煤电盈利大幅提升，杠杆率或处于下降通道

Investment Rating - The report maintains an "Accumulate" rating for Huadian International [2] Core Views - Huadian International reported a significant increase in profitability for coal-fired power generation, with a notable decrease in leverage [2] - The company achieved a total operating revenue of 117.176 billion yuan in 2023, representing a year-on-year increase of 9.45% [2][3] - The net profit attributable to shareholders reached 4.522 billion yuan, a remarkable year-on-year growth of 3789% [2][3] - The operating cash flow was 13.252 billion yuan, up 37.27% year-on-year [2] - The gross profit margin for coal-fired power generation improved to 8.1%, an increase of 6.8 percentage points year-on-year [2] Financial Summary - Total revenue for 2023 was 117,176 million yuan, with a projected revenue of 116,283 million yuan for 2024, indicating a slight decline of 0.8% [3][4] - The net profit attributable to shareholders is forecasted to grow to 7,225 million yuan in 2024, reflecting a year-on-year increase of 59.8% [3][4] - The gross margin is expected to rise to 10.1% in 2024, compared to 6.4% in 2023 [3][4] - The company's asset-liability ratio decreased to 62.6%, down 5.83 percentage points year-on-year [2][3] - The earnings per share (EPS) for 2023 was 0.44 yuan, projected to increase to 0.71 yuan in 2024 [3][4] Investment Recommendations - The report suggests maintaining the "Accumulate" rating based on the company's strong performance and improved financial metrics [2] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 7.225 billion, 8.340 billion, and 8.721 billion yuan, respectively [2][3]