CICC: Upgrades Huaneng Power's target price to HKD 8.03, with third-quarter performance hitting a record high
CICC released a research report stating that it maintains Huaneng Power's "outperform the industry" rating. Considering the current attractiveness level of the dividend yield in the A-share and Hong Kong stock markets, it keeps the A-share target price unchanged at RMB 10.49 and raises the Hong Kong stock target price by 20% to HKD 8.03. Huaneng's operating revenue in the third quarter this year was RMB 60.94 billion, a year-on-year decrease of 7.1%, with a net profit attributable to the parent company of RMB 5.58 billion, a year-on-year increase of 89%, significantly exceeding CICC's expectations. In the first nine months of this year, the net profit attributable to the parent company was RMB 14.84 billion, a year-on-year increase of 43%, setting a historical high. CICC stated that due to the better-than-expected performance in the first three quarters, both thermal power and new energy performed well, and it raised the company's net profit attributable to the parent company for 2025 to 2026 by 26% and 10% to RMB 16 billion and RMB 14.4 billion, respectively
According to the Zhitong Finance APP, China International Capital Corporation (CICC) released a research report stating that it maintains an "outperform industry" rating for Huaneng Power International (00902). Considering the current attractiveness of the dividend yield in the A-share and Hong Kong stock markets, it keeps the target price for A-shares (600011.SH) unchanged at 10.49 yuan and raises the target price for Hong Kong stocks by 20% to HKD 8.03.
In the third quarter of this year, Huaneng reported an operating income of 60.94 billion yuan, a year-on-year decrease of 7.1%, and a net profit attributable to the parent company of 5.58 billion yuan, a year-on-year increase of 89%, significantly exceeding CICC's expectations. In the first nine months of this year, the net profit attributable to the parent company reached 14.84 billion yuan, a year-on-year increase of 43%, setting a historical high. CICC stated that due to the better-than-expected performance in the first three quarters, both thermal power and renewable energy performed well, and it raised the company's net profit attributable to the parent company for 2025 and 2026 by 26% and 10% to 16 billion yuan and 14.4 billion yuan, respectively
