Huaneng Hydropower(SH:600025)2024-08-29 01:12Investment Rating - The report maintains a "Buy" rating for Huaneng Hydropower (600025) [5] Core Views - The company reported a 13.1% year-on-year increase in revenue for the first half of 2024, reaching 11.88 billion yuan, and a 22.47% increase in net profit attributable to shareholders, totaling 4.17 billion yuan, aligning with expectations [5] - The hydropower generation increased by 12.15% year-on-year to 46.695 billion kWh in the first half of 2024, driven by abundant water flow in the Lancang River basin [5] - The company is accelerating the construction of upstream power stations, with the Toba hydropower station expected to contribute additional capacity [5] - The renewable energy capacity continues to grow, significantly boosting electricity generation, with wind and solar power generation increasing by 5.45% and 290.64% year-on-year, respectively [5] - The company's financial leverage has increased, but a decrease in interest rates has helped reduce financial expenses [5] - Profit forecasts for 2024-2026 are maintained at 8.652 billion, 9.637 billion, and 10.134 billion yuan, respectively, with corresponding price-to-earnings ratios of 24, 21, and 20 [5] Summary by Sections Market Data - Closing price as of August 27, 2024, is 11.51 yuan, with a one-year high/low of 12.30/7.13 yuan [2] - The market capitalization of circulating A shares is 207.18 billion yuan [2] Financial Data - As of June 30, 2024, the company reported a net asset value per share of 3.06 yuan and a debt-to-asset ratio of 64.32% [3] - The total number of shares is 18,000 million [3] Revenue and Profit Forecast - Total revenue for 2024 is projected at 24.698 billion yuan, with a year-on-year growth rate of 5.3% [7] - Net profit for 2024 is estimated at 8.652 billion yuan, reflecting a 13.3% year-on-year increase [7] - Earnings per share for 2024 is forecasted at 0.48 yuan [7]