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大行评级|大摩:华能国际电力股份次季业绩超预期 予其“与大市同步”评级
Ge Long Hui· 2025-07-30 06:29
Core Viewpoint - Morgan Stanley reported that Huaneng International Power's net profit for Q2 this year increased significantly by 50% year-on-year, reaching 4.3 billion yuan, exceeding the bank's previous expectation of 3.6 billion yuan, primarily driven by better-than-expected profits from coal and photovoltaic power generation [1] Financial Performance - The main drivers of profit growth in the first half of the year were thermal and photovoltaic power, with both maintaining stable electricity prices [1] - Coal-fired power generation benefited from a decrease in fuel costs, with Q2 unit profit remaining at 0.044 yuan per kilowatt-hour, compared to 0.015 yuan per kilowatt-hour in the same period of 2024 [1] - Photovoltaic power generation showed strong performance due to the continuous release of new capacity, with unit profit only declining by 0.5 cents year-on-year [1] Wind Power Performance - The unit profit for wind power showed a milder decline than expected, decreasing by 1.9 cents year-on-year, but the reduction was an improvement compared to Q1 2025 [1] Investment Rating - Morgan Stanley maintains a "Market Perform" rating for Huaneng International Power, with a target price set at 5.5 Hong Kong dollars [1]
中国电力(02380) - 二零二五年五月售电量
2025-06-26 08:58
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性或完整性亦 不發表任何聲明,並明確表示,概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited (在香港註冊成立的有限責任公司) (股份代號:2380) 二零二五年五月售電量 | 主要聯營公司或 | | | 售電量(兆瓦時) | | | | | --- | --- | --- | --- | --- | --- | --- | | 合營公司的發電廠 | 2025 年 | 2024 年 | 同比變化 | 2025 年 | 2024 年 | 同比變化 | | | 5 月 | 5 月 | | 首五個月 | | | | 風力發電(1) | 138,576 | 111,846 | 23.90% | 791,794 | 1,419,284 | -44.21% | | 光伏發電 | 23,867 | 24,205 | -1.40% | 107,637 | 79,775 | ...
远达环保: 中信证券股份有限公司关于国家电投集团远达环保股份有限公司收购报告书之财务顾问报告
Zheng Quan Zhi Xing· 2025-06-13 11:50
Core Viewpoint - The report outlines the acquisition of Yuanda Environmental Protection Co., Ltd. by China Power International Development Limited, emphasizing the strategic integration of hydropower assets and the enhancement of core competitiveness within the clean energy sector [1][5]. Group 1: Acquisition Details - The acquisition involves China Power purchasing 63% of Wuling Power and 64.93% of Changzhou Hydropower from Yuanda Environmental Protection, with the aim of establishing a hydropower asset integration platform [4][19]. - Post-acquisition, China Power will become the controlling shareholder of Yuanda Environmental Protection, while the actual controller remains the State Power Investment Corporation [19][25]. Group 2: Financial Overview - China Power's total assets as of December 31, 2024, are reported at approximately RMB 34.05 billion, with total liabilities of about RMB 23.29 billion, resulting in an equity of around RMB 10.75 billion [8]. - The financial performance for China Power shows a revenue increase to RMB 5.42 billion in 2024, up from RMB 4.43 billion in 2023, indicating a growth rate of approximately 22.5% [8][12]. Group 3: Strategic Intent - The acquisition is part of a broader strategy to enhance the competitiveness of the State Power Investment Corporation, which is recognized as the largest clean energy company globally [5][12]. - The transaction aims to integrate hydropower and renewable energy operations, thereby expanding Yuanda Environmental Protection's business scope to include comprehensive development and operation of hydropower stations [5][22]. Group 4: Management and Governance - China Power's management team possesses extensive experience in corporate governance and is well-versed in the regulatory environment of the securities market, ensuring compliance and effective management post-acquisition [9][18]. - The State Power Investment Corporation, as a controlling entity, has committed to maintaining the independence of Yuanda Environmental Protection in terms of operations and governance [25][27]. Group 5: Future Plans - Following the acquisition, there are no immediate plans for significant changes to the operational structure or management of Yuanda Environmental Protection, ensuring stability during the transition [21][22]. - The acquisition is expected to enhance shareholder value, with plans to increase the dividend payout ratio to no less than 50% post-transaction [22][27].
中国电力(02380) - 二零二五年三月售电量
2025-04-29 09:29
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性或完整性亦 不發表任何聲明,並明確表示,概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 (股份代號:2380) 二零二五年三月售電量 中國電力國際發展有限公司(「本公司」)宣佈,根據本公司的初步統計,本公司及其附 屬公司(統稱「本集團」)於二零二五年三月的合併總售電量為10,961,682兆瓦時,較去年 同期增加3.95%;而二零二五年首三個月的合併總售電量為30,747,663兆瓦時,較去年同期 增加2.59%。 本集團於二零二五年三月及截至二零二五年三月三十一日止三個月的總售電量,按發電廠 類型列示如下: | 全資擁有或控制 | | | 售電量(兆瓦時) | | | | | --- | --- | --- | --- | --- | --- | --- | | 的發電廠 | 年 2025 | 年 2024 | 同比變化 | 2025 年 | 2024 年 | 同比變化 | | | 月 3 | 3 月 | | 首三個月 | | | | 水力發電 | 1,328,897 | 1,134,1 ...