HDPI(600027) 东吴证券·2025-03-31 07:03Investment Rating - The investment rating for Huadian International is "Buy" (maintained) [1] Core Views - The report highlights continuous cost optimization and accelerated asset injection from the group, which is expected to enhance the company's long-term competitiveness [7] - The company reported a total operating revenue of 112.99 billion yuan for 2024, a decrease of 3.57% year-on-year, while the net profit attributable to shareholders increased by 26.11% to 5.703 billion yuan [7] - The average on-grid electricity price for 2024 was 511.74 yuan per megawatt-hour, slightly down from 516.78 yuan in 2023, but the company benefits from favorable regional electricity prices and a significant reduction in fuel costs [7] Financial Performance Summary - Total operating revenue (million yuan): 117,176 in 2023, 112,994 in 2024, with a projected increase to 136,224 in 2027 [1] - Net profit attributable to shareholders (million yuan): 4,522 in 2023, 5,703 in 2024, projected to reach 7,740 in 2027 [1] - Earnings per share (EPS): 0.44 in 2023, 0.56 in 2024, expected to grow to 0.76 in 2027 [1] - The company’s cash flow from operating activities for 2024 was 16.336 billion yuan, an increase of 23.28% [7] Asset and Capacity Growth - The company plans to inject approximately 15.84 million kilowatts of high-quality thermal power assets, which is expected to increase its installed capacity by 26% [7] - As of December 31, 2024, the company’s controllable installed capacity was 59,818.62 MW, with coal-fired power accounting for approximately 78.15% [7] Cost and Efficiency Metrics - The company’s coal consumption for power generation was 287.53 grams per kilowatt-hour in 2024, a decrease of 1.81 grams year-on-year [7] - The average utilization hours for the company’s power generation units were 3,746 hours, a decrease of 210 hours year-on-year [7]