HDPI(SH:600027)2024-08-23 15:36Investment 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]