HPI(600011) 申万宏源证券·2025-04-29 09:11Investment Rating - The report maintains an "Outperform" rating for Huaneng International [2] Core Views - The company's Q1 2025 performance shows a significant improvement in thermal power profitability, driven by a substantial decrease in fuel costs and a favorable operating environment [7] - The report highlights that the company's coal-fired power segment has benefited from a drop in coal prices, with the average spot price of Qinhuangdao 5500 kcal thermal coal falling by approximately 20% year-on-year [7] - The report anticipates continued improvement in profitability for the coal power segment due to further declines in coal prices and stable long-term contract prices [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 241,484 million yuan, with a year-on-year decline of 1.7% [6] - The net profit attributable to the parent company is expected to reach 11,758 million yuan in 2025, reflecting a year-on-year growth of 16% [6] - Earnings per share (EPS) is forecasted to be 0.75 yuan for 2025, with a projected price-to-earnings (PE) ratio of 10 [6] - The company's return on equity (ROE) is expected to improve to 8.0% in 2025 [6] Segment Performance - In Q1 2025, the company reported a total operating revenue of 60,335 million yuan, a decrease of 7.7% year-on-year, while net profit increased by 8.2% to 4,973 million yuan [7] - The thermal power segment's tax profit reached 39.82 million yuan, significantly up from 28.25 million yuan in the previous year, indicating strong performance [7] - The renewable energy segment saw a 51.7% increase in installed capacity, with wind and solar power generation increasing by 8.81% and 51.21% respectively [7]