公开信息显示，国电电力是国家能源集团控股的核心电力上市公司和常规能源发电业务的整合平台，其 前身是大连东北热电发展股份有限公司，1992年成立，1997年在上海证券交易所上市。2000年1月，更 名为现用名称。 8月18日，国内发电巨头国电电力发展股份有限公司（下称"国电电力"，600795.SH）半年报出炉，业 绩"喜忧参半"。财报显示，公司实现营业收入776.55亿元，同比减少9.52%；实现归母净利润36.87亿 元，同比减少45.11%；公司扣非净利润达34.10亿元，同比增长56.12%。 对于扣非净利润同比增长，国电电力在财报中解释，主要原因是上期公司转让控股子公司国电建投内蒙 古能源有限公司非经常性损益增加。 知名财税审专家、资深注册会计师刘志耕告诉《华夏时报》记者，2024年同期转让上述控股子公司股权 一次性收益计入了非经常性损益，导致2024年扣非净利润基数较低。2025年剔除此影响后，数据真实反 映了主营业务改善，上半年主营业务的优化又支撑了核心盈利能力的提升。 量价齐跌 今年上半年，国电电力遭遇"量价双降"。公司平均上网电价409.70元/兆瓦时，同比下降29.51元/兆瓦 时。其营业收 ...

本报记者 张文湘 贺王娟 A股上市公司半年报正密集披露，现金分红成为投资者关注的焦点之一。Wind资讯数据显示，截至8月 21日记者发稿，A股上市公司中共有171家公司（包括13家已落地实施的企业）披露2025年半年度分红 预案，涉及非银金融、医药生物、计算机、汽车、教育、通信等行业，拟总派发1245.84亿元。 苏商银行特约研究员武泽伟对《证券日报》记者表示，上市公司中期分红呈现出参与主体扩大、分红规 模增长及股息支付率稳步提升的特征。 从金额来看，分红金额超10亿元的公司有15家。其中，超百亿元的上市公司有2家，分别是中国移动有 限公司拟分红超540亿元，中国电信股份有限公司拟派发165.81亿元。 此外，有7家上市公司分红金额超20亿元，分别为：北京东方雨虹防水技术股份有限公司拟派现22.1亿 元、河南双汇投资发展股份有限公司拟派现22.5亿元、福耀玻璃工业集团股份有限公司拟派现23.5亿 元、中国联合网络通信股份有限公司拟派现34.8亿元、杭州海康威视数字技术股份有限公司拟派现36.9 亿元、宁德时代新能源科技股份有限公司派现超40亿元、牧原食品股份有限公司（以下简称"牧原股 份"）拟派现50.02亿 ...

Group 1 - The core viewpoint of the report is a "buy" rating for Guodian Power (600795.SH) based on strong performance indicators and growth potential [2] - In H1, the company added 6.45 GW of new renewable energy capacity, with the Dadu River project entering a concentrated production phase [2] - Fuel costs have decreased, contributing to an increase in performance, with H1 achieving a net profit of 3.4 billion yuan after deducting non-recurring items [2] - The company has committed to a cash dividend ratio of no less than 60%, with a minimum dividend of 0.22 yuan per share [2]

天风证券（601162）股份有限公司郭丽丽,王钰舒近期对国电电力（600795）进行研究并发布了研究报告《经营业绩整体稳健，新分红承诺提升股 东回报》，给予国电电力买入评级。 国电电力 事件：公司披露2025年中报。上半年公司实现营收776.55亿元，同比下降9.52%；实现归母净利润36.87亿元，同比下降45.11%；实现扣非归母净 利34.10亿元，同比增长56.12%。 点评 H1新增新能源装机6.45GW，大渡河进入集中投产期 上半年公司新增新能源控股装机645.16万千瓦，其中风电32.93万千瓦，光伏612.23万千瓦；并有浙江北仑、广东肇庆共200万千瓦火电机组投产。 展望后续，公司大渡河流域水电站2025年计划投产136.50万千瓦、2026年计划投产215.50万千瓦。从上半年运营情况来看，公司完成上网电量 1958.01亿千瓦时，同比下降3.53%，其中火电同比-7.51%、水电同比-6.44%、风电+11.11%、光伏同比+122.83%。 燃料成本下降助增业绩，H1实现扣非归母净利润34亿元 上半年公司平均上网电价409.70元/兆瓦时，同比下降29.51元/兆瓦时。叠加电量下滑，公 ...

Core Viewpoint - The focus of investors has shifted towards cash dividends as A-share listed companies disclose their semi-annual reports, with a total proposed distribution of 124.58 billion yuan across various industries [1][2]. Group 1: Dividend Distribution - A total of 171 A-share listed companies have disclosed their semi-annual dividend plans, with 13 companies already implementing them [1]. - Among these, 15 companies plan to distribute over 1 billion yuan, with China Mobile proposing over 54 billion yuan and China Telecom proposing 16.58 billion yuan [1]. - Seven companies are set to distribute over 2 billion yuan, including Moutai Foods with 5 billion yuan and Ningde Times with over 4 billion yuan [1][2]. Group 2: Investor Sentiment and Company Strategy - Companies are implementing mid-term dividends to enhance investor satisfaction, with Moutai Foods indicating that its proposed cash dividend of 5 billion yuan accounts for 47.5% of its net profit [2]. - The high mid-term dividends are seen as a positive signal to the market, reflecting deeper changes in the capital market and encouraging long-term capital inflow [2][3]. - Companies are encouraged to integrate dividend policies into their strategic planning, considering cash flow and investment needs to enhance governance and value [3].

Investment Rating - The report maintains a "Recommended" rating for the company, with expected net profits of 7.01 billion, 7.88 billion, and 8.67 billion for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 12.1x, 10.8x, and 9.8x [4]. Core Views - The company reported a significant increase in non-recurring profit, with a 56.12% year-on-year growth in the first half of 2025, despite a 45.11% decline in net profit attributable to shareholders [4]. - The company has committed to a minimum dividend payout ratio of 60% from 2025 to 2027, with a minimum cash dividend of 0.22 yuan per share, indicating strong confidence in its market value management [4]. - The company experienced a decline in revenue of 9.52% year-on-year in the first half of 2025, with total revenue reaching 77.655 billion yuan [4]. Financial Performance Summary - The company achieved a revenue of 776.55 billion yuan in the first half of 2025, down 9.52% year-on-year, and a net profit of 3.687 billion yuan, with a non-recurring profit of 3.410 billion yuan, reflecting a 45.11% decline [4]. - The gross margin, net margin, and non-recurring net margin for the first half of 2025 were 16.27%, 8.90%, and 4.39% respectively, showing a mixed performance compared to the previous year [4]. - The company’s financial expenses decreased by 10.5% year-on-year to 2.883 billion yuan, contributing to improved cash flow [4]. Segment Performance Summary - In terms of electricity generation, the company reported a decline in coal power generation by 7.5% and a significant increase in solar power generation by 122.8% year-on-year in the first half of 2025 [4]. - The average on-grid electricity price decreased by 29.5 yuan per megawatt-hour year-on-year, impacting revenue from coal and wind power [4]. - The net profit from coal power, hydropower, wind power, and solar power for the first half of 2025 was 4.51 billion, 1.21 billion, 0.69 billion, and 0.77 billion yuan respectively, with hydropower showing a substantial increase of 357% year-on-year [4].

Core Viewpoint - The company reported its 2025 mid-year results, showing a decline in revenue and net profit, but a significant increase in non-recurring profit, leading to a buy rating for the stock [2][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 77.655 billion yuan, a year-on-year decrease of 9.52%, and a net profit attributable to shareholders of 3.687 billion yuan (non-recurring profit of 3.410 billion yuan), down 45.11% year-on-year (non-recurring profit increased by 56.12%) [2]. - For Q2 2025, the company reported revenue of 37.842 billion yuan, a decline of 6.04%, and a net profit of 1.876 billion yuan (non-recurring profit of 1.803 billion yuan), down 61.96% year-on-year (non-recurring profit increased by 302.47%) [2]. - The mid-term profit distribution plan includes a cash dividend of 0.1 yuan per share (tax included) [2]. Profitability and Cash Flow - The company's gross margin, net margin, and non-recurring net margin for the first half of 2025 were 16.27%, 8.90%, and 4.39%, respectively, with year-on-year changes of +1.65 percentage points, -3.00 percentage points, and -1.85 percentage points [2]. - The financial expenses decreased to 2.883 billion yuan, down 10.5% year-on-year, while the net investment income was 1.229 billion yuan, a decrease of 4.83 billion yuan year-on-year, mainly due to last year's transfer of assets [2]. Segment Performance - In the first half of 2025, the on-grid electricity generation for thermal, hydro, wind, and solar power was 1518.4 billion kWh, 226.9 billion kWh, 110.7 billion kWh, and 102.0 billion kWh, with year-on-year changes of -7.5%, -6.4%, +11.1%, and +122.8%, respectively [3]. - The average on-grid electricity price for the company was 409.7 yuan/MWh, a decrease of 29.5 yuan/MWh year-on-year, with specific prices for coal, hydro, wind, and solar power being 428.8, 273.5, 450.1, and 329.8 yuan/MWh, respectively [3]. - The net profit for coal, hydro, wind, and solar power segments was 4.51 billion yuan, 1.21 billion yuan, 690 million yuan, and 770 million yuan, with year-on-year changes of -12.3%, +357%, -26.2%, and +32.1%, respectively [3]. Dividend Commitment - The company committed to a dividend payout ratio of no less than 60% from 2025 to 2027, with a minimum cash dividend of 0.22 yuan per share (tax included), corresponding to a minimum dividend yield of 4.6% based on the closing price on August 19 [4]. - The expected net profits for 2025, 2026, and 2027 are projected to be 7.015 billion yuan, 7.883 billion yuan, and 8.675 billion yuan, with corresponding price-to-earnings ratios of 12.1, 10.8, and 9.8 [4].

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Viewpoints - The report highlights the implementation of the "136" policy in five regions, leading to significant differentiation in the support for existing and new energy projects [7][10] - Future outlook indicates a need for clarity on pricing mechanisms, which will impact investment enthusiasm in the renewable energy sector [10] Summary by Sections Monthly Special Commentary - Five regions have introduced connection mechanisms, showing clear differentiation in support for existing and new energy projects. Shanxi has a robust protection for existing projects, while Hainan offers moderate support with lower guarantees for new projects. Liaoning provides good protection for existing projects but less favorable terms for new projects. Gansu has limited support for existing projects, and Ningxia offers the least protection overall [8][11] Monthly Sector and Key Listed Company Performance - In July, the electricity and public utilities sector fell by 0.8%, underperforming the broader market, while the Shanghai and Shenzhen 300 index rose by 3.54% [12][15] Monthly Electricity Demand Analysis - In June 2025, total electricity consumption reached 867 billion kWh, with a year-on-year growth of 5.40%. The growth rate for the secondary industry improved, while residential electricity consumption continued to rise [18][20] Monthly Electricity Supply Analysis - National electricity generation in June 2025 increased by 1.70% year-on-year, with coal power generation growing by 1.10% and solar power generation surging by 28.70% [39][40] Monthly Electricity Market Data Analysis - The average purchase price of electricity in August was 384.25 RMB/MWh, reflecting a 1.18% increase month-on-month [39] Investment Recommendations - The report suggests that the electricity sector is poised for profit improvement and value reassessment, particularly as the supply-demand balance stabilizes and new energy installations continue to grow [10][11]

报告要点 [Table_Summary] 公司主业维持平稳表现，但由于去年同期公司进行国电建投的出售实现较大一次性收益，上半 年归母净利润为 36.86 亿元，同比减少 45.11%；但扣非归母净利润为 34.10 亿元，同比增长 56.12%。公司表示 2025-2027 年每年中期、年度各分红一次，现金分红比例不低于当年归母 净利润的 60%，且每股不低于 0.22 元（含税）。公司中报将分红 0.1 元/股，分红金额占上半年 业绩的 48.38%。纵使考虑全年底线分红 0.22 元，按 8 月 18 日收盘价股息率就已经高达 4.88%， 公司股息具备充足吸引力。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨国电电力（600795.SH） [Table_Title] 经营业绩维持稳健，承诺预示丰厚股息 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% rese ...

Group 1 - The stock price of Guodian Power remained stable at 4.77 yuan, with an opening price of 4.75 yuan, a high of 4.83 yuan, and a low of 4.74 yuan, with a trading volume of 2.3174 million hands and a transaction amount of 1.107 billion yuan [1] - Guodian Power operates in the power industry, primarily engaged in electricity production and sales, covering various forms of generation including thermal, hydro, and wind power [1] - On August 20, the State Power Investment Corporation announced a personnel adjustment, appointing Xu Shubiao as the new director, general manager, and deputy secretary of the party group [1] Group 2 - The State Power Investment Corporation is a large state-owned enterprise directly managed by the central government, with an asset scale of 1.9 trillion yuan [1] - On August 19, a brokerage firm issued a research report giving Guodian Power a buy rating [1] - Data shows that on the same day, the net outflow of main funds from Guodian Power was 60.4394 million yuan, while the net inflow over the past five days was 443 million yuan [1]