证券研究报告 电力设备 报告日期：2025 年 03 月 20 日 1-2 月电力数据：风电出力环比加快，用电增速同比+1.3% ——行业动态点评报告 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 执业证书编号：S0230524080001 行业动态研究 表：重点关注公司及盈利预测 | 股票代码 | 股票简称 | 2025/03/20 | | EPS（元） | | | | PE | | | 投资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股价（元） | 2023A | 2024E | 2025E | 2026E | 2023A | 2024E | 2025E | 2026E | 评级 | | 600011.SH | 华能国际 | 6.93 | 0.54 | 0.83 | 0.92 | 1.04 | 12.9 | 8.3 | 7.5 | 6.7 | 买入 | | 600027.SH | 华电国际 | 5. ...

本期债券由招商银行股份有限公司、中信建投证券股份有限公司、中信证券 股份有限公司、长城证券股份有限公司作为主承销商组织承销团，通过簿记建档、 集中配售的方式在全国银行间债券市场公开发行。本期债券募集资金将用于补充 公司营运资金、调整债务结构、偿还银行借款及即将到期的债券。 证券代码: 600011 证券简称: 华能国际 公告编号:2025-008 华能国际电力股份有限公司 关于中期票据发行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25日 通过决议，同意公司在自2023年年度股东大会批准时起至2024年年度股东大会结 束时止，经相关监管部门核准后，在中国境内或境外一次或分次发行本金余额不 超过等值于1300亿元人民币的境内外债务融资工具，包括但不限于境内市场的公 司债券、企业债券和银行间债券市场发行的中期票据等境内债务融资工具，以及 境外市场的离岸人民币债券、境外美元债券和其它外币债券等境外债务融资工具。 公司已于近日完成了华能国际电力 ...

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The report highlights the acceleration of project construction in Jiangsu's offshore wind power and the planned trial operation of the southern regional electricity market by the end of June [1][2] - The report tracks significant price movements in coal and gas, with coal prices showing a decrease and gas prices also declining [2][3] - The report emphasizes the importance of monitoring monthly electricity prices and coal cost elasticity for thermal power companies [3] Summary by Sections Electricity Sector Data Tracking - As of March 14, 2025, the market price for thermal coal at Qinhuangdao Port is 690 RMB/ton, a decrease of 1.43% compared to March 7 [9] - The inventory of thermal coal at Qinhuangdao Port is 7.2 million tons, down 3.9% from March 7, but up 40.6% year-on-year [9] - The average utilization hours for thermal power equipment in 2024 are projected to be 4,400 hours, a decrease of 66 hours compared to the previous year [20] Hydropower Sector Data Tracking - On March 14, 2025, the inflow to the Three Gorges Reservoir is 0.85 million cubic meters per second, up 54.55% year-on-year, while the outflow is 0.78 million cubic meters per second, up 12.94% year-on-year [22] - The total installed capacity of hydropower in China is expected to reach 435.95 GW by the end of 2024, with an annual increase of 13.78 GW [24] - The hydropower generation in 2024 is projected to be 1,274.2 billion kWh, an increase of 10.7% year-on-year [28] Renewable Energy Sector Data Tracking - By the end of 2024, the total installed capacity for wind and solar power in China is expected to reach 520.68 GW and 886.66 GW, respectively, with new installations of 79.34 GW for wind and 277.17 GW for solar [33] - The price of domestic monocrystalline solar modules (PERC, 310W) is 0.70 RMB/watt, reflecting a 1.45% increase from March 7 [38] - The price of domestic lithium iron phosphate is 33,700 RMB/ton, down 23.00% year-on-year, remaining stable compared to March 7 [43] Natural Gas Sector Data Tracking - As of March 14, 2025, the average ex-factory price for domestic gas is 4,303 RMB/ton, a decrease of 2.92% from March 7, while the average ex-factory price for imported LNG is 5,100 RMB/ton, down 0.71% [50] - The LNG import price as of March 13 is 13.45 USD/million BTU, equivalent to 3.41 RMB/cubic meter, reflecting a year-on-year increase of 54.46% [47]

Investment Rating - The report maintains an "Accumulate" rating for the public utility sector [1]. Core Insights - The Gansu Energy Investment Green Power Aggregation Pilot Project promotes the integration of "computing power + energy" development, with a planned capacity of 1 million kilowatts, including 750,000 kilowatts of wind power and 250,000 kilowatts of solar power [4]. - Shandong Province has issued implementation details for the source-network-load-storage integration pilot, emphasizing compliance and prohibiting illegal practices [4]. - The report highlights a decrease in electricity prices and coal prices, with the average electricity purchase price in March 2025 at 398 RMB/MWh, down 4% year-on-year [34]. Summary by Sections 1. Market Review - The public utility index rose by 2.19% from March 10 to March 14, 2025, outperforming the market [12]. - The top five gainers included KAITENG Gas (+34.7%) and LINGDA Co. (+24.2%) [12]. 2. Power Sector Tracking 2.1 Electricity Consumption - Total electricity consumption for 2024 is projected at 9.85 trillion kWh, a year-on-year increase of 6.8% [14]. - The growth rates for different sectors are: primary industry (+6.3%), secondary industry (+5.1%), tertiary industry (+9.9%), and urban-rural residential use (+10.6%) [14]. 2.2 Power Generation - Cumulative power generation for 2024 is expected to reach 9.42 trillion kWh, reflecting a 4.6% year-on-year increase [24]. - The growth rates for various power sources are: thermal power (+1.5%), hydropower (+10.7%), nuclear power (+2.7%), wind power (+11.1%), and solar power (+28.2%) [24]. 2.3 Electricity Prices - The average electricity purchase price in March 2025 is 398 RMB/MWh, down 4% year-on-year and stable compared to the previous month [34]. 2.4 Coal Prices - As of March 14, 2025, the price of thermal coal at Qinhuangdao port is 681 RMB/ton, down 21.99% year-on-year and 1.02% week-on-week [41]. 2.5 Water Conditions - The water level at the Three Gorges Reservoir is 164.01 meters, with inflow and outflow rates showing significant year-on-year increases [4]. 2.6 Nuclear Power - In 2024, 11 nuclear units have been approved, indicating a positive growth trajectory for the sector [4]. 2.7 Green Power - The report emphasizes the growth potential of green power, with significant increases in installed capacity for wind (+25.0%) and solar (+25.9%) [4]. 3. Investment Recommendations - Recommendations include focusing on hydropower companies like Changjiang Electric, thermal power companies such as Waneng Power, and nuclear power firms like China Nuclear Power [4].

证券代码：600011 证券简称：华能国际 公告编号：2025-007 华能国际电力股份有限公司 关于召开 2024 年年度业绩推介会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、推介会内容 华能国际电力股份有限公司（"公司"或"华能国际"）将于 2025 年 3 月 25 日 晚间披露公司 2024 年业绩情况，为便于广大投资者更全面深入地了解公司 2024 年的经营成果及财务状况，公司决定于 2025 年 3 月 26 日上午 8 点 30 分至 9 点 45 分召开 2024 年年度业绩推介会，公司将针对 2024 年的经营成果及财务指标 的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普 遍关注的问题进行回答。 三、公司参加人员 公司参加本次会议的人员包括：董事长王葵先生，董事、总经理黄历新先生 （代行总会计师职责），独立董事党英女士，副总经理秦海峰先生，副总经理、 董事会秘书黄朝全先生，副总经理杜灿勋先生以及相关部室负责人。 四、投资者参加方式 （一）本次会议由 ...

证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [4] Core Viewpoints - The electricity sector is experiencing fundamental improvements alongside a shift in market style, highlighting the importance of strategic positioning opportunities [10][16] - Coal prices have rapidly declined to around 692 CNY/ton, creating excess opportunities in thermal power generation [3][16] - The average coal price for the year to date (as of March 14) is 745 CNY/ton, down 174 CNY/ton compared to the same period last year [16] - The report emphasizes the significance of the recent cross-regional green electricity trading achievement, marking a milestone in the establishment of a unified national electricity market [16] - The National Development and Reform Commission is accelerating the construction of the electricity spot market, aiming to establish a comprehensive national electricity market system [16] Summary by Sections Industry Trends - The electricity sector index rose by 1.86%, outperforming the CSI 300 index by 0.27 percentage points [1][51] - The report notes a significant increase in inflow and outflow at the Three Gorges reservoir, with inflow up 54.55% and outflow up 12.94% year-on-year [16][31] Key Recommendations - Focus on undervalued thermal power stocks such as Huadian International, Anhui Energy, and Huaneng International, as well as leading thermal power renovation equipment manufacturers like Qingda Environmental Protection [3] - Emphasize investments in undervalued green electricity sectors, particularly in Hong Kong-listed green electricity and wind power operators [3] - Suggested stocks include New天绿色能源 (H), Longyuan Power (H), and China Nuclear Power [3] Market Performance - The report highlights that the electricity sector has adjusted significantly, suggesting a favorable environment for investment due to market style shifts and fundamental support [16] - The report provides a detailed analysis of stock performance, with specific recommendations for companies based on their earnings per share (EPS) and price-to-earnings (PE) ratios [7]

2025 年 3 月 14 日 市场近一周走势 | 指数名称 | 周收盘(点) | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3419. 56 | 1. 39% | | 深证成指 | 10978. 30 | 1.24% | | 创业板 | 2226. 72 | 0. 97% | | 科创 50 | 1088. 11 | -1.76% | | 北证 50 | 1409. 76 | 1. 33% | | 沪深 300 4006.56 | | 1.59% | | 资料来源:东莞证券研究所、iFinD | | | 上证指数周 K 线图 【下周策略】 ◆本周走势回顾 板块上建议关注 TMT、机械设备、汽车、金融和食品饮料等。 ◆风险提示: 海外经济超预期下滑,以及中美贸易摩擦超预期恶化,导致外 需回落,国内出口承压;全球主要经济体超预期延长加息周期,高 利率环境使全球经济增速明显放缓,压缩国内资金面;海外信用收 缩引发风险事件,对市场流动性造成冲击,干扰利率和汇率走势。 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担 ...

证券代码: 600011 证券简称: 华能国际 公告编号:2025-006 华能国际电力股份有限公司 关于中期票据发行的公告 本期债券发行的有关文件已在中国货币网和上海清算所网站上公告，网址分 别为www.chinamoney.com.cn和www.shclearing.com.cn。 特此公告。 2025 年 3 月 15 日 华能国际电力股份有限公司董事会 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25日 通过决议，同意公司在自2023年年度股东大会批准时起至2024年年度股东大会结 束时止，经相关监管部门核准后，在中国境内或境外一次或分次发行本金余额不 超过等值于1300亿元人民币的境内外债务融资工具，包括但不限于境内市场的公 司债券、企业债券和银行间债券市场发行的中期票据等境内债务融资工具，以及 境外市场的离岸人民币债券、境外美元债券和其它外币债券等境外债务融资工具。 公司已于近日完成了华能国际电力股份有限公司2025年度第三期中期票据 （"本期债券"）的发行。本期债券发行额为20亿元人民币，期限为五年，单位面 值为100元人民币，发行利率为2.12%。 本期债券由中国 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **environmental protection industry** and its current market dynamics, including the performance of **environmental dividend assets** in the current market environment [3][4][6]. Core Insights and Arguments - **Environmental Dividend Assets Performance**: These assets are showing certain advantages in the current market. The cash flow and dividend ratios have improved, with companies like **Yuehai Investment**, **Hannan Environment**, and **Yongxing Co.** performing notably well [3][4]. - **Valuation and Growth**: The environmental industry is currently undervalued, with a price-to-earnings ratio of about **10 times**, profit growth of **5%-10%**, and dividend yields of **3%-5%** in A-shares and **6%-8%** in Hong Kong stocks. Companies have significantly increased dividends, promising a **10% growth** in earnings per share [3][8]. - **Government Debt Relief**: The implementation of the Ministry of Finance's debt relief plan is expected to improve accounts receivable for environmental companies, benefiting those with high dividend yields and those involved in waste management [3][9]. - **Biological Aviation Fuel (SAF)**: SAF is identified as a critical need for carbon reduction in aviation, with significant global consumption projected. The International Civil Aviation Organization (ICAO) has initiated policies to promote SAF usage, with the EU and UK setting specific blending targets [3][10]. - **Electricity Demand and Supply**: The national electricity growth rate is projected at **6.8%** for 2024, driven by the new energy manufacturing and computer equipment sectors. The share of new wind and solar installations is expected to exceed **67%** by 2025 [3][14]. - **Coal Price Impact**: The decline in coal prices at the beginning of 2025 is beneficial for thermal power companies, but regional disparities in coal price reductions may lead to varied performance among companies [3][15]. Notable Companies and Investment Recommendations - Recommended companies include **Yuehai Investment**, **Hannan Environment**, **Yongxing Co.**, and **Junxin Co.**, which possess unique resources and stable profitability [3][7]. - **Yuehai Investment** is highlighted for its strong cash flow and profit from Hong Kong water supply, while **Hannan Environment** and **Yongxing Co.** are noted for their high dividend rates and expected profit growth [5][7]. Future Trends in the Environmental Industry - The environmental industry is expected to benefit from government initiatives aimed at debt relief, reduced capital expenditures, and increased dividend levels. Water price adjustments are anticipated to enhance profit margins for related companies [3][6]. - The industry is entering a mature phase, with significant improvements in free cash flow and dividend payouts expected [4][6]. Additional Insights - The environmental sector is experiencing a surge due to downstream processing and raw material processing segments. Companies like **Sanhai Environmental** are expanding their production capacity, which is expected to reflect positively in their financial statements [3][13]. - The SAF market is projected to grow significantly, with various countries implementing supportive policies to encourage its development, despite existing challenges in raw material procurement and technological barriers [3][10][11]. This summary encapsulates the key points discussed in the conference call, focusing on the environmental protection industry, its current performance, future trends, and investment opportunities.