects and environmental upgrades [9]. Market Positioning - **Target Price**: - The target price for the stock is set at 7.5 yuan, representing a potential upside of approximately 37% from the current price of 5.50 yuan [5].