机构：中信建投证券 研究员：竺劲/高兴/侯启明 核心观点 2025 年上半年，公司营业额为502.67 亿港元，同比下降1.7 %；实现归母净利润78.72 亿港元，同比下 降15.9%。公司上半年营业额同比减少主要系附属电厂上网电价有所下降；归母净利润同比下降主要系 其他损益同比降幅较大。公司实现归母核心净利润82.78 亿港元，同比增长0.1%。其中，可再生能源业 务归母核心净利润为56.37 亿港元，同比增长1.5%。火电业务归母核心净利润为26.41 亿港元，同比下 降2.7%；剔除煤炭业务后，纯火电业务实现归母核心净利润27.88 亿港元，同比增长20.6%。纯火电业 务核心利润贡献增长主要系动力煤价格下行带动度电燃煤成本显著改善。2025H1，公司附属电厂平均 标煤单价为824 元/ 吨，同比下降12%。整体来看，公司2025 火电盈利有望维持，新能源利润贡献平稳 增长，分红派息维持相对稳定。 事件 华润电力公布2025 年中期业绩 2025 年上半年，公司营业额为502.67 亿港元，同比下降1.7 %；实现归母净利润78.72 亿港元，同比下 降15.9%；实现每股基本盈利1.52 港元，每股 ...

证券研究报告 公用事业 | 电力 港股|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 08 | | | 日 | 月 | 25 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | | | | | 18.43 | | 一年内最高/最低（港 | | | | 23.10/16.64 | | | | | | | 元） | | | | | | | | | | | 总市值（百万港元） | | | | | 95,413.17 | | | | | | 流通市值（百万港元） | | | | | 95,413.17 | | | | ...

Core Viewpoint - The company reported a decline in revenue and profit for 1H25, with a focus on the performance of its thermal and renewable energy segments, while maintaining its growth targets for renewable energy installations [1][2] Financial Performance - Revenue for 1H25 decreased by 1.7% year-on-year to HKD 50.267 billion, while profit attributable to shareholders fell by 15.9% to HKD 7.872 billion, below the expected HKD 9.322 billion [1] - The core profit from the thermal power business decreased by 2.7% to HKD 2.641 billion, which was lower than expectations [1] - The renewable energy segment saw a core profit increase of 1.5% to HKD 5.637 billion [1] Dividend and Payout - The company declared a dividend of HKD 0.356 per share for 1H25, maintaining a payout ratio of 23.4%, which is consistent with the previous year [1] Renewable Energy Growth - The company added 4.8 GW of new renewable energy capacity in 1H25, aiming for a total of 10 GW of new installations by 2025 [1][2] - As of June 2025, renewable energy capacity is expected to account for 49.9% of the total installed capacity [2] Pricing and Cost Dynamics - The on-grid electricity prices for wind and solar energy decreased by 11.0% and 6.1% respectively, to HKD 0.3968 and HKD 0.3049 per kWh [2] - The unit fuel cost for coal-fired power generation decreased by 3.52 cents per kWh to HKD 0.2413 per kWh [1] Market Outlook and Valuation - The target price for the company's shares is set at HKD 25.49, with a "buy" rating maintained [2] - Adjustments were made to profit forecasts for 2025-2027, with a decrease of 13.7% to 15.7% in expected profits [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a significant impact from wind resource conditions and electricity prices [1][2]. Financial Performance - In 1H25, the company achieved revenue of 15.657 billion RMB, a decrease of 18.6% year-on-year, and a net profit attributable to equity holders of 3.519 billion RMB, down 14.4% year-on-year, which was below expectations [1]. - The company proposed an interim dividend of 0.1 RMB per share, totaling 836 million RMB, with a payout ratio of 24.77% [1]. Operational Highlights - The company’s installed capacity reached 43.20 GW in 1H25, with an increase of 2,053.54 MW, including 986.95 MW from wind power and 1,096.59 MW from solar power [1]. - Solar power generation increased by 71.37% year-on-year due to the growth in installed capacity, while wind power generation grew by 6.07% year-on-year, despite a decrease in average utilization hours [1]. - The average utilization hours for wind power were 1,102 hours, which is 15 hours higher than the industry average, despite a decrease of 68 hours compared to the same period in 2024 [1]. Market Conditions - The average on-grid electricity price for wind power was 422 RMB/MWh, down 16 RMB/MWh year-on-year, leading to a decrease in wind power sales revenue by 239 million RMB [2]. - The average on-grid electricity price for solar power was 273 RMB/MWh, down 5 RMB/MWh year-on-year, with solar power sales revenue increasing by 642 million RMB [2]. Future Outlook - The company continues to pursue its annual installed capacity development goals, with plans to start new renewable energy projects totaling 5.5 million kW and to put into operation 5 million kW in 2025 [2]. - The company signed new development agreements totaling 1.24 GW in the first half of 2025, with a focus on regions with better resources [2]. - The commissioning of three ultra-high voltage transmission projects is expected to enhance the efficient consumption and cross-regional allocation of renewable energy projects [2]. Investment Rating - The company maintains a "Buy" rating, with revised net profit forecasts for 2025-2027 of 6.441 billion, 7.056 billion, and 7.985 billion RMB, respectively [3]. - The current price-to-earnings ratios are projected at 8.1, 7.4, and 6.6 times for the respective years [3].

证券研究报告 华润电力 (836 HK) 港股通 业绩低于预期，可再生能源利润增长 华泰研究 中报点评 投资评级(维持): 买入 目标价(港币): 25.49 王玮嘉 研究员 SAC No. S0570517050002 SFC No. BEB090 黄波 研究员 huangbo@htsc.com +(86) 755 8249 3570 李雅琳 研究员 SAC No. S0570523050003 SFC No. BTC420 胡知* 研究员 SAC No. S0570523120002 huzhi019072@htsc.com +(86) 21 2897 2228 康琪* 联系人 SAC No. S0570124070105 kangqi@htsc.com +(86) 10 6321 1166 基本数据 公司公布 1H25 业绩：营收同比-1.7%至 502.67 亿港币；股东应占利润同比 -15.9%至 78.72 亿港币，低于我们预期的 93.22 亿港币，主要系：1）火电 业务股东应占核心利润同比-2.7%至 26.41 亿港币，低于我们预期；2）公 司计提减值损失 4.08 亿港币。1H25，公司可 ...

天风证券8月22日发布研报称，给予国电电力（600795.SH，最新价：4.8元）买入评级。评级理由主要 包括：1）H1新增新能源装机6.45GW，大渡河进入集中投产期；2）燃料成本下降助增业绩，H1实现扣 非归母净利润34亿元；3）公司承诺现金分红比例不低于60%且每股不低于0.22元。风险提示：新增装 机不及预期、行业竞争过于激烈的风险、煤炭价格大幅上升、电价下调的风险、下游需求低于预期、补 贴兑付节奏大幅放缓、分红规划需股东大会审议等。 （文章来源：每日经济新闻） ...

天风证券（601162）股份有限公司郭丽丽,王钰舒近期对国电电力（600795）进行研究并发布了研究报告《经营业绩整体稳健，新分红承诺提升股 东回报》，给予国电电力买入评级。 国电电力 事件：公司披露2025年中报。上半年公司实现营收776.55亿元，同比下降9.52%；实现归母净利润36.87亿元，同比下降45.11%；实现扣非归母净 利34.10亿元，同比增长56.12%。 点评 H1新增新能源装机6.45GW，大渡河进入集中投产期 上半年公司新增新能源控股装机645.16万千瓦，其中风电32.93万千瓦，光伏612.23万千瓦；并有浙江北仑、广东肇庆共200万千瓦火电机组投产。 展望后续，公司大渡河流域水电站2025年计划投产136.50万千瓦、2026年计划投产215.50万千瓦。从上半年运营情况来看，公司完成上网电量 1958.01亿千瓦时，同比下降3.53%，其中火电同比-7.51%、水电同比-6.44%、风电+11.11%、光伏同比+122.83%。 燃料成本下降助增业绩，H1实现扣非归母净利润34亿元 上半年公司平均上网电价409.70元/兆瓦时，同比下降29.51元/兆瓦时。叠加电量下滑，公 ...

Group 1: Company Growth and Market Performance - The company experienced significant growth in overseas indirect exports, particularly in Europe and Asia, contributing positively to overall performance [4] - The company anticipates challenges in maintaining high growth rates in the coming years due to the low base effect and market dynamics [11] - The company achieved a 5% growth in domestic power equipment business in the first half of the year, with a balanced contribution from both grid-connected and non-grid-connected sectors [21][22] Group 2: Market Strategy and Competition - The company primarily adopts a direct sales model in overseas markets, with distributors acting as service intermediaries [5] - The company views the expansion of competitors' production capacity positively, hoping for overall market growth [8] - The company emphasizes the importance of establishing relationships with end-users in overseas markets, as they hold the final decision-making power [6] Group 3: Product and Pricing Dynamics - The increase in overseas product sales is attributed to higher shipment volumes rather than price increases, as average prices remain stable [7][41] - The company maintains that its product performance is comparable to competitors, although there are advantages in manufacturing quality from established brands [40] - The company has not changed its product pricing, but the overall average price has increased due to a higher proportion of overseas sales [41] Group 4: Future Outlook and Challenges - The company acknowledges that sustaining high growth rates in overseas markets is unrealistic in the long term, with a focus on gradual market share increase [10][11] - The company is cautious about the impact of macroeconomic trends on future growth, emphasizing the need for a long-term strategy [11] - The company plans to continue investing in local production facilities, such as the new factory in Indonesia, to support market expansion [12][22] Group 5: Financial Performance and Capital Expenditure - The company reported a decline in cash flow due to reduced project scale and a lack of large-scale bill discounting [49] - The company’s gross margin improved in the first half of the year, primarily due to changes in revenue structure rather than significant shifts in profitability [50] - Future capital expenditures will focus on optimizing production facilities and supporting the growth of the CNC equipment business [50]

Group 1: Banking and Securities - The scale of bank wealth management increased slightly in July, reaching 30.94 trillion yuan, with a month-on-month growth of 0.29 trillion yuan, although bond market volatility led to a decline in yields [2] - Public fund issuance decreased by 22% month-on-month in July, with 95.7 billion yuan issued [2] - The current capital market reform is deepening, laying a foundation for the development of asset management products, with recommendations for quality stocks in retail and wealth management sectors [2] Group 2: Basic Chemicals and Oil & Gas - As of the end of July 2025, the CCPI crude oil price spread was approximately 294, remaining below the 30% percentile since 2012, indicating high volatility in oil prices due to global macroeconomic conditions [3] - The chemical product price spread has declined as most downstream chemical products enter a demand off-season, but industry profitability is expected to improve due to supply-side adjustments [3] - The capital expenditure growth rate in the industry turned negative for the first time since early 2021, suggesting a potential recovery in the second half of 2025 [3] Group 3: Macroeconomics - In July 2025, China's export growth rate increased to 7.2% year-on-year, up from 5.9% in June, while import growth rose to 4.1% from 1.1% [5] - The trade surplus slightly decreased to 98.2 billion USD, but still showed a year-on-year increase of 12.8 billion USD, supporting overall demand [5] Group 4: Power Equipment and New Energy - Following the cancellation of mandatory energy storage policies, market expectations for domestic energy storage demand have improved, driven by local supportive policies [7] - The demand for large-scale energy storage is expected to continue growing, with recommendations for companies like Sungrow Power Supply and CATL [7] Group 5: Coal and Energy - Since the second quarter, hydropower generation has declined, while thermal power generation has increased, leading to a rise in coal prices, which have rebounded by 51 yuan/ton (+8.3%) since June 12 [8] - The overall electricity demand has significantly increased due to extreme high temperatures across the country [8] Group 6: Key Companies - Hewei Electric reported a 36.39% year-on-year revenue increase in H1 2025, benefiting from high downstream demand [9] - Changshu Bank's net profit and operating income grew by 13.5% and 10.1% year-on-year, respectively, with a proposed interim dividend of 0.15 yuan per share [11] - Energy Transfer's revenue for H1 was 40.3 billion USD, with an adjusted EBITDA of 7.96 billion USD, indicating stable cash flow [12] Group 7: Technology and Internet - DoorDash's total transaction volume reached 24.24 billion USD in Q2 2025, a year-on-year increase of 23%, exceeding expectations [13] - Duolingo's revenue for Q2 was 252 million USD, reflecting a 41% year-on-year growth, with strong user conversion capabilities [14] Group 8: Automotive and Consumer Electronics - Xiaomi's revenue is expected to grow by 29% year-on-year in Q2 2025, with a focus on the automotive sector's development [21] - Uber's revenue for Q2 was 12.7 billion USD, a year-on-year increase of 18.2%, driven by growth in the food delivery business [20]

Core Viewpoint - Huadian International (600027.SH) reported a decline in electricity generation and sales for the first half of 2025, attributed to a relaxed power supply-demand balance in certain regions and increased renewable energy capacity [1] Group 1: Financial Performance - As of June 30, 2025, the cumulative electricity generation reached 120.621 billion kWh, a decrease of approximately 6.41% compared to the adjusted figures from the previous year [1] - The total on-grid electricity volume was 113.289 billion kWh, reflecting a decline of about 6.46% from the adjusted figures of the same period last year [1] - The average on-grid electricity price for the first half of 2025 was approximately RMB 517.12 per MWh, down about 1.37% from the adjusted figures of the previous year [1] Group 2: Market Conditions - The decline in electricity generation and sales is primarily due to a relaxed power supply-demand situation in certain regions [1] - The continuous increase in installed renewable energy capacity has contributed to the reduced utilization hours of coal-fired power units [1]