Gelonghui, Feb. 2: CICC published a research report saying that although Huaneng International (0902.HK) expects net profit to increase by 1.63 to 1.95 times year-on-year, the company's earnings estimate is only half of the expected value of the market. The bank believes that Huaneng's large assets of up to RMB 5 billion have depreciated or dragged down its performance, so it downgraded Huaneng International's A and H ratings to neutral, and the target prices were reduced by 55% to RMB 3.76 and HK$2.72 respectively. The company's Hong Kong stock is currently reported at HK$2.63, with a latest total market value of HK$12.362 billion.