HPI(600011) 华创证券·2025-03-27 09:34Investment Rating - The report maintains a "Strong Buy" rating for Huaneng International, expecting it to outperform the benchmark index by over 20% in the next six months [17]. Core Insights - Huaneng International reported a net profit attributable to shareholders of 10.14 billion yuan for 2024, representing a year-on-year increase of 20% [1]. - The company's revenue for 2024 was 245.55 billion yuan, a decrease of 3.5% year-on-year, while the gross margin improved to 15%, up by 3 percentage points from the previous year [1][3]. - The company plans to increase its cash dividend to 0.27 yuan per share, reflecting a payout ratio of 58.78%, up from 57.14% in 2023, indicating a commitment to shareholder returns [7]. Financial Performance Summary - For 2024, the total revenue is projected at 245.55 billion yuan, with a year-on-year growth rate of -3.5% [3]. - The net profit attributable to shareholders is expected to reach 10.14 billion yuan in 2024, with a growth rate of 20% [3]. - Earnings per share (EPS) for 2025 is estimated at 0.74 yuan, with a price-to-earnings (P/E) ratio of 9 [3]. Operational Data Summary - In Q4 2024, the company achieved a net profit of -0.28 billion yuan, significantly reducing losses compared to -4.12 billion yuan in Q4 2023 [1]. - The total installed capacity for renewable energy reached 145.1 GW in 2024, with significant contributions from wind and solar power [7]. - The average settlement price for electricity in 2024 was 494.26 yuan per megawatt-hour, down by 2.85% year-on-year [7]. Future Outlook - The company is expected to continue focusing on renewable energy, with capital expenditures for wind power projected to increase significantly in 2025 [7]. - The forecast for net profit for 2025-2027 is 11.60 billion, 12.04 billion, and 12.73 billion yuan, respectively, indicating a positive growth trajectory [7].