600027华电国际H股通函20210401.PDF

1、 Huadian Power International Corporation Limited*1071 2021 1 29 4 27 28 29 49 14668 125 128 i.1.4.28.29.50.83.118.120.121.125 1 30%H A 14668 2 6 65%65%3 53%571 1.00%*4 Huadian Power International Corporation Limited*1071 2 1 31 I.5 II.65%2,822,503,971.45(i)65%2,095,704,651.68 2,095,704,651.68=(4,386

2、,346,998.48-1,162,185,995.9)x 65%(1)4,386,346,998.48(2)1,162,185,995.9 2014-2019 6(3)65%(ii)726,799,319.77 726,799,319.77=771,328,762.86-44,529,443.09(1)771,328,762.86(1)(2)44,529,443.09(1)391,582,044325,196,672.43(i)(ii)65%35%7 65%65%8(i)201742 201835(ii)(iii)(iv)9(i)(iii)(ii)(iii)(iii)(i)(ii)10(1)

3、(2)51%29%20%(i)5 1,439,477,025.44(ii)65%5 818,526,151.72(iii)15 5 564,500,794.29 11(i)(ii)65%(iii)(iv)(i)(ii)(iv)30 12 III.1.53%1,249,728,234 1,249,728,234=2,342,227,800+15,750,000 x53(i)2,342,227,800(ii)15,750,000(iii)53%(iv)100,000,000 178,250,000 278,250,000 254,400,000 13 53%53%14(i)201742 20183

4、5(ii)(iii)(iv)15(i)(iii)(ii)(iii)16(iii)(i)(ii)(1)(2)51%29%20%(i)5 637,361,399.34(ii)53%5 362,421,187.86 17(iii)15 5 249,945,646.8(i)(ii)53%(iii)18(iv)(i)(ii)(iv)30 2.14.61 14.62(1)a)b)19 c)d)e)f)g)(2)a)b)c)d)20 e)(1)f)2019 9 2022 11 34.45(2)25%g)(1)(2)30%254,400,000 4,072,232,205 21 h)(3)i)(4)j)29

5、29 IV.953,704,164.28 65%53%65%53%65%53%351,610,706.56 602,093,457.72(3)(4)(i)1(ii)18 22 2,040,000 V.(i)(ii)7000(i)(ii)23 VI.14A14A.81 14.07 5%14A 5%25%14 14 24 VII.1.1,332,655,261 65%35%129.25 89.39-167.28 94.79 76.12-141.97 7,837.24 3,671.44 4,386.35 2.1,050,000,000 53%25 21%14%9%3%96.65 42.75 47.7

6、1 87.95 38.86 43.42 3,833.41 1,204.48 2,342.23 VIII.46.84%26 IX.X.4,534,199,224 A 45.97%85,862,000 H 0.87%4 27 28 29 49 XI.27 XII.*28 Huadian Power International Corporation Limited*1071(i)(ii)(iii)4 27 28 29 49(i)(ii)(iii)*29 88 173 12 1209(i)65%(ii)53%14 14A(i)(ii)(iii)30(i)(ii)(iii)(i)13.84(ii)31

7、 13.80(i)(ii)32%40,942,846 91,752,980 87,419,418 4.96 5,182,313 8,215,730 6,268,605 31.06 2,411,435 3,385,324 1,445,736 134.16 4.96%134.16%33 65%35%2,044.95 3,982.95 3,805.62 4.66 94.79 76.12(141.97)4.66%94.79 7,837.24 3,671.44 34%383.46 588.91 219.34 168.49 87.95 38.86 43.42(10.50)3,833.41 1,204.48

8、 35 7,000(i)(ii)5,500 BSPI 640.00620.00600.00580.00560.00540.00520.00500.00480.00460.00 36(i)(ii)(iii)(iv)(a)(b)(v)37 1.65%2,822,503,971.45(i)65%2,095,704,651.68 4,386.347 1,162,185,995.9(ii)726,799,319.77 771,328,762.86 44,529,443.09 65%65%38(i)(ii)(SH000539)A 26%B A 55%A B(SH601778)70%(i)(ii)(iii)

9、(i)(ii)(i)(ii)(iii)39 68.2%67.8%(i)40(ii)BSPI(iii)88%16 41(i)(ii)(i)(ii)11 42 1,162,185,995.9 771,328,762.86 44,529,443.09 3,224,161,004.10(i)3,224,161,004.10 x65%=2,095,704,651.68(ii)771,328,762.86 44,529,443.09 726,799,319.77(iii)2.53%2,342,227,800 53%1,249,728,234 53%53%43 30%254,400,000 4,072,23

10、2,205 6.2%(i)(ii)(iii)(i)(ii)(iii)44(i)(ii)(iii)(iv)(v)(vi)16 45 14.62(i)(ii)(i)100%(ii)A.2022 2025 2025 46 B.C.(i)(ii)(iii)(iv)2.82%10 10 2.9341%2.82%47 7.12%2019 Aswath Damodaran 6.26%(i)(ii)14.62 48(i)(ii)11 1,034,250,000 15,750,000(i)2,342,227,800+15,750,000 x53%=1,249,728,234 1,249,728,234(ii)(

11、iii)49 3.953.7 65%53%65%53%351.6 602.1(i)(ii)6 25 50(2020)YCV1133 9164000075081496XJ 1 2003 9 8 51 1.91640000774928697L 13,000 2006 2 26%1,332,655,261.60 65.00 717,583,602.40 35.00 2,050,238,864.00 100.002.332 60 1 2 2007 6 9 106 3 4 2011 1 5 52 2018 11 1 3,660 155 2019 3 3,179 3.2600MW21060MW 53 4.

12、2018 12 31 2019 12 31 2020 6 30 900,571.60 841,972.60 783,724.29 550,518.31 484,307.44 416,580.56 350,053.29 357,665.16 367,143.73 2018 2019 2020 1-6 380,562.12 398,294.73 204,495.18-16,727.85 8,938.56 12,924.62-14,196.70 7,611.87 10,985.93 2020 6 30 2020 16 54 7,837,242,851.74 666,846,502.56 6,872,

13、085,815.42 169,939,102.51 107,443,082.47 20,928,348.78 4,165,805,595.92 2,923,868,239.32 1,234,675,000.00 491,259.00 6,771,097.60 3,671,437,255.82 2020 6 30 666,846,502.56 1,536,965.53 70,380,000.00 391,489,705.93 6,826,448.65 2,454,319.69 179,524,179.98 14,634,882.78 7,170,396,349.18 6,872,085,815.

14、42 169,939,102.51 107,443,082.47 20,928,348.78 7,837,242,851.74 2,923,868,239.32 1,410,000,000.00 393,744,474.90 696,514.81 8,487,088.29 7,870,061.22 18,192,955.76 58,077,144.34 1,026,800,000.00 55 1,241,937,356.60 1,234,675,000.00 491,259.00 6,771,097.60 4,165,805,595.92 3,671,437,255.82 2,050,238,

15、864.00 5,560,000.00 358,666,665.45 1,256,971,726.37 7,837,242,851.74 2020 6 30(2020)410FC00154 1.179,524,179.98 2.2,832,901,355.56 1,837,558,737.92 297 140 144,986.98 92,636.82 56 52,350.16 157 3.10,092,688,576.74 5,034,527,077.50 3,083 2,364 1#2#3#4#1#2#3#4#1#2#3#4#SCR DCS(DCS)2005 2019 70 2006 201

16、9 3 649 2005 2019 4.169,939,102.51 100MW 50MW 57 1.14 96,985,380.90 88,209,953.50(m2)L1(2017)0000487 2065/6/8 236,821.00 L2(2017)0000482 2065/6/8 257,772.00 1 L3(2017)0000483 2065/6/8 L4(2017)0000485 2065/6/8 L5(2017)0000488 2065/6/8 L6(2017)0000489 2065/6/8 58(m2)L7(2017)0000486 2065/6/8 213,689.00

17、 L8(2020)L0000703 2065/6/8 49,887.00 L9(2017)0000484 345,000.00 L10(2020)L0000704 242,333.00 L11(2020)L0000705 7,009.60 L12(2007)0438 428,306.00 L13(2020)L0000716 35,682.00 L14(2018)L0006925 41 431,590.00 1.L2-L6 59 14 14 2.38 26,662,279.70 19,233,128.97 37 1 2008 12 2019 12 2011 1 15 1 2017/5/27 ZL

18、201710389893.7 2 2016/7/19 ZL201610575505.X 3 2019/5/29 ZL201920875348.3 60 4 2017/9/13 ZL201721168477.6 5 2016/9/19 ZL201621060028.5 6 2016/7/19 ZL201620763873.2 61 7 2016/7/19 ZL20162-759486.1 8 2016/9/19 ZL201621063469.0 9 Vxworks 2016/7/19 ZL201620759482.3 10 2015/10/14 ZL201520792813.9 62 11 20

19、15/10/14 ZL201520792811.X 12 2015/10/14 ZL201520792528.7 13 SCR 2016/11/14 ZL201621241961.2 14 1000MW 2013/4/9 ZL201320174170.2 15 2016/9/28 ZL201621086636.3 63 2020 6 30 2020 16 2016 7 2 2018 10 26 2019 8 26 2019 8 26 91 1991 12 14 2007 3 16 64 2017 4 21 86 2019 1 2 2 201364 2006274 2009941 32 2018

20、 12 29 33 76 691 201636 2019 39 2013 12 7 645 GB/T21010-2007 GB/T18507-2014 65 201743 201730 201836 201835 201733 201837 201838 201738 201739 201935 201746 201742 201747 201749 201748 66 2018 201981 2018 2018 2007 2011 2018 1985 2012 12 2013 5 1 67 2015101 2014101 2019 8 14 201213(1997)120 68 2020 W

21、ind 1.2.69 3.4.1.(1)=+KW 70 2018=+=+2=2(2)=+100%71 3.=(1)72(2)=+100%=Min=100%=100%4.(1)73(2)(3)3 5.(1)=(2)74 6.7.2020 8 20 2020 9 2 1.75 40%60%2.3.4.5.76 6.7.1.2.3.77 4.5.6.1.2.3.2020 11 2020 11 78 783,724.29 854,639.72 70,915.43 9.05%416,580.56 416,005.02-575.54-0.14%367,143.73 438,634.70 71,490.97

22、 19.47%2020 6 30%A B C=B-A D=C/A100%1 66,684.65 66,661.14-23.51-0.042 717,039.63 787,978.57 70,938.94 9.893 687,208.58 740,844.85 53,636.27 7.804 16,993.91 17,230.54 236.63 1.395 10,744.31 27,810.35 17,066.04 158.846 2,092.83 2,092.83 0.00 0.007 783,724.29 854,639.72 70,915.43 9.058 292,386.82 292,3

23、86.82 0.00 0.009 124,193.74 123,618.19-575.55-0.4610 416,580.56 416,005.02-575.54-0.1411 367,143.73 438,634.70 71,490.97 19.47 438,634.70 79 1.2020 6 30(2020)410FC00154 2.3.4.5.(2017)0000486(2017)0000488 6.100MW 50MW-#2 80 7.144,986.98 92,636.82 52,350.16 8.2017 5 31 2018 3 5 2017 6 1 2017 11 302017

24、 6 16 1,263,656.12 1,211,788.00 2020 4 29 1,263,656.12 179,266.00 2020 4 30 2020 4 30 1,263,656.12 6%9.2018 4 2018 8 81 19.57 10.11.12.1.2.3.4.5.6.82 7.2021 6 29 8.83 1 1 2003 09 08 2003 09 08 600027.SH 84 1.142 CBD 3 309 142 CBD 3 309 105,000 103,425 2017 10 23 2017 10 23 85 2.2017 10 23 105,000 10

25、3,425 1 14,700.00 14.00%14,700.00 14.21%2 22,050.00 21.00%22,050.00 21.32%3 9,450.00 9.00%9,450.00 9.14%4 55,650.00 53.00%55,650.00 53.81%5 3,150.00 3.00%1,575.00 1.52%105,000.00 100.00%103,425.00 100.00%86 3.4.(1)(2)87(3)146 3 13 82(4)2018.5.31-2048.5.31 2020039 2020/06/02 001 2020/03/05 2#4#642103

26、201912130103 2019/12/13 88 5.2018 12 31 2019 12 31 2020 6 30 42,412.86 28,257.42 34,451.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 258,042.45 251,502.14 0.00 2,519.84 68,353.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 161.79 130.98 0.00

27、 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.47 0.08 23,693.55 22,319.83 28,902.45 333,334.16 311,305.80 383,340.63 120,443.28 85,416.79 103,487.24 105,124.04 114,235.69 159,405.22 225,567.32 199,652.48 262,892.46 107,766.83 111,653.32 120,448.17 2018 2019 2020 1-6 21,934.13 58,891.00 38,346.31 1

28、8,895.12 58,416.57 27,419.97 34.01 47.92 31.76 0.00 0.00 0.00 89 2018 2019 2020 1-6 0.00 0.00 0.00 580.17 4,573.70 2,189.82 0.00 0.00 11.21 0.00 0.00 0.00-0.00 0.00 0.00-0.00 0.00 0.00 1,732.24 3,874.13 947.11-4,771.25 4,348.55 9,640.66 0.00 4.88 26.52 0.00 78.11 2.23-4,771.25 4,275.33 9,664.94 429.

29、41 388.84 870.09-4,341.83 3,886.48 8,794.852019 2018(2020)410FC00196(2020)410FC0019(2019)410FC0051 6.90 2020 6 30 2020 16 202016 383,340.63 262,892.46 120,448.17 91 1.2.34 30 30 1#3#4 36,053.77 13 3 1#3#4 5 1#3#4 29 29 1#3#3#3#92 3.(1)14 2018 2019(2)50 2018 2019 4(3)31 2018 2020 4.34.45 3,179.00 127

30、.6 79 2019 9 2022 25%93 2019 9 2022 9.97%5.(1)4 3 1(m2)(2018)L0007454 3,223.00 3#(2018)0058611 32,001.39 1#(2018)Y0003844 11,422.00 3.69 2,460.01 94(2)1 1 V1.0 4678361 2019/11/15 2019/11/15 2019/12/2 6.1 2019/11/17 2021/11/172 2019/10/18 2022/10/187.8.95 2020 6 30 2020 16 202016 1.2016 7 2 2.2018 10

31、 26 3.2019 4.86 5.2019 8 26 6.2019 8 26 96 7.2018 12 29 8.2007 11 28 197 9.2008 10 28 10.378 588 11.32 12.91 13.199236 14.12 15.2006274 16.36 17.2009941 18.2013 64 19.33 76 97 20.538 691 21.50 65 22.2019 39 23.201636 24.2010 2 26 26 25.201613 26.2015119 27.2013 12 7 645 28.109 127 29.30.1.201743 2.2

32、01730 3.201835 98 4.201836 5.201733 6.201837 7.201735 8.201838 9.201737 10.201738 11.201739 12.201742 13.201744 14.201746 15.201747 16.201748 17.201750 18.201935 1.2.3.4.99 5.1.81 2016 9 1 2.2012 12 2013 5 1 3.299 2015299 4.LPR 5.2013 6.2013 7.8.2020 9.10.11.12.13.14.15.100 16.17.18.2016504 19.20115

33、34 20.201158 21.2020 23 22.201297 23.201938;24.2019311 25.201957 26.Wind 27.1.(GB/T 18508-2014)2.(GB/T 18507-2014)3.(GB/T 50291-2015)4.1984 678 101 5.6.7.1.(1)=+=P=F 0+3r=1F i+ni=4F i+Fn(1+r 1)0.25(1+r 2)i(1+r 3)ir 3(1+r 3)n 102 P F0 2020 Fi i Fn r1 WACCr2 WACCr3 WACCn=(1+(2)2022 2025 2025 103(3)(4)

34、=(1+=+(5)WACC=Ke E/(E+D)+Kd(1-T)D/(E+D)E D Ke Kd T 104 CAPM Ke=rf+MRP+rcr f MRP rc(6)(7)(8)2.105 2020 10 20 2020 11 10 2020 10 20 1.2.3.2020 10 21 2020 10 29 1.(1)106(2)(3)(4)(5)2.(1)(2)107(3)(4)(5)(6)(7)108 1.2.3.4.5.6.7.1.2.3.4.109 5.6.2019 9 2022 34.45 25%7.8.9.10.29 29 383,340.63 262,892.46 120,

35、448.17 234,222.78 113,774.61 94.46%110 2022 234,222.78 2020 6 30(2020)410FC00196 111 2018 34 30 30 1#3#4 36,053.77 13 3 1#3#4 5 1#3#4 112 29 29 1 2018/9/14 2 2019/1/19 113 3 2019/4/30 1.2018 8 15 0290100007-2018 00069 800,000,000.00 2018 9 26 2033 6 20 0290100007-2018 0042 2.2018 10 23 1,000,000,000

36、.00 2018 10 23 2033 10 213.2018 11 30 HTWBTZ640120000201800096)1,400,000,000.00 2018 11 20 2032 11 19 HTWBTZ640120000201800098;2020 3 12 HTWBTZ640120000201800096-01)600,000,000.00 114 4.2020 3 26 HTZ640112342LDZJ202000001)50,000,000.00 2020 3 26 2021 3 25 HTC640112342YSZK202000001 HTC640112342YSZK20

37、2000002 5.2020 4 21 HTZ640112342LDZJ202000005)42,000,000.00 2020 4 21 2021 4 20 HTC640112342YSZK202000005 6.2020 4 16 YC20200005 200,000,000.00 2020 4 16 2035 4 7 YC20200001 2017123 2,000 40 8 115 4 AR927E 1J8HC58N 178,145.00 140,536.61 80,000.00 AJ632F CFA6501AA 119,377.00 94,175.19 24,000.00 A5142

38、1 CFA6501AA 119,377.00 94,175.19 21,500.00 A5D703 DN6512M 171,171.00 135,034.90 45,000.00 2020 6 30 2019 105,000 154,833.00 1 53%55,650.00 55,650.00 25,440.00 25,440.00 2 21%22,050.00 22,050.00 10,899.00 5,460.00 116 3 14%14,700.00 14,700.00 7,266.00 0.00 4 9%9,450.00 9,450.00 4,671.00 2,340.00 5 3%

39、3,150.00 1575 1,557.00 0.00 100%154,833.00 136,665.00 1.2.3.4.117 5.2020 11 10 118 100%14.61 1 14.62(2)119 3000 14.62(2)120 Huadian Power International Corporation Limited*1071 8 2 12 14.61*121 1.2.XV XV 7 8 352 XV 2 3 122 3.6 123 4.5.6.8.10 7.124 8.(a)14800(b)2(c)H 183 17 1712-1716(d)(e)9.(i)(ii)(iii)4 27(iv)28(v)29 49 15 8 125 Huadian Power International Corporation Limited*1071 14668 1.2.(1)65%(2)53%126 127 1.H H H H H H 183 17 1712-1716 2.3.4.(1)(2)(3)2(86)10 8356 7903(86)10 8356 7963(4)183 17 1712-1716(852)2862 8628(852)2865 0990/2529 6087 128 5.*