CICC maintained its "Outperform" rating on HUANENG POWER (00902), keeping the A-share (600011.SH) target price unchanged at RMB10.49 while raising the H-share target price by 20% to HK$8.03, citing attractive dividend yields in both A-share and H-share markets.

In Q3, HUANENG POWER reported revenue of RMB60.94 billion, down 7.1% year-on-year, but net profit attributable to shareholders surged 89% to RMB5.58 billion, significantly exceeding CICC's expectations. For the first nine months of the year, net profit reached RMB14.84 billion, up 43% year-on-year, marking a historical high.

CICC noted that the strong performance in thermal power and new energy sectors led to better-than-expected earnings in the first three quarters. Consequently, it raised its 2025–2026 net profit forecasts by 26% and 10% to RMB16 billion and RMB14.4 billion, respectively.