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].

SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 丨证券研究报告丨 公司研究丨点评报告丨华电国际（600027.SH） [Table_Title] 参股绿电煤矿表现欠佳，成本优化护航业绩增长 报告要点 [Table_Summary] 受火电量价承压、煤炭贸易收缩影响，公司 2024 年营业收入同比减少 3.57%。得益于燃料成 本的显著回落，电力主业实现毛利 105.56 亿元，同比增长 26.14%。2024 年公司投资收益为 34.78 亿元，同比降低 7.89%，其中华电新能贡献投资收益 26.45 亿元，同比降低 10.34%；参 股煤炭资产贡献投资收益为 3.04 亿元，同比降低 35.61%。综合影响下，公司 2024 年实现归 母净利润 57.03 亿元，同比增长 26.11%。此外，公司 2024 年每股股息 0.21 元，分配总额占 可供分配归母净利润的 45.72%，按 3 月 27 日收盘价测算 A/H 股股息率分别为 3.83%/5.18%。 分析师及联系人 [T ...

本次交易价格(不含募集配套资金金额)为716,653.71万元。经各方协商一致，2025年3月，贵港公司以评 估基准日南宁公司100%股权估值29,567.08万元、创意天地80%股权估值-1,638.93万元，将南宁公司 100%股权及创意天地80%股权转让给华电福瑞，截至报告书签署日，前述转让已完成工商变更。贵港 公司持有的两家公司长期股权投资按照2024年6月30日评估值等价出售，不影响本次交易中贵港公司 100%股权的整体评估值与作价。 中国经济网北京3月28日讯华电国际（600027）(600027.SH)昨日晚间发布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获得上海证券交易所并购重组审核委员会审核通过的公告。 根据公告，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 ...

Group 1 - CIMC reported a net profit of RMB 29.72 billion for 2024, a year-on-year increase of 605.60% [1] - CIMC's revenue reached RMB 1,776.64 billion, up 39.01% from the previous year [1] - The container manufacturing segment generated revenue of RMB 622.05 billion, a 105.89% increase year-on-year [1] Group 2 - CIMC Vehicles reported revenue of RMB 209.98 billion, a decrease of 16.30% year-on-year [2] - Net profit for CIMC Vehicles fell to RMB 10.81 billion, down 55.83% compared to the previous year [2] - The decline in net profit was attributed to normalization of North American business and non-recurring gains from a previous equity disposal [2] Group 3 - SMIC's revenue for 2024 was RMB 57,795.6 million, an increase of 27.7% year-on-year [3] - The net profit for SMIC decreased by 23.3% to RMB 3,698.7 million [3] - The increase in revenue was driven by a rise in wafer sales volume, which increased by 36.7% [3] Group 4 - Haier Smart Home achieved a net profit of RMB 187.41 billion, a year-on-year increase of 12.92% [4] - The company reported revenue of RMB 2,859.81 billion, up 4.29% from the previous year [4] - The gross margin for Haier Smart Home was 27.8%, an increase of 0.3 percentage points from 2023 [4] Group 5 - CNOOC reported a net profit of RMB 137.94 billion for 2024, an increase of 11.4% year-on-year [6] - The company's revenue was RMB 420.51 billion, a slight increase of 0.9% from the previous year [6] - CNOOC's oil and gas production reached 199 million barrels of oil equivalent per day [6] Group 6 - CNOOC's oil liquid sales volume increased by 9.4% to 562.9 million barrels [7] - The average realized oil price was USD 76.75 per barrel, a decrease of approximately 1.6% [7] - The company achieved a reserve replacement rate of 167% with 11 new discoveries [7] Group 7 - China Merchants Securities reported a net profit of RMB 103.86 billion, an increase of 18.51% year-on-year [8] - The company achieved revenue of RMB 208.91 billion for the year [8] - Wealth management and institutional business contributed RMB 102.33 billion to the revenue [8] Group 8 - China Merchants Energy reported a net profit of RMB 51.07 billion for 2024 [9] - The company's revenue was RMB 257.99 billion, with a slight decrease of 0.32% [9] - The revenue decline was influenced by fluctuations in the oil tanker market [9] Group 9 - Industrial Bank achieved a net profit of RMB 772.05 billion, a year-on-year increase of 0.12% [11] - The bank's revenue was RMB 2,122.26 billion, up 0.66% from the previous year [11] - The non-performing loan ratio was 1.07%, indicating stable asset quality [11] Group 10 - Weichai Power reported a net profit of RMB 114.03 billion, a year-on-year increase of 26.51% [12] - The company's revenue reached RMB 2,156.9 billion, up 0.81% [12] - The sales of various engines totaled 734,000 units, with a 5% increase in exports [13] Group 11 - Lens Technology achieved a net profit of RMB 36.24 billion, a year-on-year increase of 19.94% [14] - The company reported revenue of RMB 698.97 billion, up 28.27% [14] - The smartphone and computer segments contributed significantly to revenue growth [14] Group 12 - Shandong Gold reported a net profit of RMB 29.52 billion, a year-on-year increase of 26.80% [15] - The company's revenue was RMB 825.18 billion, up 39.21% [15] Group 13 - Huadian International achieved a net profit of RMB 57.03 billion, a year-on-year increase of 26.11% [16] - The company's revenue was RMB 1,129.94 billion, a decrease of 3.57% [16] Group 14 - Postal Savings Bank reported a revenue of RMB 348.77 billion, a year-on-year increase of 1.83% [16] - The bank's net interest income was RMB 286.12 billion, up 1.53% [16] Group 15 - Joyoung reported a net profit of RMB 1.22 billion, a year-on-year decrease of 68.55% [17] - The company's revenue was RMB 8.85 billion, down 7.94% [17] Group 16 - Shanghai Pharmaceuticals achieved a net profit of RMB 45.53 billion, a year-on-year increase of 20.82% [18] - The company's revenue was RMB 2,752.51 billion, up 5.75% [18] Group 17 - CITIC Securities reported a net profit of RMB 72.23 billion, a year-on-year increase of 2.68% [19] - The company's revenue was RMB 211.29 billion, down 9.1% [19] Group 18 - Three squirrels plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange [21] - The company aims to enhance global brand recognition and expand overseas financing capabilities [21] Group 19 - CIMC announced the termination of the spin-off of its subsidiary CIMC Tianda for listing on the Shenzhen Stock Exchange [22] - The decision was made for comprehensive considerations regarding business development and capital operation planning [22] Group 20 - CNOOC's subsidiary CIMC Tianda withdrew its IPO application [23] - The expected fundraising amount was RMB 1.41941 billion [23]

Summary of Conference Call Records Company and Industry Overview - **Companies Involved**: 中集集团 (China International Marine Containers), 华电国际 (China Huadian Corporation), 云南能投 (Yunnan Energy Investment), 依托股份 (Yiteng Co.), 海洋股份 (Ocean Co.) - **Industries**: Container shipping, marine engineering, energy generation, and renewable energy Key Points and Arguments 中集集团 (China International Marine Containers) - Achieved a net profit of 2.97 billion yuan in 2024, a 600% increase year-on-year, with Q4 net profit of 1.14 billion yuan, marking a turnaround from losses [2][3] - Container sales surged by 400% to 3.44 million units, driven by recovering demand in container shipping and marine engineering markets [2][3] - Global commodity trade recovery and WTO's optimistic forecast for trade growth (2.7% in 2024 and over 3% in 2025) supported container segment growth [2][3] - Marine engineering demand is on the rise, with drilling platform utilization exceeding 90% and new ship prices increasing by over 20% year-on-year [2][4] - Projected net profits for 2025, 2026, and 2027 are 3.6 billion, 4.4 billion, and 5.2 billion yuan, respectively, with profit growth expected to remain above 20% [2][5] 华电国际 (China Huadian Corporation) - Reported revenue of 112.99 billion yuan in 2024, a 3.6% decline, but net profit increased by 26.1% to 5.7 billion yuan, benefiting from lower fuel prices [11] - Planned cash dividend of 0.21 yuan per share, with a payout ratio of 45.7%, resulting in a dividend yield of approximately 3.8% [11] - Coal and gas power generation hours decreased, but gas generation increased by 7.4% due to new gas turbine installations [12] - Fuel costs decreased by 6.5% year-on-year, leading to a gross margin increase in thermal power business to 9.2% [12] 云南能投 (Yunnan Energy Investment) - Achieved revenue of 3.45 billion yuan in 2024, an 18.9% increase, and net profit of 675 million yuan, a 39.97% increase, driven by the renewable energy sector [15][16] - New energy sales reached 3.696 billion kWh, an 82% increase year-on-year, supported by high pricing levels in market transactions [15] - Plans to divest 52% stake in TRG Company for 888 million yuan to mitigate losses and improve overall profitability [16] - Projected net profits for 2025, 2026, and 2027 are 900 million, 1.1 billion, and 1.2 billion yuan, respectively, with corresponding P/E ratios of 11, 10, and 9 [17] 依托股份 (Yiteng Co.) - Reported revenue of 11.9 billion yuan in 2024, a 3.2% increase, but net profit decreased by 7.5% to 920 million yuan [6] - Anticipates recovery in energy machinery demand, driven by rising grain prices and product upgrades [7] - Projected net profits for 2025, 2026, and 2027 are 1 billion, 1.16 billion, and 1.29 billion yuan, with growth rates of 11.6%, 12.2%, and 11.6% [7] 海洋股份 (Ocean Co.) - Achieved revenue of 13.72 billion yuan in 2024, a 1% increase, but net profit decreased by 24% to 920 million yuan [8] - Anticipates recovery in gross margins due to manufacturing recovery and improved retail prices [10] - Projected net profits for 2025, 2026, and 2027 are 1 billion, 1.2 billion, and 1.4 billion yuan, with growth rates of 15%, 16%, and 17% [10] Other Important Insights - The container shipping and marine engineering sectors are experiencing significant recovery, with strong demand and pricing power [2][3][4] - The energy sector is facing mixed results, with some companies benefiting from lower fuel costs while others struggle with declining revenues [11][12] - Renewable energy is a key growth area, particularly for companies like 云南能投, which is capitalizing on high pricing and increased sales [15][16]

Group 1 - The company plans to acquire 80% equity of Huadian Jiangsu Energy Co., Ltd. and various stakes in other energy companies through the issuance of ordinary shares and cash payment [1] - The Shanghai Stock Exchange's M&A Review Committee has approved the transaction, confirming it meets restructuring conditions and information disclosure requirements [2] - The transaction is subject to approval from the China Securities Regulatory Commission before implementation, indicating uncertainty regarding registration and timing [2]

上海证券交易所并购重组审核委员会（以下简称"上交所重组委"）于 2025 年 3 月 27 日召开 2025 年第 5 次并购重组审核委员会审议会议，对本公司本次交易的申请进行 了审议。根据上交所重组委发布的《上海证券交易所并购重组审核委员会 2025 年第 5 次审议会议结果公告》，本次会议的审议结果为：本次交易符合重组条件和信息披露要 求。 本次交易尚需经中国证券监督管理委员会同意注册后方可实施。本次交易能否取得 注册，以及取得注册的时间均存在不确定性，本公司将根据审核进展情况及时履行信息 披露义务，敬请广大投资者关注后续公告并注意相关投资风险。 证券代码：600027 证券简称：华电国际 公告编号：2025-025 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获得上海证券交易所 并购重组审核委员会审核通过的公告 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 ...