Huadian Power International Corp Ltd HPIFY

UtilitiesElectric Utilities & IPPsChina

Last close 15.35 USD on Nov 2, 2026, +5.0% year to date

Quant rating

Quant rating A Rank 12 of 89 in Utilities

Growth C 43 of 89
Valuation C 44 of 89
Quality B 21 of 89
Revisions A 7 of 89
Momentum B 35 of 89

Wall Street consensus Buy (1.73)Average target 0.85 USD −94.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 8.5B
Enterprise value: 31.0B
52-week range: 14.04 – 18.09
3-year range: 14.04 – 18.09
Dividend yield: 6.46%
Beta (5 years): –
Shares outstanding: 11,612M
Next earnings: Mar 24, 2027

About the company

Huadian Power International Corp Ltd is a China-based company principally engaged in the generation and sale of electricity, heat and coal. The Company’s main business is the construction and operation of power plants, including large-scale and efficient coal-fired and gas-fired power generation units and a number of renewable energy projects. The Company's power generation types mainly include coal-fired power generation, natural gas power generation and hydropower generation. The Company mainly operates its businesses in the domestic market.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	18,020	19,386	16,509	15,522	16,468	–
Revenue growth	−7.0%	17.4%	6.4%	−5.7%	15.5%	4.8%
EPS (basic, normalized)	0.07	0.06	0.05	0.00	−0.10	–
EPS growth	12.0%	30.8%	3,235.0%	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	4.4%	3.5%	3.0%	−0.7%	−5.8%	0.9%
ROE	8.7%	8.5%	7.0%	0.2%	−7.3%	3.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	827
Current ratio	0.34x
Long-term debt (mil)	8,841
Net debt (mil)	22,294
Total equity (mil)	10,600
Net debt / equity	2.10x
Net debt / EBITDA	6.35x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	18,020	−7.0%	1.7x	3,509	+46.7%	8.8x	0.07	+12.0%	216.5x
2026	17,869	−0.8%	1.7x	3,484	−0.7%	8.9x	0.06	−12.5%	247.5x
2027	18,604	+4.1%	1.7x	3,924	+12.6%	7.9x	0.08	+23.0%	201.2x
2028	18,958	+1.9%	1.6x	4,678	+19.2%	6.6x	0.09	+12.9%	178.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	17,869	−1.1%	−1.9%	−0.7%	0.06	−5.3%	−8.7%	−2.7%
2027	18,604	−0.2%	+1.9%	+2.9%	0.08	+1.0%	+4.8%	+10.9%
2028	18,958	−0.8%	+2.1%	+3.6%	0.09	+3.2%	+11.3%	+17.0%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2020	Jun 2020	Sep 2020	Dec 2020	FQ-5	Jun 2021	Sep 2021	Dec 2021	Mar 2022	FQ0
Sales reported (mil)	22,116	19,146	21,970	26,670	29,005	23,977	24,274	26,143	28,630	20,543
Sales mean (mil)	21,390	–	–	–	–	–	–	–	–	–
Surprise	+3.4%	–	–	–	–	–	–	–	–	–
EPS reported	0.10	0.10	0.10	0.03	–	0.19	−0.19	−0.71	0.04	–
EPS mean	0.08	0.08	0.13	–	–	–	–	–	–	–
Surprise	+23.8%	+23.8%	−20.8%	–	–	–	–	–	–	–

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HPIFY Huadian Power International Corp Ltd	8.5B	6.35x	4.4%	0.83x	247.5x	201.2x	8.9x	7.9x
PGPKY PGE Polska Grupa Energetyczna SA	9.0B	0.25x	−5.7%	0.76x	9.8x	9.7x	2.9x	2.9x
BEP_u Brookfield Renewable Partners LP	9.0B	25.98x	−0.6%	2.05x	−39.6x	−133.1x	23.9x	21.7x
IDA IDACORP, Inc.	8.7B	5.95x	17.8%	2.09x	22.9x	21.1x	15.5x	12.9x
AEMMY A2A S.p.A.	8.3B	–	5.3%	1.25x	58.1x	57.1x	6.2x	6.0x
ELPC Companhia Paranaense de Energia	7.9B	–	10.2%	–	34.3x	27.2x	–	–
Mean		9.64x	5.3%	1.40x	55.5x	30.5x	11.5x	10.3x
Median		6.15x	4.9%	1.25x	28.6x	24.1x	8.9x	7.9x

Technical analysis

1M0.0%
3M+9.3%
1Y−14.7%
3Y+36.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Huadian Power International Corp Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	18,020	19,386	16,509	15,522	16,468	14,254
Cost of revenue	16,010	17,802	15,474	15,472	17,516	11,917
Gross profit	2,009	1,584	1,034	50.5	−1,048	2,337
Selling, general & administrative expenses	322	315	204	244	359	290
Research & development	15.9	2.1	–	–	0.4	–
Depreciation/amortization	0.1	0.1	–	–	–	–
Interest expense (income), operating	−3.3	53.4	−27.0	−121	255	587
Unusual expense (income)	105	−72.1	56.6	123	−318	229
Other operating expenses	124	55.6	−2.6	−14.7	24.3	103
Operating income	1,445	1,230	803	−181	−1,368	1,128
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	77.2	108	15.1	14.5	37.4	44.0
Net income before taxes	1,523	1,338	819	−167	−1,330	1,172
Provision for taxes	348	309	141	−76.6	−263	218
Minority interest	−307	−209	−40.3	107	283	−273
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	868	820	637	16.9	−784	681
Extraordinary items	–	–	–	–	–	–
Net income	868	820	637	16.9	−784	681
EBIT, normalized	1,547	1,212	833	−179	−1,432	1,944
EBITDA, normalized	3,454	3,058	2,295	1,239	332	3,784
Basic EPS, normalized	0.07	0.06	0.05	0.00	−0.10	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Huadian Power International Corp Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	986	940	792	871	947	1,066
Receivables	2,265	2,233	2,138	2,187	2,311	2,068
Total inventory	778	795	634	571	963	399
Prepaid expenses	619	629	462	555	412	136
Other current assets	29.7	250	1.2	54.3	22.9	300
Total current assets	4,678	4,846	4,027	4,238	4,657	3,969
Property, plant & equipment	24,171	23,108	−5,807	−3,832	22,016	28,725
Goodwill	53.5	51.2	52.7	54.2	69.5	132
Intangibles	1,237	1,210	1,025	1,054	1,136	1,872
Long-term investments	7,260	6,691	6,251	6,047	5,985	1,927
Note receivable	110	–	25,403	24,308	–	–
Other long-term assets	276	454	471	500	604	578
Total assets	37,784	36,360	31,423	32,370	34,467	37,203
Liabilities
Accounts payable	2,048	1,859	1,590	2,409	2,330	2,758
Payable/accrued	–	–	–	–	–	–
Accrued expenses	185	26.7	131	202	247	107
Short-term debt	5,942	4,639	2,672	4,057	4,671	3,414
Current portion of long-term debt	3,384	2,985	3,830	1,787	2,288	1,814
Other current liabilities	813	1,483	680	693	801	1,370
Total current liabilities	12,372	10,993	8,904	9,147	10,337	9,464
Long-term debt	10,109	11,058	10,065	12,300	11,732	11,951
Minority interest	4,708	3,889	1,919	1,585	1,846	3,401
Other liabilities	705	693	707	711	804	988
Total liabilities	27,894	26,633	21,595	23,744	24,720	25,803
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,660	1,401	1,441	1,431	1,554	1,512
Additional paid-in capital	2,646	2,928	2,023	1,877	2,079	2,315
Retained earnings (accumulated deficit)	2,566	1,947	2,020	1,890	2,559	3,799
Treasury stock	–	–	–	–	–	–
Other equity	3,018	3,451	4,344	3,428	3,555	3,775
Total equity	9,890	9,727	9,828	8,626	9,747	11,400
Total liabilities & shareholders' equity	37,784	36,360	31,423	32,370	34,467	37,203

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Huadian Power International Corp Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−1,791	−1,706	−1,292	−1,235	−1,342	−941
Cash from operations	3,892	2,666	1,867	1,400	−1,008	4,056
Investing activities
Capital expenditures	−2,154	−1,642	−1,478	−1,511	−2,086	−2,937
Other investing cash flows	115	226	169	278	1,087	92.0
Cash from investing	−2,039	−1,416	−1,309	−1,234	−999	−2,845
Financing activities
Financing cash flow items	−239	32.1	331	−66.1	−1,497	361
Cash dividends paid	−1,009	−858	−936	−1,094	−1,223	−1,122
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−582	−389	−56.5	988	4,597	−421
Cash from financing	−1,829	−1,214	−662	−172	1,877	−1,181
Foreign exchange effects	0	–	–	–	0	–
Net change in cash	23.7	35.5	−104	−5.4	−130	30.2
Free cash flow	1,739	1,023	389	−111	−3,094	1,119

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.