Glonghui, April 24 | Bank of China International released a report saying that Huaneng's performance in the first quarter of this year was strong, with net profit attributable to shareholders of listed companies of about 4.6 billion yuan, better than the bank's original net profit forecast of 3.9 billion yuan, exceeding the market and the bank's expectations. The pre-tax profit of the coal and electricity sector is about 2.8 billion dollars, which is comparable to the level of the third quarter of last year, indicating that even with partial electricity price cuts, thermal power profits are still resilient. According to the report, in the context of the reversal of thermal power and the rapid expansion of new energy sources, Huaneng's ability to increase dividend payments has been strengthened, and its intention to pay dividends was reflected in the move to raise the dividend rate to 57% last year. The bank raised Huaneng's profit forecast for the full year by 15% and raised the target price to HK$6.2, corresponding to a dividend rate of 7% based on a 50% dividend ratio. Huaneng International is still one of its preferred targets in the power sector, reaffirming its “buy” rating.