HPI(600011) 国泰君安·2025-03-26 11:17Investment Rating - The report maintains an "Accumulate" rating for Huaneng International, with a target price of 11.10 CNY, unchanged from the previous forecast [2][6][14]. Core Views - The company's 4Q24 performance met expectations, with revenue of 612 million CNY, down 3.0% year-on-year, and a net profit attributable to shareholders of -2.8 million CNY, a reduction in losses compared to the previous year [3][14]. - The company plans to distribute a cash dividend of 4.24 billion CNY, representing 41.8% of net profit, an increase of 4.6 percentage points year-on-year [14]. - The biomass segment and other income negatively impacted performance, with a significant reduction in impairment losses [14]. Financial Summary - Revenue for 2024 is projected at 245.55 billion CNY, a decrease of 3.5% from 2023, while net profit attributable to shareholders is expected to rise by 20.0% to 10.14 billion CNY [5][14]. - Earnings per share (EPS) for 2025 and 2026 have been revised down to 0.77 CNY and 0.81 CNY, respectively, with a target EPS of 0.85 CNY for 2027 [14]. - The return on equity (ROE) is forecasted to improve from 6.4% in 2023 to 7.4% in 2024, reaching 8.3% by 2025 [5][16]. Operational Highlights - The company's renewable energy segment saw a 23.7% year-on-year increase in electricity generation, with wind and solar power generation rising by 15.9% and 47.2%, respectively [14]. - The total profit from the renewable energy segment in 4Q24 was 1.87 billion CNY, up 29.4% year-on-year, indicating a recovery in profitability [14]. - The company added 9.3 GW of new renewable energy capacity in 2024, with 4.2 GW added in 4Q24 alone [14][19].