Summary of the Conference Call for Huaneng Lancang River Hydropower Company Overview - Huaneng Lancang River Hydropower is a major hydropower development and operation enterprise controlled by China Huaneng Group, focusing on the Lancang River basin in Yunnan, China [1][2] Core Industry Insights - The company is positioned as a leader in hydropower development, contributing significantly to China's energy security and green transition [1][2] - The company emphasizes the importance of green, low-carbon, and eco-friendly development strategies in line with national energy policies [1][5] Key Financial Performance - For the first three quarters of 2020, the company achieved a power generation of 86.026 billion kWh, an increase of 3.82% year-on-year [5] - Revenue reached 19.418 billion yuan, up 7.05% year-on-year, with a total profit of 9.053 billion yuan, reflecting a 9.39% increase [5] - Net profit attributable to the parent company was 7.226 billion yuan, a year-on-year increase of 7.78% [5] Growth Drivers - The increase in power generation was attributed to several factors: - A 3.82% year-on-year increase in overall power generation [5] - Significant growth in renewable energy capacity [6] - Additional power generation from the Toba Hydropower Station [6] - Favorable hydrological conditions in the Yangtze River basin [6] - Increased electricity demand within Yunnan province [6] Strategic Initiatives - The company is committed to technological innovation and digital transformation, aiming to enhance its operational efficiency and sustainability [3][7] - It has established several benchmark projects, including the first integrated water-solar project in Yunnan [3] - The company is actively pursuing a dual-energy strategy, focusing on both hydropower and renewable energy development [7] Market Position and Shareholder Engagement - As of September 30, 2020, the company's market capitalization was 207.9 billion yuan, with a year-to-date increase of 52.56 billion yuan, reflecting a growth rate of 33.84% [6] - The company has seen an increase in shareholder engagement, with 78,166 shareholders as of the end of September 2020, an increase of 4,244 from the beginning of the year [6] Future Outlook - Huaneng Lancang River Hydropower aims to continue its commitment to high-quality development and enhance its core competitiveness [8] - The company plans to accelerate the creation of a world-class, modern green power enterprise, aligning with national energy security strategies [8]

Investment Rating - The investment rating for Huaneng Hydropower is "Buy" (maintained) [1] Core Views - The report indicates that Q3 performance was under pressure due to a decline in electricity generation, but the long-term outlook remains positive, particularly for the integrated development of wind, solar, and hydropower storage [1] - For the first three quarters of 2024, the company achieved operating revenue of 19.418 billion yuan, a year-on-year increase of 7.05%, and a net profit attributable to shareholders of 7.226 billion yuan, up 7.07% year-on-year [1] - The report highlights that the decline in electricity generation was primarily due to reduced water inflow and the impact of new depreciation costs from the newly commissioned Toba Hydropower Station [1] Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported operating revenue of 7.537 billion yuan, a decrease of 1.27% year-on-year, and a net profit of 3.056 billion yuan, down 8.27% year-on-year [1] - The total electricity generation for the first three quarters of 2024 decreased by 5.64% year-on-year, with a notable decline in existing hydropower stations' output [1] - The report projects that the company's net profit for 2024, 2025, and 2026 will be 8.60 billion, 9.48 billion, and 10.34 billion yuan respectively, with year-on-year growth rates of 12.5%, 10.3%, and 9.1% [1][8] Market Outlook - The report emphasizes the potential for growth in the company's clean energy business, particularly through the integration of wind, solar, and hydropower storage [1] - The company plans to enhance its hydropower capacity significantly, with approximately 50% growth potential remaining as of the end of 2023 [1] - The report maintains a positive long-term outlook for the company's integrated development strategy, despite short-term performance pressures [1]

数据来源：wind 数据,财通证券研究所（以 2024年11月 01 日收盘价计算) 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | 基本數据 | 2024-11-01 | | 收盘价(元) | 9.80 | | 流通股本(亿股) | 180.00 | | 每股净资产(元) | 3.22 | | 总股本(亿股) | 180.00 | | 最近 12月市场表现 | | 31% 张一弛 分析师 SAC 证书编号: S0160522110002 zhangyc02@ctsec.com 任子悦 联系人 renzy01@ctsec.com | --- | --- | |----------|------------------------------------| | | | | 相关报告 | | | | 1. 《新增装机投产在即,澜上基地大有 | | 可为》 | 2024-10-24 | 前三季度利润同比+8%,需求向好支 核心观点 ■ 证券研究报告 前三季度利润同比+8%:2024年前三季皮,公司实现营业收入 194.18 亿 元,同 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company achieved a revenue of 19.42 billion yuan in the first three quarters of 2024, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 7.23 billion yuan, up 7.8% year-on-year. However, in Q3 alone, revenue was 7.54 billion yuan, down 1.3% year-on-year, and net profit was 3.06 billion yuan, down 7.4% year-on-year [1]. - The total power generation for the first three quarters of 2024 was 86.026 billion kWh, an increase of 3.82% year-on-year, primarily driven by significant increases in renewable energy installations and improved water inflow in certain river basins [2]. - Despite a 5.9% year-on-year decline in hydropower generation in Q3, the company demonstrated resilience in electricity prices, with a composite on-grid electricity price of approximately 0.193 yuan/kWh, up from 0.186 yuan/kWh in the same period last year [3]. - The company is expected to face short-term cost increases due to the commissioning of new units, but these will contribute to profit growth in the long term as installed capacity continues to expand [3]. Financial Summary - The company is projected to achieve net profits of 8.24 billion yuan, 9.17 billion yuan, and 9.75 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 21.5x, 19.3x, and 18.2x [4]. - Revenue is expected to grow from 26.47 billion yuan in 2024 to 30.92 billion yuan in 2026, with growth rates of 12.82%, 10.30%, and 5.92% for the respective years [4]. - The company’s total assets are projected to reach 202.41 billion yuan by 2024, with total liabilities of 127.71 billion yuan, resulting in a debt ratio of approximately 62.9% [7]. Cash Flow and Investment - The operating cash flow for 2024 is estimated at 17.43 billion yuan, with capital expenditures of 15.12 billion yuan, indicating a focus on investment in growth [8]. - The company is expected to maintain a healthy cash flow despite fluctuations in net profit, with a projected net increase in cash of 225.62 million yuan for 2024 [8].

Investment Rating - The report maintains a "Buy" rating for Huadian Power International Corporation (600025 SH) [3][4] Core Views - Despite a 5 63% YoY decline in hydropower generation in Q3 2024, the company's overall power generation decreased by only 4 59% due to rapid growth in wind and solar power generation [1] - The company plans to establish a joint venture with Huadian International to develop the Yuwang Phase II coal power and new energy integration project, which includes 2 000 MW of coal power and supporting new energy resources, with the company holding a 49% stake [1][6] - The company's Q3 2024 revenue decreased by 1 27% YoY, while net profit attributable to the parent company decreased by 7 37% YoY [3][7] Financial Performance - In Q3 2024, the company achieved a revenue of 7 537 billion yuan, a decrease of 1 27% YoY, and a net profit attributable to the parent company of 3 056 billion yuan, a decrease of 7 37% YoY [3][7] - For the first three quarters of 2024, the company achieved a revenue of 19 418 billion yuan, an increase of 7 05% YoY, and a net profit attributable to the parent company of 7 226 billion yuan, an increase of 7 78% YoY [5] - The company's EPS for 2024-2026 is expected to be 0 49 yuan, 0 55 yuan, and 0 61 yuan, respectively, with corresponding P/E ratios of 20 34x, 18 23x, and 16 39x [4] Power Generation - In Q3 2024, the company's hydropower generation was 38 468 billion kWh, a decrease of 5 63% YoY, while wind and solar power generation maintained rapid growth [1][7] - For the first three quarters of 2024, the company's hydropower generation was 83 056 billion kWh, an increase of 1 69% YoY, while wind power generation was 319 million kWh, an increase of 6 33% YoY, and solar power generation was 2 652 billion kWh, an increase of 201 02% YoY [5] Expansion and Growth - The company's Tuoba power station, with a total installed capacity of 1 400 MW, is expected to be fully operational by the end of 2024 [6] - The Yuwang Phase II coal power and new energy integration project is expected to support the company's performance growth during the "15th Five-Year Plan" period [1][6] Market and Valuation - The company's current stock price is 10 02 yuan, with a total market capitalization of 180 billion yuan [8] - The company's P/E ratio for 2024-2026 is expected to be 20 34x, 18 23x, and 16 39x, respectively, with a P/B ratio of 2 20x, 2 06x, and 1 93x [4][10]

Investment Rating - The report maintains a "Buy" rating for Huaneng Hydropower, with expected earnings per share (EPS) of 0.47, 0.55, and 0.61 RMB for 2024, 2025, and 2026 respectively, corresponding to price-to-earnings (PE) ratios of 21x, 18x, and 17x [2][4]. Core Insights - Huaneng Hydropower reported a revenue of 19.42 billion RMB for the first three quarters of 2024, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 7.23 billion RMB, up 7.8% year-on-year. However, the third quarter saw a revenue decline of 1.3% and a net profit decrease of 7.4% [2]. - The company experienced a decrease in hydropower generation due to reduced water inflow in the Southwest region, with a 4.6% year-on-year drop in power generation for Q3 2024. Despite this, the company benefited from significant growth in photovoltaic installations and improved wind resources in Yunnan province [2][4]. - The average on-grid electricity price is estimated to be approximately 0.193 RMB/kWh for 2024, reflecting a year-on-year increase of about 3.7% [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, Huaneng Hydropower achieved a revenue of 194.2 billion RMB and a net profit of 72.3 billion RMB, with Q3 figures showing a revenue of 75.4 billion RMB and a net profit of 30.6 billion RMB [2]. - The company forecasts net profits of 8.45 billion RMB, 9.83 billion RMB, and 10.91 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS figures [4]. Operational Analysis - The hydropower generation for Q3 2024 was 38.5 billion kWh, down 5.6% year-on-year, attributed to a marginal decline in water inflow. However, wind and solar generation saw increases of 11.6% and 98.5% respectively [2]. - Yunnan province's electricity demand increased by 7.8% year-on-year in Q3 2024, supported by stable industrial production and rising electricity exports [2]. Taxation and Costs - The company faced an increase in income tax expenses due to the expiration of tax incentives for certain power stations, leading to a 4.8 percentage point rise in the effective tax rate [2].

重要内容提示： 华能澜沧江水电股份有限公司（以下简称公司）将于 2024 年 10 月 30 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年前三季度经营成果、财务状况，公司计划于 2024 年 11 月 08 日上午 10:00-11:30 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年前三季度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 证券代码：600025 证券简称：华能水电 公告编号：2024-063 华能澜沧江水电股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 独立董事：周正风 四、投资者参加方式 （一） 会议召开时间：2024 年 11 月 08 日上午 10:00-11:30 （二） 会议召开地点：上海证券交易 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥7,537,196,021.05, a decrease of 1.27% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥3,056,312,901.73, down 7.37% year-on-year[2]. - The basic earnings per share for Q3 2024 was ¥0.16, reflecting a decrease of 5.88% compared to the same period last year[3]. - Total operating revenue for the first three quarters of 2024 reached CNY 19.42 billion, an increase of 7.05% compared to CNY 18.14 billion in the same period of 2023[14]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 7.23 billion, representing a 7.77% increase from CNY 6.70 billion in 2023[15]. - Total comprehensive income attributable to the parent company reached CNY 7,160,540,445.88, an increase from CNY 6,743,362,976.43 in the same period last year, reflecting a growth of approximately 6.2%[17]. - Operating profit increased to CNY 7,235,173,213.48, up from CNY 6,718,389,841.90, representing a growth of approximately 7.67%[26]. - Net profit for the first three quarters of 2024 reached CNY 6,256,922,456.12, compared to CNY 5,916,697,775.08 in 2023, marking an increase of about 5.75%[26]. Assets and Liabilities - The total assets at the end of the reporting period were ¥203,940,381,102.63, an increase of 4.46% from the end of the previous year[3]. - The company's total liabilities as of the end of the third quarter of 2024 amounted to CNY 126.31 billion, an increase of 1.45% from CNY 124.52 billion at the end of 2023[13]. - Total current assets increased to ¥6,720,440,054.09 as of September 30, 2024, up from ¥4,339,798,782.40 at the end of 2023, representing a growth of approximately 55.0%[9]. - Non-current assets totaled ¥197,219,941,048.54, up from ¥190,899,466,514.95, indicating an increase of about 3.0%[11]. - The company's total equity rose to CNY 70,771,940,330.20, compared to CNY 65,034,329,589.32, indicating an increase of about 8.45%[24]. Cash Flow - The cash flow from operating activities for the year-to-date period was ¥14,345,669,042.32, an increase of 11.94% year-on-year[2]. - Cash and cash equivalents at the end of the third quarter of 2024 were CNY 7.48 billion, compared to CNY 6.94 billion at the end of 2023, indicating a liquidity improvement[12]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY 10,842,609,170.03, an increase from CNY 10,265,503,391.12 in the same period of 2023, representing a growth of approximately 5.6%[27]. - The company reported a net increase in cash and cash equivalents of CNY 1,261,890,977.07, compared to a decrease of CNY 61,775,541.98 in the same period last year[20]. - The net cash flow from financing activities showed a decrease, with a net outflow of CNY 6,440,593,574.64 in 2024 compared to CNY 1,929,338,300.42 in 2023, reflecting a worsening of approximately 234%[29]. Investments and Expenses - Research and development expenses for the first three quarters of 2024 were CNY 101.84 million, a decrease of 10.77% compared to CNY 114.17 million in the same period of 2023[14]. - The company's financial expenses for the first three quarters of 2024 were CNY 1.98 billion, a slight decrease from CNY 2.02 billion in the previous year[14]. - Investment income increased significantly to CNY 604,498,646.00 from CNY 488,133,705.60, representing a growth of approximately 23.83%[25]. - The company received CNY 3,000,600,000.00 from investment activities, slightly up from CNY 2,997,600,000.00 in the previous year, indicating a marginal increase[19]. - The company reported an increase in investment income cash receipts to CNY 581,914,667.65 from CNY 327,306,807.53, representing a growth of approximately 77.5%[27]. Operational Highlights - The company reported an increase in electricity generation, which contributed to the growth in operating revenue and net profit year-on-year[6]. - The company continues to focus on expanding its renewable energy projects and enhancing operational efficiency in the upcoming quarters[9]. - The company maintains a strong liquidity position with a current ratio improvement due to increased cash reserves[9]. - The company has no significant changes in the top 10 shareholders or their participation in margin trading[8]. - The company did not apply new accounting standards or interpretations for the first time in 2024, maintaining consistency in financial reporting[30].

证券代码：600025 证券简称：华能水电 公告编号：2024-065 华能澜沧江水电股份有限公司 2024 年度第五期绿色中期票据（乡村振兴）发行公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、发行基本情况 公司 2024 年 5 月 28 日召开的 2023 年年度股东大会审议通过《关于公司在 银行间市场债务融资工具注册发行的议案》，同意公司在 2023 年度股东大会批 准之日起 24 个月（现执行《注册通知书》（中市协注〔2024〕TDFI25 号）有效 期截止日）的任一时点，一次或分次发行本金余额合计不超过人民币 340 亿元的 债务融资工具，其中单项余额限额为：短期融资券（含超短期融资券）不超过人 民币 140 亿元，中期票据（含永续中票）不超过人民币 200 亿元。每年年末 12 月 31 日短期融资券（含超短期融资券）余额不超过人民币 50 亿元，中期票据（含 永续中票）余额不超过人民币 160 亿元。 特此公告。 华能澜沧江水电股份有限公司董事会 2024 年 10 月 30 日 华能澜沧江水电股份有 ...

华能澜沧江水电股份有限公司董事会 近日，华能澜沧江水电股份有限公司（以下简称公司）收到控股股东中国华 能集团有限公司函件，因工作变动，建议刘兴国先生不再担任公司非独立董事及 薪酬与考核委员会委员，拟推荐王伟军先生为公司非独立董事候选人。公司董事 会对刘兴国先生在任职期间的工作给予充分肯定，对其作出的贡献表示衷心感谢。 2024 年 10 月 29 日，公司第四届董事会第四次会议审议通过了《关于更换 公司非独立董事的议案》。董事会同意提名王伟军先生为公司非独立董事候选人， 并担任董事会薪酬与考核委员会委员。非独立董事候选人经股东会审议通过后任 职，任期自股东会通过之日起至第四届董事会届满之日止。非独立董事候选人任 职资格已经通过公司董事会提名委员会 2024 年第三次会议审查，提名程序符合 《中华人民共和国公司法》和《公司章程》的规定。 非独立董事候选人简历附后。 特此公告。 证券代码：600025 证券简称：华能水电 公告编号：2024-060 华能澜沧江水电股份有限公司 关于更换公司非独立董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性 ...