华能国际（0902.HK）：2Q26 业绩不及预期，单位燃料成本在 1Q26 触底后 2026 年反弹；因低收益率卖出

研报英文原文证据摘录

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18 Aug 2026 11:16:23 ET │ 15 pages

Huaneng Power International (0902.HK)

2Q26 Earnings Miss on Unit Fuel Cost Trough in 1Q26 and Rebound in

2Q26; Sell for Low Yield

CITI'S TAKE

Huaneng Power’s reported earnings beat with net profit (PRC GAAP) 51.0% yoy and -53.1% qoq to Rmb2,102m in 2Q26 primarily suffering from

unit fuel cost rise (+4.3% yoy and +14.7% qoq to Rmb281.03/MWh). For

1H26, its net profit (IFRS) reduced 28.3% yoy to Rmb6,868m, which was

worse than consensus estimate assuming to -17% but similar as Citi

forecasting it to -28% in 2026E. The 1H26 profit decline were mostly from

(i) higher than expected PRC unit fuel cost at Rmb263/MWh (-2.6% yoy),

including a rebound +14.7% qoq to Rmb281/MWh in 2Q, (ii) on-grid PRC

tariff decline by 4.58% yoy to Rmb463.02/MWh mostly from intensified

market-based competition; (iii) PRC electricity sales volume cut (-2.97%

yoy to 199.578bn kWh) and (iv) less earnings (-45.6% yoy to Rmb614m)

from Tuas Power in Singapore with increased power purchase cost subject

to higher carbon tax. We expect consensus (Bloomberg) 2026E net profit

to be cut.

Unit fuel cost trough in 1Q26 and rebound in 2Q26 — Huaneng’s unit fuel cost

(incl. coal & NG) was -2.8% yoy to Rmb263/MWh in 1H26, including +4.3% yoy and

+14.7% qoq to Rmb281/MWh in 2Q26; its quarterly unit fuel cost was trough in 1Q26

and rebounded in 2Q26. Its unit fuel cost of coal-fired plants was -2.4% yoy to

Rmb251.5/MWh in 1H26, comprising +5.5% yoy and +15.3% qoq to Rmb270/MWh

in 2Q26. Its unit fuel cost of gas-fired plants was -6.0% yoy to Rmb404/MWh in

1H26, including -1.4% yoy but +18.2% yoy to Rmb443.82/MWh in 2Q26. Its

standard coal cost (incl. coal & NG) was -2.8% yoy to Rmb891/tonne in 1H26,

comprising +4.4% yoy and +3.8% qoq to Rmb907/tonne in 2Q26. The standard coal

cost of coal-fired plants was -1.9% yoy to Rmb833/tonne in 1H26. including +5.7%

yoy and +5.8% qoq to Rmb855.79/tonne in 2Q26. The standard coal cost of gasfired plants was -4.5% yoy to Rmb2,057/tonne in 1H26, comprising +3.8% yoy but 4.0% qoq to Rmb2,013/tonne in 2Q26. Its coal procurement reduced 2.8% yoy to

Sell

Price (18 Aug 26 16:10)

HK$5.69

Target price

HK$4.60

Expected share price return

…