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]

上 市 公 司 公用事业 2024 年 08 月 23 日 华电国际 (600027) ——火电电量承压 成本及财务费用下降助力业绩修复 | --- | |-------------------| | 5.47 | | 7.67/4.61 | | 1.4 | | 2.74 | | 46,551 | | 2,848.77/8,162.18 | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 3.99 | | 资产负债率% | 61.30 | | 总股本/流通 A 股（百万） | 10,228/8,510 | | 流通 B 股/H 股（百万） | -/1,717 | 一年内股价与大盘对比走势： 08-2209-2210-2211-2212-2201-2202-2203-2204-2205-2206-2207-2208-22 -20% -10% 0% 10% 20% 30% 40% 华电国际 沪深300指数 (收益率) 相关研究 - 证券分析师 王璐 A02305 ...

Investment Rating - The investment rating for the company is "Buy" [3][15]. Core Views - The company's non-recurring profit continues to grow, and it has initiated a mid-term dividend, emphasizing shareholder returns. There is potential for increased dividends amid a slowdown in capital expenditures [3][8]. - The company's 2Q24 non-recurring profit met expectations, with a revenue of 53.2 billion yuan in 1H24, down 10.5% year-on-year, and a net profit attributable to shareholders of 3.22 billion yuan, up 24.8% year-on-year [8][9]. - The company plans to inject approximately 16.0 GW of conventional energy assets from the group, which is expected to enhance its asset scale and profitability [8][9]. Summary by Sections Financial Performance - In 2Q24, the company reported a revenue of 22.2 billion yuan, down 19.1% year-on-year, and a net profit of 1.36 billion yuan, down 6.0% year-on-year and 26.9% quarter-on-quarter. The non-recurring net profit for 2Q24 was 1.69 billion yuan, up 26.2% year-on-year and 4.2% quarter-on-quarter [8][9]. - The company plans to distribute a dividend of 0.08 yuan per share for 1H24, with a payout ratio of 25.4% [8]. Market Data - The current stock price is 5.47 yuan, with a target price maintained at 7.99 yuan [3][4]. - The company's total market capitalization is 55.945 billion yuan, with a total share capital of 10.228 billion shares [4]. Financial Forecast - The company maintains its earnings per share (EPS) forecast for 2024-2026 at 0.63, 0.64, and 0.69 yuan respectively [8][9]. - The projected revenue for 2024 is 124.897 billion yuan, with a net profit of 6.442 billion yuan, reflecting a year-on-year growth of 42.5% [9][11].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][12]. Core Views - The company's revenue decreased due to a decline in electricity generation, grid electricity prices, and coal trading volume, but the net profit attributable to shareholders increased significantly [1][6]. - The company plans to acquire high-quality assets from China Huadian, which is expected to enhance its installed capacity and profitability [1][11]. - The company has seen a growth in net profit primarily due to a decrease in coal prices, with the average coal price for the first half of 2024 being 970.88 RMB/ton, down 11.16% year-on-year [1][6]. Summary by Relevant Sections Financial Performance - In H1 2024, the company achieved revenue of 53.181 billion RMB (+10.54%) and a net profit of 3.223 billion RMB (+24.84%) [1][6]. - The electricity generation was 101.299 billion kWh (-5.85%), and the grid electricity price was 509.94 RMB/MWh (-3.25%) [1][6]. - The company's net profit growth was attributed to a decrease in coal prices, with a significant increase in non-recurring net profit by 43.31% [1][6]. Asset Acquisition - The company intends to acquire 80% of Jiangsu Company and several other stakes in various companies, which will increase its installed capacity by 27.16% to 74.7881 million kW [1][11]. - The total installed capacity of the acquired assets is 15.9728 million kW, including 7.55 million kW of coal power and 8.4228 million kW of gas power [1][11]. Future Outlook - The company expects continued growth in its thermal power capacity, with 603.13 million kW of approved and under-construction capacity [11]. - The forecasted net profits for 2024-2026 are 6.071 billion RMB, 6.753 billion RMB, and 7.421 billion RMB, respectively, with corresponding EPS of 0.59, 0.66, and 0.73 RMB [12][14].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with target prices set at 7.81 RMB and 5.61 HKD respectively [6][8]. Core Insights - In Q2 2024, the company's net profit attributable to shareholders decreased by 6% year-on-year, primarily due to a significant reduction in investment income from a stake in Inner Mongolia Fucheng Mining, which led to a decrease of 6.97 billion RMB in investment income. However, the company's operating profit continued to grow both year-on-year and quarter-on-quarter [3][4]. - The company achieved a revenue of 531.81 billion RMB and a net profit of 32.23 billion RMB in the first half of 2024, with a year-on-year decrease in revenue of 10.5% but an increase in net profit of 24.8% [3][4]. - The company plans to distribute its first interim cash dividend of 0.08 RMB per share, totaling 8.18 billion RMB [3]. Financial Performance Summary - In Q2 2024, the company's coal power generation volume decreased by 12.7% year-on-year, but the profit per kilowatt-hour increased by 0.5 cents due to a reduction in coal prices [4]. - The company's financial expenses decreased by 1.77 billion RMB in the first half of 2024, and its debt-to-asset ratio was 61.3% as of June 2024, down 1.32 percentage points from the end of 2023 [5]. - The company expects net profits attributable to shareholders for 2024, 2025, and 2026 to be 62 billion RMB, 74 billion RMB, and 86 billion RMB respectively for A-shares, and 61 billion RMB, 72 billion RMB, and 84 billion RMB for H-shares [3][6]. Valuation Metrics - The report provides a valuation based on 2024 expected PE/PB ratios for the company's renewable energy, thermal power, and hydropower segments, with A-shares at 16.5/1.05/2.5x and H-shares at 11.5/0.75/2.5x [6][25]. - The target market capitalization for A-shares is set at 799 billion RMB, while for H-shares it is 574 billion HKD [6][25].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 華電國際電力股份有限公司 Huadian Power International Corporation Limited* （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） （股份代碼：1071） 二零二四年中期業績公告 財務及業務摘要 • 完成發電量約為101.30百萬兆瓦時； • 完成上網電量約為94.71百萬兆瓦時； • 實現營業額約為人民幣528.94億元； • 實現歸屬於本公司權益持有人應佔本期間利潤約為人民幣34.32億元； • 基本每股盈利約為人民幣0.286元。 華電國際電力股份有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其 附屬公司（「本集團」）按《國際會計準則》第34號「中期財務報告」編製的截至二零 二四年六月三十日止六個月期間（「本期間」）未經審計的中期綜合財務業績摘要。 1 本公司第十屆董事會第十一次會議建議二零二四年中期派發股息每股人民幣0.08 元 ...

证券代码：600027 证券简称：华电国际 公告编号：2024-049 本公司第四期、第五期中期票据发行的有关文件已在中国货币网和上海清算所网站 华电国际电力股份有限公司 关于中期票据发行的公告 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（"本公司"）2023 年年度股东大会于 2024 年 6 月 17 日通过决议，同意本公司自 2023 年年度股东大会批准时起至 2024 年年度股东大会结束 时止，根据本公司资金需求，适时一次或分次发行本金余额不超过等值 600 亿元人民币 的短期融资券、超短期融资券、中期票据、永续票据、高级美元债及永续美元债等境内 外融资工具。 本公司于近日完成了华电国际电力股份有限公司 2024 年度第四期、第五期中期票 据的发行。 第四期中期票据包含：品种一，发行金额为 10 亿元人民币，期限为 3 年，单位面 值为 100 元人民币，发行票面利率为 2.05%；品种二，发行金额为 10 亿元人民币，期限 为 5 年，单位面值为 100 元人民币，发行票面利率为 2.1 ...

公司代码：600027 公司简称：华电国际 华电国际电力股份有限公司 2024 年半年度报告 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事会会议的董事情况。 | --- | --- | --- | --- | |----------------|----------------|----------------------------|--------------| | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | 副董事长 | 赵冰 | 因其他事务未能亲自出席会议 | 王晓渤 | | 董事 | 曹敏 | 因其他事务未能亲自出席会议 | 李国明 | 三、 本半年度报告未经审计。 四、 公司负责人戴军先生、主管会计工作负责人李国明先生及会计机构负责人（会计主管人员）王 超先生声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本公司第十届 ...

2 证券代码：600027 证券简称：华电国际 公告编号：2024-047 华电国际电力股份有限公司 2024 年上半年发电量及上网电价公告 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。 截至 2024 年 6 月 30 日，华电国际电力股份有限公司（以下简称"本公司"）及其 子公司（以下简称"本集团"）按照中国会计准则财务报告合并口径计算的 2024 年上 半年累计完成发电量 1,012.99 亿千瓦时，较上年同期下降约 5.85%；完成上网电量 947.13 亿千瓦时，较上年同期下降约 5.97%。2024 年上半年发电量及上网电量下降的主要原因 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，本公司煤 电机组上网电量空间被挤占。2024 年上半年，本集团的平均上网电价约为人民币 509.94 元/兆瓦时，较上年同期下降约 3.25%。 1 类型 发电厂/公司名称 2024 年 4-6 月 发电量 （亿千瓦时） 2024 年 4-6 月 上网电量 （亿千瓦时） 2024 年 1-6 月 发电量 （亿千 ...