证券研究报告 | 2025年09月01日 华电国际（600027.SH） 优于大市 煤价下降使得利润增长，经营性净现金流大幅提升 电价、电量下降使得营业收入同比下降，归母净利润实现增长。2025 年上 半年，公司实现营收 599.53 亿元（-8.98%），归母净利润 39.04 亿元 （+13.15%），扣非归母净利润 37.54 亿元（+13.37%）。2025 年第二季 度，公司营业收入 333.76 亿元（-4.42%），归母净利润 19.73 亿元 （+24.27%），扣非归母净利润 18.58 亿元（+9.9%）。公司营业收入同 比下降主要原因是发电量减少、电价下降及煤炭贸易业务模式优化等影 响，2025 年上半年，公司发电量 1206.21 亿千瓦时，追溯调整后同比下 降 6.41%；上网电价 516.80 元/兆瓦时，追溯调整后同比下降 1.44%。 公司归母净利润同比增长主要系燃料成本下降影响，2025 年上半年，公 司入炉标煤单价为 850.74 元/吨，追溯调整后同比下降 12.98%；同期内， 公司燃料成本约 379.52 亿元（-13.28%）。2025 年上半年，公司经营性 净现金 ...

公司发布2025 年中期业绩。上半年公司实现营业收入156.57 亿元，同比下降18.6%；实现归母净利润 35.19 亿元，同比下降14.4%。公司中期拟每股派发现金红利0.1 元（税前），分红总额约8.36 亿元（税 前）。 点评 机构：天风证券 研究员：郭丽丽/王钰舒 事件： 风电利润受利用小时等影响，光伏装机增长带动分部利润高增成本方面，上半年公司经营开支为95.67 亿元，同比增长10.8%，主要由于风电和光伏分部的折旧摊销受新项目转固的影响增加、以及新项目投 产使得员工成本等增加影响。综合来看，公司实现持续经营业务经营利润67.30亿元，同比下降6.2%。 分业务来看，上半年公司风电分部经营利润为62.13亿元，同比下降10.5%，主要系利用小时下降、电价 下降等影响；光伏分部经营利润为5.50 亿元，同比增长51.1%，主要系装机容量增加带动发电量增加。 盈利预测与估值 考虑到上半年风光装机增长及电量情况，下调盈利预测，预计2025-2027年归母净利润为69、72、76 亿 元（前值为74、79、83 亿元），对应PE 为7.6、7.2、6.9 倍，维持"买入"评级。 风险提示：宏观经济大幅下 ...

Core Viewpoint - The company reported a steady increase in revenue and net profit for 2024, with a significant rise in net profit in Q4 2024, while facing a decline in Q1 2025 revenue and net profit [1][4]. Financial Performance - In 2024, the company's operating revenue was 30.09 billion yuan, an increase of 8.0% year-on-year; net profit attributable to shareholders was 2.06 billion yuan, up 44.4% year-on-year [1]. - Q4 2024 revenue was 7.55 billion yuan, a decrease of 1.3% year-on-year; net profit was 481 million yuan, a significant increase of 285.7% year-on-year [1]. - In Q1 2025, revenue was 6.42 billion yuan, down 8.1% year-on-year and 15.01% quarter-on-quarter; net profit was 444 million yuan, a decrease of 1.98% year-on-year and 7.76% quarter-on-quarter [1]. Capacity and Production Growth - By the end of 2024, the company's controlled power generation capacity was 17.36 million kilowatts, with operational capacity at 13.66 million kilowatts, under construction at 2.1 million kilowatts, and approved but not yet built at 1.6 million kilowatts [2]. - The controlled power generation volume was 60.15 billion kilowatt-hours, an increase of 17.34% year-on-year [2]. - New operational units include two 660,000-kilowatt units in Xinjiang and a 1 million-kilowatt project expected to be operational in March 2025 [2]. Pricing and Cost Dynamics - The average on-grid electricity price for coal power in 2024 was 0.4491 yuan per kilowatt-hour, down 0.06 yuan due to a higher proportion of lower-priced electricity from Xinjiang [3]. - The coal price has remained weak, with a year-on-year decrease of 172 yuan per ton in Q1 2025, a drop of 19% [3]. - The company benefits from a long-term coal supply agreement, with approximately 75% of coal sourced through long-term contracts [3]. Future Outlook - The company is expected to see continued profitability due to the gradual commissioning of new units and low coal prices [4]. - Profit forecasts for the company are 2.16 billion yuan, 2.20 billion yuan, and 2.32 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 0.97, and 1.03 yuan [4].