证券代码：600027 证券简称：华电国际 公告编号：2024-052 本议案的表决情况：12 票同意、0 票反对、0 票弃权。 特此公告。 华电国际电力股份有限公司 2024 年 9 月 5 日 本议案的表决情况：12 票同意、0 票反对、0 票弃权。 二、审议并批准《关于补选战略委员会委员的议案》，同意选举朱鹏先生出任本公司 董事会战略委员会委员，任期至第十届董事会届满为止。 华电国际电力股份有限公司 第十届董事会第十三次会议决议公告 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（"本公司"）第十届董事会第十三次会议（"本次会 议"）于 2024 年 9 月 5 日在中华人民共和国北京市西城区宣武门内大街 4 号北京华滨 国际大酒店召开，本次会议通知已于 2024 年 8 月 26 日以电子邮件形式发出。本公司董 事长戴军先生主持本次会议，本公司全体 12 名董事亲自或委托出席会议，其中，丰镇 平先生委托沈翎女士出席会议。本次会议符合有关法律、法规及《公司章程》的规定， 会议合法有效。本公司监事 ...

Financial Performance - The group achieved a revenue of approximately RMB 52.894 billion, a decrease of about 10.43% compared to the same period in 2023[5]. - The profit attributable to equity holders of the company for the period was approximately RMB 3.432 billion, an increase of about 19.29% year-on-year[5]. - Basic earnings per share were approximately RMB 0.286, reflecting a growth of about 19.67% compared to the same period last year[5]. - The company's revenue for the period was approximately RMB 52.894 billion, a decline of about 10.43% year-on-year, primarily due to decreases in electricity generation and on-grid prices[24]. - The company's total revenue for the six months ending June 30, 2024, was RMB 52,893,953 thousand, a decrease of approximately 10.3% from RMB 59,053,025 thousand in the same period of 2023[73]. - The revenue from electricity sales was RMB 42,876,950 thousand, down from RMB 47,129,670 thousand in 2023, reflecting a decline of about 9.5%[73]. - The revenue from coal sales decreased significantly to RMB 4,403,661 thousand from RMB 6,441,207 thousand, marking a decline of approximately 31.6%[73]. - The company reported a total comprehensive income of RMB 3,988,029 for the period, compared to RMB 3,033,088 in the previous year, marking a growth of 31.6%[60]. Dividends and Shareholder Returns - The company proposed an interim dividend of RMB 0.08 per share, totaling approximately RMB 818.20 million based on a total share capital of 10,227,561,133 shares[6]. - The company plans to distribute a cash dividend of RMB 0.08 per share, totaling approximately RMB 818.20 million, based on a total share capital of 10,227,561,133 shares as of June 30, 2024[43]. - The total dividend declared for the fiscal year 2023 was approximately RMB 1.534 billion, down from RMB 2.045 billion for the fiscal year 2022, reflecting a decrease of about 25%[108]. Operational Capacity and Generation - The group operates 45 power generation enterprises with a total installed capacity of 58,815.32 MW, including 46,750 MW from coal-fired power, 9,600.13 MW from gas-fired power, and 2,459 MW from hydropower[7]. - The company's total electricity generation was approximately 101.30 million MWh, a decrease of about 5.85% compared to the same period in 2023[23]. - The average utilization hours of power generation units decreased by 192 hours to 1,741 hours, with coal-fired units averaging 1,926 hours, down 225 hours year-on-year[23]. - The company added a new gas power generation unit with a capacity of 505.54 MW during the reporting period[21]. - The company plans to add a total of 6,031.30 MW of new capacity, including gas and coal power units, in the near future[21]. Costs and Expenses - The group's fuel costs for the period were approximately RMB 32.839 billion, a decrease of about 15.43% compared to the same period in 2023, primarily due to lower coal and gas prices and a decrease in power generation[25]. - The group's coal sales costs were approximately RMB 3.819 billion, a decrease of about 37.64% compared to the same period in 2023, mainly due to a decline in coal trading volume[25]. - The group's depreciation and amortization expenses were approximately RMB 5.363 billion, an increase of about 3.90% compared to the same period in 2023, primarily due to the impact of newly commissioned units[25]. - The total operating expenses for the first half of 2024 amounted to RMB 751,942 thousand, up from RMB 684,020 thousand in the same period of 2023, representing a rise of 9.9%[77]. Financial Position and Cash Flow - The group's total borrowings as of June 30, 2024, were approximately RMB 92.846 billion, with a debt-to-asset ratio of approximately 60.78%, a decrease of about 1.29 percentage points compared to the end of 2023[30]. - The group's cash and cash equivalents as of June 30, 2024, were approximately RMB 5.267 billion[31]. - The net cash inflow from operating activities for the first half of 2024 was approximately RMB 5.285 billion, an increase of about RMB 3.534 billion compared to the same period in 2023, primarily due to improved operating performance[33]. - The company reported a net cash increase of RMB 96,813 thousand for the period, compared to RMB 615,007 thousand in the previous year, indicating a decrease of about 84.3%[67]. - The company has a net current liability of approximately RMB 37,483 million as of June 30, 2024, indicating potential liquidity concerns[69]. Strategic Initiatives and Future Outlook - The management discussed future business outlook and strategies for the second half of the year, emphasizing growth and market expansion[5]. - The company is actively pursuing new technologies and product development to enhance operational efficiency and sustainability[5]. - The group plans to strengthen market analysis and adjust pricing strategies to enhance power generation efficiency in response to risks in the electricity market[36]. - The group will closely monitor changes in the coal market and optimize coal procurement strategies to control costs amid rising coal prices due to supply pressures[37]. - The company is enhancing carbon asset management in response to the reduction in carbon quotas, encouraging coal power enterprises to adopt low-carbon technologies[38]. - The company is actively pursuing low-carbon transformation initiatives in line with national policies for coal power sector decarbonization[38]. Governance and Compliance - The company has maintained a strict governance structure, adhering to various regulatory requirements to enhance its governance level[52]. - The company has complied with the environmental, social, and governance requirements of the Hong Kong Listing Rules during the first half of the year[52]. - The company is revising its articles of association to comply with new regulatory requirements, including the transition to a paperless listing mechanism[40]. - The audit committee has reviewed the unaudited condensed consolidated financial statements prepared in accordance with International Accounting Standard 34[51]. Employee and Management Information - As of June 30, 2024, the total number of employees in the group was 24,232[51]. - The company has adopted a remuneration policy based on performance, ensuring a fair and effective compensation distribution mechanism[51]. - The remuneration for key management personnel for the six months ended June 30, 2024, was RMB 1,804 thousand, down from RMB 2,133 thousand for the same period in 2023, indicating a decrease of about 15.4%[132]. Acquisitions and Investments - The company has agreed to acquire 80% of Huadian Jiangsu Energy Co., Ltd. and several other energy companies, with the total consideration yet to be determined[41]. - The company is planning to issue new A-shares to raise funds not exceeding 100% of the consideration for the asset acquisitions, with the number of new shares not exceeding 30% of the total issued shares post-transaction[41]. - The company issued a total of RMB 2.358 billion in green medium-term notes and RMB 2.566 billion in the second phase of medium-term notes as of June 30, 2024, with actual annual interest rates ranging from 2.14% to 3.61%[98][99]. - The company issued RMB 1.5 billion in short-term financing bonds on June 12, 2024, with a maturity of 90 days and a coupon rate of 1.7%[100].

证券代码：600027 证券简称：华电国际 公告编号：2024-050 华电国际电力股份有限公司 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的进展公告 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。 一、 本次交易的基本情况 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%股权等，并募集配套资金（以下简称"本次交易"）。 二、 本次交易的进展情况 本公司因筹划本次交易相关事项，根据上海证券交易所有关规定，本公司申请公司 股票于 2024 年 7 月 ...

二〇二四年九月 2024 年第二次临时股东大会会议议程 华电国际电力股份有限公司 2024 年第二次临时股东大会 会议材料 现场会议地点：北京市西城区宣武门内大街 4 号华滨国际大酒店 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 年第二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 2024 年中期现金分红方案的议案； 2. 关于选举公司董事的议案。 第二项， 与会股东及代表讨论发言。 第三项， 与会股东及代表投票表决。 1. 计票 ...

证券研究报告 公用事业|电力 公司点评 2024 年 08 月 28 日 华电国际 (600027.SH) 增持（维持） ——上半年盈利符合预期 关注区域中长期用电需求变化 投资要点： ➢ 事件：公司发布 2024 年中报。上半年实现归属于母公司股东的净利润 32.23 亿元，同比增加 24.84%， 扣除非经常性损益后的归母净利润为 33.10 亿元，同比增长 43.31%。 ➢ 受新能源及水电冲击，火电发电量下滑，电价小幅下降符合预期，煤价下行带动盈利提升。公司今年上半 年实现发电量 1013 亿千瓦时，同比下降 5.85%，实现上网电量 947 亿千瓦时，同比下降 5.97%，中报 解释是"受水电资源丰富区域来水情况较好、新能源装机容量持续增加的共同影响"。结合公司现有装机 构成来看，截至 2023 年底，公司第一大装机分布地山东占比达到 43.65%，第二大装机分布地湖北占比 为 15.38%，安徽、湖南、河南三个中部省份合计占比达到 25%，预计来水偏丰主要冲击湖北、湖南两省， 而山东、安徽等地主要受新能源装机增长冲击。相比来水丰枯，新能源装机的冲击具有长期性，或对公司 盈利能力乃至资产定位产生深远 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][2] Core Views - The company's net profit for the first half of 2024 reached 3.223 billion yuan, a year-on-year increase of 24.84%, while the net profit attributable to the parent company, excluding non-recurring gains and losses, was 3.310 billion yuan, up 43.31% year-on-year [1] - The decline in thermal power generation and slight decrease in electricity prices were expected, while the drop in coal prices contributed to profit improvement [1] - The company plans to acquire approximately 16GW of thermal power capacity, which will help expand its business footprint and diversify its operational regions [2] Summary by Sections Financial Performance - The company achieved a total power generation of 101.3 billion kWh in the first half of 2024, a decrease of 5.85% year-on-year, and total electricity sales of 94.7 billion kWh, down 5.97% year-on-year [1] - The average on-grid electricity price, including capacity fees, was 509.94 yuan per MWh, a year-on-year decrease of 3.25% [1] - Total fuel costs decreased by 15.43% year-on-year, leading to a unit fuel cost reduction of approximately 10% [1] Investment Income - The company reported investment income of 2.219 billion yuan in the first half of 2024, slightly down from 2.284 billion yuan in the same period of 2023, primarily due to a significant decline in the performance of coal mine investments [1] - Investment income from Huadian New Energy increased to 1.934 billion yuan, up 1.23 billion yuan year-on-year, aligning with expectations [1] Future Outlook - The report forecasts the company's net profit attributable to the parent company for 2024-2026 to be 5.877 billion, 6.890 billion, and 7.382 billion yuan respectively [2] - The current stock price corresponds to a PE ratio of 11, 9, and 9 for the years 2024, 2025, and 2026, indicating potential for stable earnings growth [2]

公司报告 | 半年报点评 盈利能力持续修复，拟注入集团优质火电资产 事件：公司披露 2024 年中报。上半年公司实现营收 531.81 亿元，同比下 降 10.54%；实现归母净利润 32.23 亿元，同比增长 24.84%。 点评 受量价下降等影响，公司营收有所下滑 电量方面，公司上半年累计完成发电量 1,012.99 亿千瓦时，同比下降约 5.85%；完成上网电量 947.13 亿千瓦时，较上年同期下降约 5.97%，主要系 受水电资源丰富区域来水情况较好、新能源装机容量持续增加的共同影响， 公司煤电机组上网电量空间被挤占。电价方面，上半年公司平均上网电价 约为 509.94 元/兆瓦时，同比下降约 3.25%。综合来看，受发电量、上网电 价及煤炭贸易量下降等影响，公司实现营收 531.81 亿元，同比下降 10.54%。 燃料成本下行带动盈利提升，上半年业绩同比+25% 成本端，上半年公司入炉标煤单价为 970.88 元/吨，同比降低 11.16%。受 煤价、气价下降及发电量下降等影响，公司燃料成本同比减少 15.43%至 328.39 亿元。叠加煤炭贸易量下降带动煤炭销售成本下降等影响，上半年 公司营 ...

X·[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.41 元 华电国际（600027）公用事业 目标价：——元（6 个月） 电量短期承压，优质资产拟注入 [Table_Summary 事件：公司发布] 2024年半年报，实现营收 531.8亿元，同比下降 10.5%；实现 归母净利润 32.2 亿元，同比增长 24.8%；24Q2 公司实现营收 222.3 亿元，环 比下降 28.2%；实现归母净利润 13.6 亿元，环比下降26.9%。 上网电量/电价同比-5.97%/-3.25%，煤价下滑驱动业绩增长。报告期内完成发 电量 1013 亿千瓦时，同比下降约 5.85%；完成上网电量 947 亿千瓦时，同比 下降约 5.97%；发电机组的平均利用小时为 1741 小时，同比下降 192 小时； 其中燃煤发电机组的利用小时为 1926 小时，同比下降 225 小时；上网电价为 509.9 元/兆瓦时，同比下降约 3.25%；入炉标煤单价为 970.9元/吨，同比降低 11.2%。 优质资产注入，公司盈利有望大幅提升。公司发布 ...

X·[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：5.41 元 华电国际（600027）公用事业 目标价：——元（6 个月） 电量短期承压，优质资产拟注入 [Table_Summary 事件：公司发布] 2024年半年报，实现营收 531.8亿元，同比下降 10.5%；实现 归母净利润 32.2 亿元，同比增长 24.8%；24Q2 公司实现营收 222.3 亿元，环 比下降 28.2%；实现归母净利润 13.6 亿元，环比下降26.9%。 上网电量/电价同比-5.97%/-3.25%，煤价下滑驱动业绩增长。报告期内完成发 电量 1013 亿千瓦时，同比下降约 5.85%；完成上网电量 947 亿千瓦时，同比 下降约 5.97%；发电机组的平均利用小时为 1741 小时，同比下降 192 小时； 其中燃煤发电机组的利用小时为 1926 小时，同比下降 225 小时；上网电价为 509.9 元/兆瓦时，同比下降约 3.25%；入炉标煤单价为 970.9元/吨，同比降低 11.2%。 优质资产注入，公司盈利有望大幅提升。公司发布 ...

Investment Rating - The report maintains a "Recommended" rating for Huadian International (600027.SH) [2] Core Views - The company reported a revenue of 53.181 billion yuan for the first half of 2024, a year-on-year decrease of 10.54%, while achieving a net profit attributable to shareholders of 3.223 billion yuan (non-recurring profit of 3.310 billion yuan), representing a year-on-year increase of 24.84% (non-recurring profit increased by 43.31%) [2] - The profit distribution plan includes a cash dividend of 0.08 yuan per share (tax included) [2] - The company's gross margin and net margin were 8.62% and 7.10%, respectively, with year-on-year increases of 3.21 percentage points and 2.58 percentage points [2] - The investment income from Huadian New Energy showed steady growth, while the inclusion of Fucheng Mining as an executed party impacted performance [2] - The company’s coal price dropped significantly, which offset the decline in electricity volume and price, leading to a substantial increase in coal power profitability [2] - The company has over 6 GW of units under construction and approval, accounting for more than 10% of the operational installed capacity [2] - The group plans to inject high-quality assets, which is expected to significantly enhance the company's installed capacity and profitability [2] Financial Summary - The company’s revenue for 2023 is projected at 117.176 billion yuan, with a revenue growth rate of -2.63% for 2024 [5] - The net profit attributable to shareholders is forecasted to be 6.140 billion yuan in 2024, with a profit growth rate of 35.77% [5] - The gross margin is expected to increase to 11.03% in 2024 [5] - The projected PE ratios for 2024, 2025, and 2026 are 9.1, 7.8, and 7.0, respectively [5]