业绩符合预期，火电利润修复

Investment Rating - The investment rating for Huadian International (600027) is "Buy" (maintained) [1] Core Views - The company's 2023 annual report shows revenue of 117.176 billion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 4.522 billion yuan, a year-on-year increase of 44.2% [2] - In Q4 2023, the company reported revenue of 26.45 billion yuan, with a net profit of 0.02 billion yuan, reflecting a quarter-on-quarter revenue decline of 15.4% and a net profit decline of 1.9 billion yuan, primarily due to a 1.5% decrease in on-grid electricity prices [2] - The company is focusing on developing high-quality conventional energy and diversifying into pumped storage [2] - The company’s investment income decreased by 21.4% year-on-year to 3.78 billion yuan, mainly due to a significant drop in coal prices affecting the earnings from coal enterprises [2] Summary by Sections Financial Performance - The company achieved a total revenue of 117.176 billion yuan in 2023, with a growth rate of 9.5% [3] - The net profit attributable to shareholders was 4.522 billion yuan, with a staggering growth rate of 4430.69% [3] - The earnings per share (EPS) for 2023 was 0.44 yuan, with projected EPS for 2024-2026 being 0.59, 0.66, and 0.74 yuan respectively [3] Business Segments - The thermal power segment generated revenue of 94.3 billion yuan, a year-on-year increase of 0.9%, while the hydropower segment saw a revenue decline of 8.5% to 1.89 billion yuan [2] - The total power generation for thermal and hydropower was 2,145 billion kWh and 93 billion kWh respectively, with thermal power generation increasing by 1.5% year-on-year [2] Future Outlook - The company expects to maintain a stable recovery in thermal power profitability due to low coal prices, with coal costs decreasing by 8.9% year-on-year to 75.46 billion yuan [2] - The forecast for net profit for 2024-2026 is 6.02 billion, 6.75 billion, and 7.52 billion yuan respectively [2] - The company plans to add 3.7 GW of new generating capacity, with a total installed capacity of 58.4 GW by the end of the reporting period [2]