HDPI(600027) 国海证券·2025-04-01 08:59Investment Rating - The report assigns a "Buy" rating for Huadian International (600027) as part of its initial coverage [1][7]. Core Insights - The company's performance in Q4 2024 showed significant improvement due to enhanced coal power performance, increased carbon trading revenue, and reduced impairment losses, contributing to a notable rise in earnings [4][6]. - In 2024, Huadian International achieved a revenue of 112.99 billion yuan, a decrease of 3.6% year-on-year, while the net profit attributable to shareholders increased by 26.1% to 5.7 billion yuan [4][6]. - The report forecasts that the company's revenue for 2025-2027 will be approximately 109.9 billion yuan, with net profits expected to grow steadily, reaching 68.3 billion yuan by 2027 [6][8]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 28.18 billion yuan, up 6.6% year-on-year, and a net profit of 0.55 billion yuan, compared to 0.02 billion yuan in the same period last year [4][6]. - The coal power segment's net profit for 2024 was 3.04 billion yuan, reflecting a 93% increase year-on-year, with a profit per kilowatt-hour of 0.017 yuan, up 0.008 yuan from the previous year [6][8]. Dividend Policy - For the fiscal year 2024, the company plans to distribute a cash dividend of 0.13 yuan per share, with a total annual dividend of 0.21 yuan per share, resulting in a cash dividend payout ratio of 45.72% [4][6]. Earnings Forecast - The projected earnings for Huadian International are as follows: 2025 expected revenue of 109.85 billion yuan, net profit of 6.53 billion yuan; 2026 expected revenue of 109.72 billion yuan, net profit of 6.67 billion yuan; and 2027 expected revenue of 110.59 billion yuan, net profit of 6.83 billion yuan [8][9].