2025 年 10 月 29 日 华电国际 (600027) 上 市 公 司 公用事业 ——Q3 发电边际改善 容量电价提升在即 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 28 日 | | --- | --- | | 收盘价（元） | 5.37 | | 一年内最高/最低（元） | 6.12/4.86 | | 市净率 | 1.4 | | 股息率%（分红/股价） | 2.42 | | 流通 A 股市值（百万元） | 45,700 | | 上证指数/深证成指 | 3,988.22/13,430.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 4.19 | | 资产负债率% | 60.41 | | 总股本/流通 A 股（百万） | 11,612/8,510 | | 流通 B 股/H 股（百万） | -/1,717 | 一年内股价与大盘对比走势： 10-28 11-28 12-28 01-28 02-28 03-31 04-30 05-31 06-3 ...

不过，政策里也提到，对于工商业用户，预计改革实施首年全国工商业用户平均电价与上年相比基本持平，电力 供需宽松、新能源市场价格较低的地区可能略有下降，后续工商业用户电价将随电力供需、新能源发展等情况波 动。这意味着企业的用电成本在某些地区可能会有所降低，这对控制产品价格、稳定市场供应都有积极作用。 前几天，小王打开电费账单时瞪大了眼睛——夏季高温下，家里那台老旧空调昼夜不停地运转，电表转得飞快， 直接把他推进了第三档电价。"这下完了，电费又要'爆表'了！"正当他一筹莫展之际，邻居老李却乐呵呵地告诉 他："你不知道吗？官方已经对电费标准做了调整，特别是对我们这种人口多的家庭，现在可以申请每月增加100 度的基础电量！" 这番话让小王如获至宝，赶紧去查询相关政策。果然，2025年的电费标准确实迎来了新的调整，而且不只是针对 多人口家庭，还有工商业用电和新能源电价等方面的变化。这些调整，到底会给我们的生活带来哪些影响？钱袋 子会因此变得更鼓还是更瘪？今天我们就来聊聊这个与千家万户息息相关的话题。 首先，最让人松一口气的是，这次改革对居民和农业用户的电价水平没有影响。国家发改委明确表示，"这项改 革，对居民、农业用户电 ...

证券之星消息，2025年8月20日建投能源（000600）发布公告称公司于2025年8月18日接受机构调研，国泰 海通证券、招商证券、东莞证券、华福证券、华源证券、西部证券（002673）、长江保险、尚诚资产、 Ten Asset Management Limited、广东正圆、上海仙人掌、国盛证券、东方盛博、循远资产、深圳泽兴、合 煦智远、上海理成、广东合丰、兴业证券、中信证券、华泰证券、银河证券、方正证券、广发证券、天风 证券（601162）参与。 具体内容如下： 问：简要介绍公司2025年上半年经营情况？ 答：截至2025年6月30日，公司资产总额470.06亿元，同比减少0.28%；归属于母公司所有者权益121.41亿 元，同比增长16.25%；资产负债率58.40%，低于年初4.31个百分点。上半年，公司实现营业收入111.13亿 元，同比减少3.28%；实现归属于上市公司股东的净利润8.97亿元，同比增长157.96%。 2025年上半年，公司控股运营发电公司共完成上网电量228.37亿千瓦时，同比降低3.52%，其中，火电上 网电量225.34亿千瓦时，同比降低4.06%，主要为2025年一季度 ...

Financial Performance - As of June 30, 2025, the total assets of the company amounted to 47.006 billion yuan, a decrease of 0.28% year-on-year [2] - The equity attributable to the parent company increased by 121.41% year-on-year, reaching 16.25 billion yuan [2] - The debt-to-asset ratio was 58.40%, down by 4.31 percentage points from the beginning of the year [2] - The company achieved an operating revenue of 11.113 billion yuan, a year-on-year decrease of 3.28% [3] - The net profit attributable to shareholders was 0.897 billion yuan, a year-on-year increase of 157.96% [3] Power Generation and Sales - The total electricity generated by the company in the first half of 2025 was 22.837 billion kWh, a decrease of 3.52% year-on-year [3] - The average settlement price for electricity was 438.95 yuan/MWh (including tax), a decrease of 0.24 yuan/MWh year-on-year [3] - The company sold 41.8948 million GJ of heat, a decrease of 2.18% year-on-year [3] - The company procured 15.3247 million tons of coal, with an average price of 718.26 yuan/ton, down 14.77% year-on-year [3] Market and Operational Strategy - The coal market was relatively loose in the first half of 2025, leading to a continuous decline in prices [4] - The company adopted a strategy of "intensive management at both ends, specialized control in the middle," focusing on market orientation and efficiency [4] - The company enhanced its electricity and heat marketing and optimized fuel procurement management [4] Future Outlook - The capacity price in Hebei province is currently set at 100 yuan/kW, with a planned increase to at least 50% of fixed cost recovery starting in 2026 [6] - The company predicts limited upward movement in coal prices after the peak consumption period in July-August 2025 [9] - Ongoing construction projects include the Xibaipo Power Plant Phase IV and the Renqiu Thermal Power Phase II, both expected to be operational by 2026 [10] Development Plans - During the 14th Five-Year Plan period, the company aims to become a leading comprehensive energy enterprise, focusing on thermal power while integrating renewable energy [11] - The company plans to optimize its asset structure and develop new energy projects in high-quality resource areas [11] Shareholder Returns - The company has established a profit distribution policy, increasing the cash dividend payout from 30% to 50% of distributable profits starting from 2024 [12][13]

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]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Views - The company, China Resources Power, benefits from a combination of market-oriented characteristics and central enterprise resource advantages, leveraging its diversified business model to expand its renewable energy generation [5][24]. - Revenue growth is driven by increased electricity generation, with thermal power recovery offsetting pressures from green energy [6][25]. - The company has a strong operational capacity and strategic asset layout in high-quality regions for thermal power [7][35]. - Accelerated development in renewable energy and the planned spin-off listing are expected to alleviate funding pressures [8][57]. - The decline in coal prices is anticipated to restore costs, although the rebound during peak seasons is expected to be limited [9][10]. Summary by Sections 1. Company Overview - China Resources Power, established in 2001, is a flagship subsidiary of China Resources Group and one of the major state-owned power generation enterprises in China [19][24]. - The company operates in various energy sectors, including conventional and renewable energy generation [21][24]. 2. Revenue and Profit Growth - In 2024, the company reported a revenue of HKD 105.28 billion, a year-on-year increase of 1.9%, and a net profit of HKD 14.39 billion, up 30.8% year-on-year [6][32]. - The core profit contribution from renewable energy decreased by 5.1% year-on-year due to falling electricity prices and reduced utilization hours [6][32]. 3. Thermal Power Asset Layout - The company has strategically positioned its thermal power assets in economically growing provinces and resource-rich areas, with 78.15% of its installed capacity located in central, eastern, southern, and northern China [7][37]. - The company plans to commission an additional 6,093 MW of coal-fired power capacity in 2025 [38]. 4. Renewable Energy Development - As of the end of 2024, the company had a total installed capacity of 34,188 MW in renewable energy, with significant investments planned for wind and solar projects [8][57]. - The company aims to increase its renewable energy capacity by 10,000 MW in 2025, supported by a substantial capital expenditure plan [8][57]. 5. Cost and Pricing Dynamics - The company's operating costs decreased by 1.9% year-on-year in 2024, with fuel costs down by 4.2% [9][32]. - The new coal power pricing mechanism is expected to stabilize investment returns for thermal power projects, enhancing profitability [46][47]. 6. Earnings Forecast and Investment Recommendations - The company is projected to achieve net profits of HKD 15.11 billion, HKD 15.83 billion, and HKD 16.57 billion for 2025, 2026, and 2027, respectively, with growth rates of 5.00%, 4.77%, and 4.67% [11][13]. - The stock is currently trading at a PE ratio of 6.77 for 2025, indicating potential value for investors [11][13].

Core Viewpoint - Guodian Power's net profit significantly increased in 2024, driven primarily by investment income, despite a slight decline in revenue [1][2]. Financial Performance - In 2024, Guodian Power reported revenue of 179.18 billion yuan, a year-on-year decrease of 1.00%, while net profit attributable to shareholders reached 9.83 billion yuan, a substantial increase of 75.28% [1]. - The company's investment income surged to 7.33 billion yuan in 2024 from 1.58 billion yuan in 2023, largely due to the transfer of a 50% stake in a subsidiary [1][2]. - The average utilization hours for thermal power generation decreased by 26 hours to 5,137 hours, impacting revenue despite a profit increase in the thermal segment [2][3]. Market Trends - The national installed capacity of renewable energy surpassed that of thermal power for the first time, reaching 1.45 billion kilowatts, indicating a shift towards renewable energy sources [1]. - The average price of wind power decreased by 5.52% to 474.20 yuan per megawatt-hour, while solar power prices fell by 15.11% to 408.22 yuan per megawatt-hour, reflecting supply-demand imbalances [5]. Structural Changes - Guodian Power's renewable energy capacity expanded to 17.89 million kilowatts in 2024, with significant contributions from wind and solar power, although profits from these segments declined due to falling prices and reduced utilization hours [4][5]. - The company is transitioning towards a "capacity model" for coal power pricing, which will affect revenue structures moving forward [4]. Hydropower Segment - The hydropower segment outperformed other divisions, with a total generation of 59.468 billion kilowatt-hours, marking a year-on-year growth of 7.93% [6]. - The completion of the Sichuan-Chongqing UHV AC grid project is expected to alleviate issues related to water abandonment and enhance the transmission capacity of hydropower [6][7]. - The profitability of the hydropower segment is projected to improve as water abandonment decreases and electricity prices rise, although uncertainties remain regarding external pricing and delivery ratios [7].