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Huaneng Power International
(0902)
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Rating:55Neutral
Price Target:
HK$6.00
▲(6.38% Upside)
Action:Reiterated
Date:10/29/26
The score is held back primarily by financial quality concerns: recent TTM revenue/margin pressure, elevated leverage, and thin/inconsistent free cash flow. Technical indicators add a neutral-to-weak near-term backdrop. These are partly offset by an attractive dividend yield and earnings-call commentary suggesting incremental tariff improvement and ongoing clean-energy buildout, though near-term profitability pressure remains significant.
Positive Factors
Clean-energy expansion
Rapid expansion in wind, solar, and gas capacity is steadily shifting the portfolio toward lower-carbon generation. This broadens the company’s long-term asset base, supports participation in China’s energy transition, and reduces reliance on coal-fired generation over the next several years.
Negative Factors
Earnings deterioration
The sharp decline in attributable profit, alongside lower revenue, indicates that recent earnings quality is under pressure rather than simply experiencing slower growth. Persistent weakness would reduce internal funding for expansion, constrain shareholder distributions, and make recovery more dependent on tariffs, utilization, and fuel costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Clean-energy expansion
Rapid expansion in wind, solar, and gas capacity is steadily shifting the portfolio toward lower-carbon generation. This broadens the company’s long-term asset base, supports participation in China’s energy transition, and reduces reliance on coal-fired generation over the next several years.
Read all positive factors
Huaneng Power International (0902) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$126.60B
Dividend Yield7.52%
Average Volume (3M)19.60M
Price to Earnings (P/E)25.4
Beta (1Y)0.38
Revenue Growth-3.23%
EPS Growth7.26%
CountryHK
Employees56,104
SectorUtilities
Sector Strength65
IndustryIndependent Power Producers
Share Statistics
EPS (TTM)0.67
Shares Outstanding4,700,383,300
10 Day Avg. Volume24,642,250
30 Day Avg. Volume19,602,595
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)0.67
Price to Sales (P/S)0.41
P/FCF Ratio10.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$7.06Price Target Upside25.27% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)0.63
Revenue Forecast (FY)HK$223.38B
Huaneng Power International Business Overview & Revenue Model
Company Description
Huaneng Power International, Inc., along with its affiliated entities, primarily generates and distributes electricity to regional and provincial grid companies both within the People's Republic of China and internationally. The company's core ope...
How the Company Makes Money
Huaneng Power International makes money mainly by producing electricity (and, in some locations, heat/steam) and selling it under regulated or market-based arrangements.
1) Electricity sales (core revenue stream)
- Grid/market sales: The company ...
Huaneng Power International Earnings Call Summary
Earnings Call Date:Oct 27, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Mar 23, 2027
Earnings Call Sentiment Neutral
The call presented a mixed outlook. The company highlighted substantial clean-energy capacity additions, positive overseas and segment-level profitability, improving PV performance, lower wind costs and curtailment, and plans for further renewable and energy-storage development. However, these positives were offset by a 4.12% revenue decline, a 47.29% decline in shareholder-attributable net profit, lower power sales and average tariffs, higher coal costs, losses at a significant share of coal-fired units, weaker demand growth, and incomplete cost pass-through. Overall, the positive operational and transformation developments were balanced by significant financial and market pressures.Positive Updates
Clean-Energy Capacity Expansion
From the beginning of 2026 through the end of September, the company added 5.16 GW of installed capacity, including 3.93 GW of wind and solar and 1.23 GW of gas-fired capacity. Total installed capacity under control reached 160 GW, while low-carbon clean energy represented 42.92%.
Negative Updates
Revenue and Attributable Net Profit Declined Sharply
By the end of September, consolidated operating revenue was CNY 165.85 billion, down 4.12% year-on-year. Net profit attributable to shareholders was CNY 7.82 billion, down 47.29% year-on-year, and earnings per share was CNY 0.39.
Read all updates
Q3-2026 Updates
Positive
Negative
Clean-Energy Capacity Expansion
From the beginning of 2026 through the end of September, the company added 5.16 GW of installed capacity, including 3.93 GW of wind and solar and 1.23 GW of gas-fired capacity. Total installed capacity under control reached 160 GW, while low-carbon clean energy represented 42.92%.
Read all positive updates
Company Guidance
For the fourth quarter of 2026, the company will improve research and analyzation towards power demand and supply, guide mid and long term electricity contracts, better balance price and production, improve efficiency, control coal cost via multiple channels, optimize fuel supply structure, and prepare for 2027 mid and long-term contract signing. The company expects “a slightly improve in the tariff at the signing price in the year of 2027” and said medium and long-term contract signing price will be “stable, while we will see a slight increase”; 2026 power consumption growth is expected to be “around 4%,” while 2027 demand and supply will be “in the balance or compared to the loose state.” Renewable-sector tariffs are “experiencing its bottom” and are expected to “see a rebound in the near future”; about 10 GW of renewables are under construction, and the 2027 installed-capacity increase plan will “keep stable,” with precision data disclosed at some time.Huaneng Power International Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
55
Neutral
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 276.40B | 229.29B | 245.55B | 254.40B | 246.72B | 204.61B |
| Gross Profit | 46.08B | 42.30B | 37.19B | 30.78B | 7.50B | 41.77B |
| EBITDA | 44.31B | 58.21B | 51.71B | 47.04B | 24.13B | 16.44B |
| Net Income | 12.06B | 14.41B | 10.14B | 8.45B | -10.08B | -13.19B |
Balance Sheet | ||||||
| Total Assets | 622.42B | 611.79B | 586.84B | 541.16B | 502.61B | 500.77B |
| Cash, Cash Equivalents and Short-Term Investments | 22.48B | 19.46B | 19.93B | 16.85B | 17.18B | 16.35B |
| Total Debt | 290.87B | 276.91B | 256.93B | 253.78B | 300.51B | 297.70B |
| Total Liabilities | 406.58B | 399.27B | 383.79B | 369.80B | 376.06B | 367.21B |
| Stockholders Equity | 143.47B | 142.47B | 137.41B | 52.51B | 108.54B | 113.05B |
Cash Flow | ||||||
| Free Cash Flow | 2.33B | 8.89B | -13.12B | -13.88B | -8.21B | -37.45B |
| Operating Cash Flow | 55.65B | 67.21B | 50.53B | 45.50B | 32.52B | 6.03B |
| Investing Cash Flow | -52.37B | -57.29B | -63.60B | -55.23B | -39.97B | -42.66B |
| Financing Cash Flow | -4.16B | -10.50B | 15.48B | 9.42B | 7.97B | 39.77B |
Huaneng Power International Technical Analysis
Positive
5.64
Price Trends
5.77
Positive
5.84
Positive
5.77
Positive
Market Momentum
>-0.01
Positive
56.98
Neutral
44.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0902, the sentiment is Positive. The current price of 5.64 is below the 20-day moving average (MA) of 5.99, below the 50-day MA of 5.77, and below the 200-day MA of 5.77, indicating a bullish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 56.98 is Neutral, neither overbought nor oversold. The STOCH value of 44.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0902.
Huaneng Power International Risk Analysis
Huaneng Power International disclosed 26 risk factors in its most recent earnings report. Huaneng Power International reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Huaneng Power International Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | HK$100.80B | 7.61 | 11.72% | 5.61% | 2.19% | 1.10% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
63 Neutral | HK$67.22B | 12.12 | 8.12% | 6.08% | 12.74% | 6.35% | |
62 Neutral | HK$86.50B | 11.07 | 17.54% | 7.08% | 3.20% | 59.26% | |
62 Neutral | HK$265.14B | 22.92 | 8.63% | 2.88% | -16.31% | 21.48% | |
62 Neutral | HK$32.72B | 17.86 | 3.55% | 7.22% | -4.60% | -50.42% | |
55 Neutral | HK$126.60B | 25.37 | 7.10% | 7.52% | -3.23% | 7.26% |
* Utilities Sector Average
HK:0902
Huaneng Power International
6.11
0.14
2.35%
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Huaneng Power International Corporate Events
Huaneng Power Sets New Parent-Group and Leasing Frameworks for 2027–2029
Oct 28, 2026
Huaneng Power International has signed a 2027 framework agreement with its ultimate controlling shareholder, Huaneng Group, to govern a broad range of continuing connected transactions, including fuel and transport procurement, equipment purchases...
Huaneng Power Profit Slumps Sharply in Q3 2026 Despite Solid Cash Flow
Oct 27, 2026
Huaneng Power International reported unaudited third-quarter 2026 results under PRC GAAP, showing a modest decline in operating revenue but a sharp contraction in profitability versus a year earlier. The company’s return on net assets fell n...
Huaneng Power International Moves to Elect New Three-Year Board
Oct 27, 2026
Huaneng Power International has launched the process to elect the twelfth session of its board of directors as the term of the eleventh board nears expiry. The nomination committee has recommended 17 candidates for non-employee representative dire...
Huaneng Power Raises Investment in Shidaowan Nuclear Through Connected Capital Increase
Oct 27, 2026
Huaneng Power International has agreed to inject RMB315 million into Shidaowan Nuclear via a pro rata capital increase alongside other shareholders, leaving its 22.5% equity stake unchanged while raising Shidaowan Nuclear’s registered capita...
Huaneng Power International Moves to Tighten Governance With Articles Amendments
Oct 27, 2026
Huaneng Power International’s board has approved a proposal to amend the company’s Articles of Association and will submit it to a general meeting for shareholder consideration. The move is aimed at strengthening standardized operation...
Huaneng Power International Schedules Global Call on Q3 2026 Results
Oct 20, 2026
Huaneng Power International will release its third quarter 2026 results on the evening of 27 October 2026 and has scheduled a global investor conference call for 28 October 2026, from 16:00 to 17:30 Beijing time. Senior management, including the c...
Huaneng Power International Raises RMB3 Billion via Super Short-Term Commercial Papers
Oct 20, 2026
Huaneng Power International has issued its fourteenth tranche of super short-term commercial papers for 2026, raising RMB3 billion in the domestic bond market with an 88-day maturity and a 1.30% interest rate. The issuance forms part of a broader ...
Huaneng Power Raises RMB2 Billion in Twelfth Tranche of 2026 Mid-Term Notes
Oct 16, 2026
Huaneng Power International has completed the issuance of its twelfth tranche of mid-term notes in 2026, raising RMB2 billion in the domestic bond market with a five-year maturity and a 1.58% interest rate. The notes were underwritten by China Con...
Huaneng Power International Raises RMB2 Billion Through 2026 Mid-Term Notes
Oct 15, 2026
Huaneng Power International Inc. has disclosed the completion of its eleventh tranche of mid-term notes issued in 2026 under a shareholder-approved debt mandate allowing up to RMB170 billion in outstanding financing during the current authorizatio...
Huaneng Power Sees Lower Electricity Sales as China’s New Energy Output Rises
Oct 14, 2026
Huaneng Power International reported that electricity sold by its operating power plants in China fell 9.90% year-on-year in the third quarter of 2026 to 113.321 billion kWh, and declined 5.60% to 312.900 billion kWh for the first three quarters. ...
Huaneng Power Raises RMB3 Billion via Super Short-Term Commercial Papers
Oct 13, 2026
Huaneng Power International, Inc. has issued its thirteenth tranche of super short-term commercial papers for 2026, raising RMB3 billion in the domestic bond market with a maturity of 88 days and a 1.30% interest rate. The issuance forms part of a...
Huaneng Power Sets October Board Meeting to Approve Nine-Month Results
Oct 12, 2026
Huaneng Power International, Inc. has scheduled a board meeting for 27 October 2026 in Beijing to review and approve the unaudited consolidated results for the nine months ended 30 September 2026, covering the company and its subsidiaries. The upc...
Huaneng Power Wins Regulatory Backing for Coal Power Infrastructure REIT Spin-Off
Sep 21, 2026
Huaneng Power International, Inc. has secured key regulatory approvals for the spin-off and separate listing of a coal-fired power infrastructure real estate investment trust on the Shanghai Stock Exchange. The Great Wall Huaneng Coal-fired Power ...
Huaneng Power Raises RMB2.5 Billion via Super Short-Term Commercial Paper
Sep 14, 2026
Huaneng Power International has issued its twelfth tranche of super short-term commercial papers for 2026, raising RMB2.5 billion in the domestic bond market with a 68-day maturity and a 1.32% interest rate. China Everbright Bank and Bank of Beiji...
Huaneng Power Raises RMB2.5 Billion via Super Short-Term Commercial Papers
Sep 10, 2026
Huaneng Power International has issued its eleventh tranche of super short-term commercial papers in 2026, raising RMB2.5 billion in the domestic interbank bond market. The 65‑day notes, carrying an interest rate of 1.33% and underwritten by...
Huaneng Power Profit Slides as Green Shift and Lower Utilisation Hit Interim Results
Aug 18, 2026
Huaneng Power International reported interim consolidated operating revenue of RMB106,909 million for the first half of 2026, down 4.57% year on year, with net profit attributable to equity holders falling 28.29% to RMB6,868 million and earnings p...
Huaneng Power International Schedules 2026 Interim Results Call for Global Investors
Aug 11, 2026
Huaneng Power International has scheduled the disclosure of its 2026 interim results for the evening of 18 August 2026, and will host a global investor conference call on 19 August 2026 from 16:00 to 17:30 Beijing time. The call aims to give inves...
Huaneng Power Issues RMB2.5 Billion Mid-Term Notes for Debt Refinancing
Aug 7, 2026
Huaneng Power International has completed the issuance of its tenth tranche of mid-term notes for 2026, labeled as Special Debentures for Energy Supply Assurance, with a total size of RMB2.5 billion. The notes carry a 1.67% interest rate, a 2+N ye...
Huaneng Power International Sets Board Meeting to Approve 2026 Interim Results
Aug 6, 2026
Huaneng Power International, Inc. has scheduled a board meeting for 18 August 2026 to review and approve the interim results for the six months ended 30 June 2026, covering the company and its subsidiaries, ahead of their planned publication. The ...
Huaneng Power Investors Back Board and Committee Reshuffle at 2026 EGM
Aug 6, 2026
Huaneng Power International, Inc. held its first extraordinary general meeting of 2026 in Beijing on 6 August, where shareholders approved a key resolution put forward by the board. The meeting confirmed adjustments to the composition of the compa...
Huaneng Power International Details Board and Committee Structure
Aug 6, 2026
Huaneng Power International has announced the current composition of its board, detailing executive, non-executive, independent non-executive and employee representative directors, with Wang Kui serving as chairman. The company also outlined membe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.