INDUSTRIAL SECURITIES·2024-03-27 16:00Investment Rating - The report maintains an "Overweight" rating for Huaneng International [1][2][3] Core Views - Huaneng International reported a total revenue of 254.397 billion yuan in 2023, a year-on-year increase of 3.11%, with a net profit attributable to shareholders of 8.446 billion yuan, marking a significant turnaround from losses [1][2] - The company's coal-fired power segment saw a substantial recovery in gross profit due to lower fuel costs, achieving a gross profit of 11.066 billion yuan [1] - Green energy continues to expand rapidly, with total profits from green energy reaching 7.957 billion yuan in 2023, and further growth expected in 2024 [1] Financial Summary - Revenue: 2023 revenue was 254.397 billion yuan, with projections of 253.373 billion yuan for 2024, 259.708 billion yuan for 2025, and 268.936 billion yuan for 2026 [3] - Net Profit: The net profit for 2023 was 8.446 billion yuan, with forecasts of 11.317 billion yuan in 2024, 12.034 billion yuan in 2025, and 12.494 billion yuan in 2026, reflecting year-on-year growth rates of 34.0%, 6.3%, and 3.8% respectively [3] - Gross Margin: The gross margin for 2023 was 12.1%, with expectations of 11.8% in 2024, 12.2% in 2025, and 12.4% in 2026 [3] - Return on Equity (ROE): ROE for 2023 was 6.4%, projected to rise to 8.8% in 2024 [3] - Earnings Per Share (EPS): EPS for 2023 was 0.54 yuan, expected to increase to 0.72 yuan in 2024 [3]