HPI(600011) 国海证券·2025-03-31 08:15Investment Rating - The report assigns an investment rating of "Buy" for Huaneng International (600011) [1][8] Core Views - The company's net profit attributable to shareholders increased by 20% year-on-year in 2024, primarily due to significant improvement in coal power performance and a reduction in asset impairment losses [4][5] - The report highlights that the coal price decline has positively impacted coal power performance, with a total profit of 7.14 billion yuan in 2024, reflecting an increase of 1.8 fen/kWh year-on-year [5] - The company plans to invest 69.4 billion yuan in capital expenditures in 2025, with a focus on renewable energy, indicating a strategic shift towards sustainable energy sources [5] Financial Performance Summary - In 2024, the company achieved revenue of 245.55 billion yuan, a decrease of 3.5% year-on-year, while the net profit attributable to shareholders was 10.14 billion yuan, an increase of 20% [4][5] - For Q4 2024, the company reported revenue of 61.16 billion yuan, down 3.0% year-on-year, and a net loss of 0.28 billion yuan, an improvement from a loss of 4.12 billion yuan in the same period last year [4] - The company plans to increase its renewable energy capacity by 9.4 GW in 2024, with 2.6 GW from wind power and 6.8 GW from solar power [5] Earnings Forecast - The report forecasts the company's revenue for 2025-2027 to be 236.5 billion yuan, 239.2 billion yuan, and 243.2 billion yuan respectively, with net profits of 11.3 billion yuan, 11.8 billion yuan, and 12.1 billion yuan [5][7] - The projected P/E ratios for 2025-2027 are all estimated at 9 times [5][7]