According to the Guoxin Securities Research Report, Huaneng International (600011.SH)'s profit improved significantly in 2223 due to a drop in fuel costs and a sharp increase in business profits in Singapore. The company's “14th Five-Year Plan” new energy development plan is gradually being implemented. In 2024, the company will continue to invest in large-scale construction of new energy projects, and new energy installations will continue to increase, driving steady growth in the company's performance. In terms of electricity prices, electricity prices are expected to decline in the future due to the increase in the proportion of electricity transactions and time-sharing policy adjustments. The promotion of green electricity trading and carbon trading will help hedge against the impact of falling electricity prices. In 2024, new energy sources are expected to contribute 8.03 billion yuan, and thermal power and other contributions are estimated at 4.95 billion yuan. Given 12-13 times PE valuation for new energy, 11-12 times PE valuation for thermal power and others, the company's reasonable market value is 1504-163.4 billion yuan, corresponding to a reasonable value of 9.61-10.44 yuan per share. There is room for a 6% to 15% premium compared to the current stock price, maintaining a “buy” rating.