HPI(SH:600011) EBSCN·2025-03-30 06:05Investment Rating - The report maintains a "Buy" rating for Huaneng International [6] Core Views - Huaneng International achieved a revenue of 245.55 billion yuan in 2024, a year-on-year decrease of 3.48%, while the net profit attributable to shareholders was 10.14 billion yuan, reflecting a year-on-year increase of 20.01% [1] - The company proposed a cash dividend of 0.27 yuan per share, with a payout ratio of 58.78%, an increase from 57.14% in 2023 [1] - The report highlights a significant improvement in coal-fired power profitability, driven by a substantial reduction in coal costs, which decreased by 138.81 billion yuan, or 9.40% year-on-year [3] Revenue and Profitability - The revenue from electricity and heat services decreased by 3.49% year-on-year, while port services and transportation services saw changes of -10.78% and +13.60%, respectively [1] - The average settlement price for electricity was 494.26 yuan per MWh, down 2.85% year-on-year [1] - The report indicates that the coal-fired, gas-fired, wind, solar, and hydroelectric segments generated revenues of 180.18 billion, 19.51 billion, 16.79 billion, 7.13 billion, and 0.31 billion yuan, respectively, with year-on-year changes of -4.59%, -2.34%, +11.03%, +52.96%, and +23.30% [2] Cost Structure and Profit Margins - The domestic operating costs decreased by 111.59 billion yuan, a decline of 5.61%, primarily due to reduced fuel costs [3] - The profit margins for coal-fired, gas-fired, wind, solar, and hydroelectric segments saw significant increases, with coal-fired profit rising by 1548% year-on-year [3] Future Outlook - The company plans to continue expanding its green energy capacity, with wind power being a major investment focus for 2025, allocating approximately 362 billion yuan for wind energy [4] - The report projects a decrease in net profit estimates for 2025 and 2026 to 11.21 billion and 11.96 billion yuan, respectively, while introducing a new estimate for 2027 at 12.73 billion yuan [4] - The report emphasizes the importance of maintaining a stable dividend payout ratio around 60% over the past two years, reflecting the company's commitment to shareholder returns [4]