Investment Rating - The report maintains a rating of "Buy" for Huaneng International [3] Core Views - Huaneng International's Q3 performance exceeded expectations, with a net profit of 14.841 billion yuan, a year-on-year increase of 42.52%, primarily due to declining fuel costs [6][12] - The company's coal power generation volume decreased, but profitability per kilowatt-hour improved, with coal power segment profits totaling 13.268 billion yuan in the first three quarters [6][12] - The renewable energy segment showed high growth, with solar power generation increasing by 45.41% year-on-year in Q3 [6][12] - The company is expected to benefit from lower coal prices and stable two-part electricity pricing, leading to continued high growth in coal power performance [6][12] Financial Data and Valuation - For 2025, the expected net profit is projected at 14.313 billion yuan, representing a year-on-year growth of 41% [6][12] - The current stock price is 7.73 yuan, with corresponding PE ratios of 8.5x for 2025, 8.0x for 2026, and 7.6x for 2027 [3][8] - The company reported total revenue of 1729.75 billion yuan for the first three quarters of 2025, a decrease of 6.19% year-on-year [6][12] - The average on-grid electricity price for the first three quarters was 478.71 yuan per megawatt-hour, down 3.54% year-on-year [6][12]