Dongguan Securities: Approval for Huadian International's asset restructuring, maintains "buy" rating.

Dongguan Securities Research Report pointed out that the asset restructuring of Huaeng International has successfully completed the necessary decision-making and approval procedures. After the restructuring, the company's controlling installed capacity will reach 75,878.6 MW. Assuming that the operating data of 2024 is used as the base, the company's operating income will increase by 25.07% and net profit attributable to shareholders will increase by 5.93% after the restructuring. Overall, this restructuring will help improve the company's asset size and operating performance. As one of the largest listed power generation companies in China in terms of installed capacity, this restructuring will help improve the company's asset size and operating performance, with promising future development prospects. It is expected that the EPS for 2025-2027 will be 0.64 yuan, 0.69 yuan, and 0.73 yuan respectively, with corresponding PE ratios of 9 times, 9 times, and 8 times, maintaining a "buy" rating on the company.