2023 年持续督导意见 独立财务顾问 二〇二四年三月 华泰联合证券有限责任公司 关于 华电国际电力股份有限公司 发行股份及可转换公司债券购买资产 之 一、本次交易方案概述 华电国际电力股份有限公司（以下简称"上市公司"）向建信金融资产投资 有限公司（以下简称"建信投资"）和中银金融资产投资有限公司（以下简称"中 银投资"）发行普通股 A 股和可转换公司债券购买其分别持有的内蒙古华电蒙 东能源有限公司（以下简称"蒙东能源"）45.15%股权和天津华电福源热电有限 公司（以下简称"福源热电"）36.86%股权，其中以发行股份、可转换公司债券 支付的对价分别占本次交易对价的 2%和 98%。 根据上市公司与交易对方签署的资产购买协议及其补充协议，标的资产作价 合计为 150,016.26 万元，其中 3,000.36 万元对价由上市公司以发行普通股 A 股 的形式支付，147,015.90 万元对价以发行可转换公司债券的形式支付。 二、发行股份及可转换公司债券购买资产实施情况 （一）新增注册资本的验资情况及股份发行登记情况 2021 年 9 月 28 日，华电国际已办理完毕本次发行股份购买资产的新增股份 登记，相 ...

本期债券由中国银行股份有限公司和招商银行股份有限公司主承销，通过簿记建档、 集中配售的方式在全国银行间债券市场公开发行。本期债券募集资金用于补充本公司在 业务运营过程中对营运资金的需求。 华电国际电力股份有限公司 关于中期票据发行的公告 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。 华电国际电力股份有限公司（"本公司"）2022 年度股东大会于 2023 年 5 月 31 日 通过决议，同意本公司自 2022 年度股东大会批准之日起至 2023 年度股东大会结束时 止，根据本公司资金需求，适时一次或分次发行本金余额不超过等值 600 亿元人民币的 短期融资券、超短期融资券、中期票据、永续票据、高级美元债及永续美元债等境内外 融资工具。 本公司已于近日完成了华电国际电力股份有限公司2024年度第一期中期票据（"本 期债券"）的发行。本期债券发行总额为 20 亿元人民币，期限为 3+N 年，单位面值为 100 元人民币，发行票面利率为 2.80%。 证券代码：600027 证券简称：华电国际 公告编号：2024-015 本期债券 ...

公司报告 | 年报点评报告 华电国际（600027） 证券研究报告 2024年04月 02日 投资评级 控股火电盈利能力显著改善，新能源投资收益持续增长 行业 公用事业/电力 6个月评级 买入（维持评级） 当前价格 6.74元 事件：公司发布2023年年报。2023年公司实现营收1172亿元，同比增长 目标价格 元 9.45%；实现归母净利润45.22亿元，同比增长3789%。 基本数据 点评： A股总股本(百万股) 8,510.33 控股：火电盈利能力大幅改善，毛利率同比提高 6.69pct 流通A股股本(百万股) 8,510.33 火电方面，收入端，2023年火电发电量同比增长1.55%至2145亿千瓦时， A股总市值(百万元) 57,359.61 火电综合电价微降；成本端，公司燃料成本约为754.62亿元，同比减少约 流通A股市值(百万元) 57,359.61 8.93%，主要系煤炭价格下降。综合来看，公司火电业务盈利能力大幅提升， 每股净资产(元) 3.82 2023 年实现毛利75.89 亿元，同比大幅增长；毛利率为8.05%，同比提高 资产负债率(%) 62.62 了6.69pct。截至2023年 ...

2024年04月01日 公司研究●证券研究报告 华电国际（ ） 公司快报 600027.SH 电力及公用事业 | 火电Ⅲ 业绩大幅改善，看好能源转型+电改深化下的火 投资评级 买入-A(首次) 电盈利能力 股价(2024-04-01) 6.74元 交易数据 投资要点 总市值（百万元） 68,933.76 流通市值（百万元） 57,359.61 事件 ：公司发布2023年年度报告。全年实现营收1171.76亿元，同比+9.45%； 总股本（百万股） 10,227.56 归母净利润45.22亿元，同比+3789.00%。 流通股本（百万股） 8,510.33 12个月价格区间 7.00/4.73 点评： 一年股价表现 业绩大幅提升，盈利能力修复。公司2023年实现营收1171.76亿元，同比+9.45%； 归母净利润45.22亿元，同比+3789.00%，实现了大幅增长。其中，2023Q4实现 收入264.51亿元，同比-3.49%；实现归母净利润0.24亿元，同比+101.06%。2023 年，本公司经营活动产生的现金净流入额约为人民币132.52亿元，同比+37.26%； 毛利率为6.43%，同比+6. ...

[Table_MainInfo] 公司研究/公用事业/电力 证券研究报告 华电国际（600027）公司研究报告 2024年04月01日 [Table_InvestInfo] 首次 电改+成本降+市值考核+平台整合 投资评级 优于大市 覆盖 股票数据 [Table_Summary] 0[3Ta月b2le9_日S收to盘ck价I（nf元o]） 6.87 投资要点： 52周股价波动（元） 4.61-7.32 总股本/流通A股（百万股） 10228/8510  燃料成本下降致归母净利润大幅增长。公司发布 2023 年年报，全年实现营 总市值/流通市值（百万元） 70263/70263 收1172亿元，YOY+9.45%；归母净利润45亿元，YOY+3789%；基本每股 相关研究 收益 0.35元。公司业绩大幅改善主因燃料成本同比下降 8.93%。公司 2023 市《场发表电现资 产整合，股息回报凸显》 年利润分配预案为派发股息每股 0.15 元（含税），总额合计约为 15.34 亿元 2[T0a2b1le.0_9Q.0u1o teInfo] 华电国际 海通综指 （含税），分配总额占可供分配归母净利润的 43.65% ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨华电国际（ ） 600027.SH [电Ta力b主le_业T经itle营] 显著修复，煤炭收益限制业绩增长 报告要点 [得Ta益bl于e_成Su本m端m的ar显y]著回落，公司电热力业务实现毛利65.84亿元，较2022年毛利层面亏损3.93 亿元大幅修复，煤炭贸易业务也实现毛利4.80亿元，同比增长683.88%。2023年公司计提资 产减值损失5.27亿元，在一定程度上限制业绩表现。2023年公司投资收益为37.59亿元，同 比减少21.64%，其中华电新能贡献投资收益29.50亿元，同比增长13.72%，而参股煤炭公司 ...

X·[Table_StockInfo] 买入 2024年 03月 28日 （维持） 证券研究报告•2023年年报点评 当前价： 6.78元 华电国际（600027） 公用事业 目标价： ——元（6个月） 业绩符合预期，火电利润修复 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2023年年报，实现营收 1171.76亿元，同比增长 9.5%；实现 [分Ta析bl师e_：Au池th天or惠] 归母净利润45.2亿元，同比增长44.2亿元。 执业证号：S1250522100001 电话：13003109597 23Q4公司实现营收 264.5亿元；实现归母净利润0.2亿元，营收环比Q3下降 邮箱：cth@swsc.com.cn 15.4%，归母净利润环比下降19亿元，主要系上网电价环比下降1.5%； 分析师：刘洋  量增价减火电营收稳定，煤价低位运行盈利有望持续修复。分业务看，火电/水 执业证号：S1250523070005 电板块分别实现营收943/18.9亿元，同比分别+0.9%/-8.5%。报告期内，火电/ 电话：18019200867 水电完成发电量 2145/93亿 ...

Investment Rating - The report assigns a "Strong Buy" rating to the company with a target price of 8.1 CNY, indicating an 18% upside from the current price of 6.87 CNY [1][7]. Core Insights - The report discusses the long-term positioning and valuation of thermal power, emphasizing that the "second half" for thermal power may officially begin in 2024, driven by capacity pricing and auxiliary service revenue enhancement [1][6]. - Short-term, the thermal power index has shown significant excess returns, primarily due to the market adjusting its EPS expectations for thermal power [5][24]. - Long-term, the report suggests that the introduction of capacity pricing will stabilize earnings and reduce volatility, while the growing share of renewable energy will necessitate thermal power's role in grid stability [31][30]. Summary by Sections Company Overview - Huadian International is a leading thermal power operator in China, focusing primarily on thermal power operations after divesting its renewable energy assets in 2021. As of 2023, the company has a total installed capacity of 58.45 million kW, with coal-fired capacity at 46.89 million kW [1][14]. Short-term and Long-term Perspectives - In the short term, the report notes that the market's concerns over coal and electricity price uncertainties have been alleviated, leading to a recovery in thermal power earnings expectations [25][26]. - For the long term, the report anticipates that the introduction of capacity pricing will provide a safety net for earnings, while the increasing share of renewable energy will highlight the need for thermal power to adapt and provide grid support [29][30]. Operational Capability - The report highlights Huadian International's superior operational quality compared to peers, with a focus on ROE recovery and a stable dividend capacity due to reduced capital expenditure needs following the divestiture of renewable assets [37][42]. Profit Forecast and Valuation - The company is expected to achieve net profits of 7.37 billion CNY, 8.13 billion CNY, and 9.30 billion CNY for the years 2024 to 2026, representing year-on-year growth rates of 63.0%, 10.3%, and 14.4% respectively [2][50]. - The report employs a segmented valuation approach, estimating a target market value of 82.6 billion CNY for 2024, based on the net asset values of its thermal and hydropower segments [57][58].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in the thermal power sector has significantly improved due to a decrease in coal costs, leading to a substantial increase in profits [4][5] - The company reported a revenue of 117.18 billion yuan for 2023, a year-on-year increase of 9.45%, and a net profit attributable to shareholders of approximately 4.52 billion yuan, a significant rise from 116 million yuan in 2022 [4][6] - The average on-grid electricity price for the company was 516.98 yuan per megawatt-hour, a slight decrease of 0.44% year-on-year, while the coal price dropped by 12.24% to 1,038.56 yuan per ton [4][5] - The company expects to generate additional revenue of nearly 4.7 billion yuan from capacity pricing in 2024, supported by a stable thermal power business outlook [4] Summary by Sections Financial Performance - The company achieved a total revenue of 117.18 billion yuan in 2023, with a year-on-year growth rate of 9.5% [6] - The net profit attributable to shareholders reached 4.52 billion yuan, reflecting a year-on-year increase of 3,789% [6] - The company’s gross profit margin improved significantly, with a gross profit of 7.59 billion yuan from thermal power operations, a 497% increase year-on-year [4][6] Cost Structure - The company's coal cost decreased, contributing to improved profitability in the thermal power sector [4][5] - Financial expenses were reduced to 3.60 billion yuan, a decrease of approximately 10.95% year-on-year, due to refinancing efforts [5] Future Outlook - The company has adjusted its profit forecasts for 2024 and 2025, projecting net profits of 7.01 billion yuan and 7.52 billion yuan, respectively [4][6] - The report anticipates continued improvement in the thermal power business, bolstered by the implementation of capacity pricing [4]

Investment Rating - The investment rating for Huadian International (600027.SH) is "Buy" [1][4] Core Views - The company's revenue has steadily increased, with a significant year-on-year growth in net profit. In 2023, the company achieved a revenue of 117.176 billion yuan (+9.45%) and a net profit attributable to shareholders of 4.522 billion yuan (+3789.00%) [1][5] - The increase in revenue is primarily driven by an increase in coal trading volume, while the substantial growth in net profit is attributed to a decrease in fuel costs, which were approximately 75.462 billion yuan in 2023 (-8.93%) [1][5] - The company's installed capacity for thermal power generation has further increased, which is expected to drive performance growth. As of 2023, the company has a controlling installed capacity of 58.45 GW, including coal power (46.89 GW), gas power (9.09 GW), and hydro power (2.46 GW) [1][14] - The stabilization of electricity prices and the decline in coal prices are expected to further improve the profitability of thermal power generation [1][15] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 117.176 billion yuan, a 9.45% increase from the previous year. The net profit attributable to shareholders was 4.522 billion yuan, reflecting a dramatic increase of 3789.00% [2][5] - The company's investment income was approximately 3.776 billion yuan, a decrease of 21.41% year-on-year, mainly due to reduced earnings from coal enterprises [1][5] Installed Capacity and Projects - The company has increased its thermal power generation capacity, with 3.70 GW of new power generation projects put into operation in 2023, including 3.02 GW of coal power and 0.68 GW of gas power [1][14] - The company has approved and under-construction units with a total capacity of 6.54 GW, which includes 3.32 GW of coal power and 2.92 GW of gas power [1][14] Profitability and Cost Management - The company's gross margin improved to 6.43% in 2023, an increase of 6.00 percentage points year-on-year, primarily due to the decline in coal prices [1][12] - The company is implementing various measures to enhance operational efficiency, including optimizing coal procurement and reducing financial costs through refinancing [1][15] Future Outlook - The company has raised its profit forecast due to the growth in coal power generation capacity and the decline in coal prices. Expected net profits for 2024-2026 are projected to be 6.8 billion yuan, 7.5 billion yuan, and 8.1 billion yuan, respectively [1][15]