华能国际20241030

Key Takeaways Company Performance - Revenue and Profit: The company achieved a consolidated operating revenue of 184.396 billion yuan in the first three quarters, a decrease of 3.62%. Net profit attributable to shareholders was 10.41 billion yuan. Adjusted net profit increased by 6.73% to 100.28 billion yuan compared to the same period last year. - Electricity Generation: The company's domestic power plants generated 34.124 billion kWh of electricity in the first three quarters, a year-on-year increase of 1.14%. The average settlement price per MWh was 496.27 yuan, a decrease of 2.63% year-on-year. - Fuel Supply: The company's unit fuel cost for power plants decreased by 8.74% year-on-year to 303.47 yuan per MWh. It utilized long-term resource supply frameworks and flexible import coal adjustments to optimize fuel supply. - Renewable Energy: The company added 5.2786 million kW of installed capacity in the first three quarters, including 1.4675 million kW of wind power, 3.7531 million kW of solar power, and 58,000 kW of gas-fired power. The proportion of low-carbon clean energy increased to 33.8%. - Overseas Operations: In Singapore, the company achieved a profit of 2.247 billion yuan, a decrease of 1.394 billion yuan year-on-year. In Pakistan, the Shiwai Valley Power Plant achieved a profit of 6.7 billion yuan, an increase of 2.11 billion yuan year-on-year. Future Outlook - Fourth Quarter: The company will continue to promote the construction of clean energy projects, optimize the grid connection rhythm, and vigorously develop green real estate. It will closely monitor coal market changes, optimize supply structures, and control fuel costs. - 2025: The company will continue to promote the development of clean energy, maintain a steady pace with market policies, and focus on quality and profitability. It will also actively expand financing channels and make full use of green financial policies to reduce costs. - Coal Market: The company expects the coal market to improve further in 2025, with supply and demand fundamentals improving. Coal prices are expected to continue to decline slightly, but the decline will be limited. Q&A - Coal Price Forecast: The company expects the coal market to improve further in 2025, with supply and demand fundamentals improving. Coal prices are expected to continue to decline slightly, but the decline will be limited. - Renewable Energy Development: The company will continue to strive to achieve the 2015 renewable energy development target and will not adjust the development goal for renewable energy in the future. - Coal Power Generation: The company will maintain the quality of its coal-fired power plants and search for projects that can replace the shutdown projects. It will also have some new projects to help fill the gap. - Coal Power Capacity: The company's coal-fired power capacity is expected to reach 1.46 billion kilowatts by the end of 2024 and 1.2 billion kilowatts by the end of 2025. The government has entered the preliminary research for the 15th Five-Year Plan. - Renewable Energy Market: The company will continue to promote the development of renewable energy and actively participate in the market. It will also continue to optimize the development of coal-fired power generation and adjust the energy structure. - Coal Power Generation Cost: The company's coal-fired power generation cost decreased by 8.74% year-on-year to 303.47 yuan per MWh. - Coal Market: The company expects the coal market to improve further in 2025, with supply and demand fundamentals improving. Coal prices are expected to continue to decline slightly, but the decline will be limited. - Carbon Emission Trading: The company's carbon emission trading expenses increased significantly in the first three quarters due to price increases and the allocation of quotas. The company expects the carbon emission trading expenses to be slightly better than last year in 2025. - Coal Procurement Plan: The company has not yet started the 2025 coal procurement plan and will determine the overall coal procurement plan based on the national production plan and the situation with suppliers.