公司持有优质可再生能源项目，持续拓展新型战略新兴项目及市场区域 智通财经APP获悉，国证国际发布研报称，首予京能清洁能源(00579)"买入"评级，目标价3.20港元。该 行预测2025/26/27年公司净利润分别为34.6/37.8/41.4亿元人民币，对应EPS为0.42/0.46/0.50元。公司公布 三年分红规划2025/26/27年分红为可分派利润42%/44%/46%。目前股价对应2025年预测PE5.6倍，股息 率7.6%，估值在港股上市电力股中较低。该行认为公司项目优质，高派息，目前估值具提升空间。 国证国际主要观点如下： 京能清洁能源是首都燃气热电联产龙头企业 公司在北京和湖北宜昌持有及运营8座燃气热电联产电厂。其中7座位于北京，装机容量4702MW。2024 年公司京内燃气电厂发电量189.6亿千瓦时，占北京地区发电量的43.9%;供热量2733.4万吉焦，供热量占 北京集中供热量43%以上。根据公司公告，京能清洁能源是首都燃气热电龙头企业。公司京内燃气电厂 与北京市燃气集团战略合作，管道气供应稳定，价格波动小;上网电价稳定，保障合理利润水平。热力 销售以接入北京市集中供热管网为主，多年持 ...

Group 1 - The demand for energy storage has surged, leading to tight supply of upstream energy storage cells, with major companies reporting full production capacity [1] - According to a report by CITIC Securities, the booming orders in the energy storage industry are driven by strong overseas demand, price recovery, and new energy storage initiatives [1][2] - In August, China's energy storage companies received global orders totaling 97.8 GWh, with overseas orders accounting for 15.2 GWh [1] Group 2 - The tight supply of energy storage batteries has resulted in rising product prices, benefiting companies with integrated supply chain advantages [2] - The introduction of the "136 Document" by the National Development and Reform Commission and the National Energy Administration aims to promote market-oriented pricing for renewable energy projects [2] - The new regulations present both opportunities and challenges for renewable energy companies, as they shift from fixed income to market-based revenue [2][4] Group 3 - Recent guidelines from various provinces clarify expectations for existing and new renewable energy projects regarding mechanism electricity and pricing [3] - Energy storage projects are expected to play a more significant role in the future power generation system, transitioning from cost centers to profit centers [4] - Jinko Power Technology Co., a leading solar power and energy storage operator, is accelerating its energy storage business in response to new regulations [4]

Investment Rating - The report maintains an "Outperform" rating for Huaneng International [3][5] Core Viewpoints - Huaneng International is a leading power generation company in China, benefiting from improved cash flow and dividend expectations due to the capacity price mechanism in thermal power [1][2] - The transition to a two-part pricing system for thermal power is expected to stabilize profitability, with coal prices anticipated to remain stable [2][3] - The company is increasing its investment in renewable energy, aiming for a 45% share of low-carbon clean energy capacity by the end of the 14th Five-Year Plan [2][3] Summary by Sections Company Overview - Huaneng International is a large-scale power enterprise engaged in the development, construction, and operation of coal, gas, and renewable energy projects, with a controllable installed capacity of 152.99 million kW as of June 2025 [1][14] - The company’s revenue primarily comes from electricity and heat supply, with coal power contributing significantly to profits [1][17] Profitability and Financial Indicators - The report forecasts net profits for the parent company of 12.52 billion, 13.05 billion, and 13.56 billion yuan for 2025-2027, reflecting a growth rate of 23.5%, 4.3%, and 3.9% respectively [3][4] - The earnings per share (EPS) are projected to be 0.80, 0.83, and 0.86 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 9.5, 9.1, and 8.7 [3][4] Investment Recommendations - The stock value is estimated to be between 7.98 and 8.73 yuan, indicating a premium of 6% to 16% over the current stock price of 7.58 yuan [3][5] - The report emphasizes the potential for stable dividends supported by improved cash flow and capital expenditure management [2][68]

Core Viewpoint - The era of easy profits in the renewable energy sector, characterized by fixed pricing and government subsidies, is over. The new market-oriented pricing mechanism will challenge companies to adapt to fluctuating electricity prices and market dynamics [1][2]. Industry Overview - The introduction of market-based pricing for new renewable energy projects starting June 1 has created uncertainty among companies accustomed to government-set prices. This has led to concerns about a potential decline in new installations and increased market hesitance [1]. - The share of wind and solar power in total electricity consumption exceeded 20% in the first quarter, indicating rapid growth but also increasing pressure on the stability of the power system. The new policy aims to encourage companies to optimize their operational models and address the challenges of scaling up [1]. Market Dynamics - Short-term fluctuations in electricity prices may create anxiety for power generation companies, especially during periods of oversupply. Companies lacking flexible trading strategies may face profitability challenges [2]. - Long-term, the market-driven approach is seen as an opportunity for transformation within the industry. Technological advancements have significantly reduced the costs of solar and wind energy, driven by competition rather than subsidies [2]. Competitive Landscape - The market's core logic emphasizes survival of the fittest, where companies with lower costs and superior technology will thrive. Innovative practices, such as peak-shifting transactions in Xinjiang, demonstrate how companies can adapt to market demands and enhance profitability [2]. - The transition to a market-oriented model will require companies to focus on technological innovation, operational efficiency, and market awareness to navigate the competitive landscape effectively [3]. Future Outlook - The future of the renewable energy sector lies in embracing market competition rather than relying on protective policies. Companies must prioritize technological strength, cost efficiency, and innovative business models to succeed [3]. - Regulatory bodies are encouraged to implement supportive policies to ensure a smoother transition to marketization, allowing companies to build resilience against market fluctuations [3].