Core Viewpoint - The A-share power sector experienced significant upward movement, with Jin控电力 hitting the daily limit, followed by previous gains from 淮河能源 and other companies in the sector [1] Company Summary - Jin控电力 reached the daily limit on its stock price, indicating strong investor interest and confidence in the company [1] - 淮河能源 also previously hit the daily limit, showcasing its robust performance in the market [1] - Other companies such as 华电辽能, 九洲集团, 大唐发电, and 豫能控股 also saw increases in their stock prices, reflecting a broader positive trend in the power sector [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company reported a significant increase in net profit attributable to shareholders, achieving a 68.12% year-on-year growth in Q1 2025, amounting to 22.38 billion yuan [1][4]. - The company's total installed capacity reached 79.15 GW, with a notable increase in low-carbon clean energy installations, including 16 GW of wind power [2]. - The company's water and new energy generation saw substantial growth, compensating for the decline in coal-fired power generation [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 30.2 billion yuan, a slight decrease of 1.74% year-on-year, while the average on-grid electricity price was 460.91 yuan/MWh, down 3.24% [3]. - The gross profit margin improved to 16.8%, an increase of 3.4 percentage points, attributed to lower fuel costs and better water inflow [4]. - The company’s net profit margin also improved to 9.1%, reflecting a 3.4 percentage point increase [4]. Future Earnings Forecast - The report adjusts the earnings forecast for 2025-2026 downwards, with new projections for 2027, estimating net profits of 5.3 billion, 5.6 billion, and 6.1 billion yuan for 2025, 2026, and 2027 respectively [5]. - The corresponding price-to-earnings ratios are projected at 11.2, 10.5, and 9.7 for the years 2025 to 2027 [5].

本内容最终解释权归申万宏源证券有限公司所有。 本期中期票据达到了发行人较满意的发行结果，进一步夯实了我司与发行人的合作 关系。未来，公司将持续深耕债券业务，继续发挥公司优势，积极服务实体经济，推动 经济高质量发展。 免责 声 明 2025年4月17日，由申万宏源证券担任主承销商的"大唐国际发电股份有限公司 2025年度第三期中期票据"成功发行，本期债券发行规模24亿元，期限5+N年，票面利 率2.14%，创发行人同期限中期票据最低票面利率！ 大唐国际发电股份有限公司是我国五大电力央企之一中国大唐集团有限公司下属核 心子公司，发电业务分布于全国多个省、市、自治区，拥有较强的市场竞争力。本期中 期票据的成功发行有利于发行人获取发展所需的中长期资金，提高了发行人运营效益， 有利于发行人可持续发展。 ...

大唐国际发电股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 特别提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2025 年 5 月 26 日 （星期一） 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 证券代码：601991 证券简称：大唐发电 公告编号：2025-021 三、 参加人员 董事长：李凯先生 投资者可于 2025 年 5 月 19 日 （星期一） 至 5 月 23 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dtpower@dtpower.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 大唐国际发电股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发 布公司 2025 年第一季度报告，为便于广大投资者更全 ...

2025年4月17日，由申万宏源证券担任主承销商的"大唐国际发电股份有限公司 2025年度第三期中期票据"成功发行，本期债券发行规模24亿元，期限5+N年，票面利 率2.14%，创发行人同期限中期票据最低票面利率！ 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 大唐国际发电股份有限公司是我国五大电力央企之一中国大唐集团有限公司下属核 心子公司，发电业务分布于全国多个省、市、自治区，拥有较强的市场竞争力。本期中 期票据的成功发行有利于发行人获取发展所需的中长期资金，提高了发行人运营效益， 有利于发行人可持续发展。 本期中期票据达到了发行人较满意的发行结果，进一步夯实了我司与发行人的合作 关系。未来，公司将持续深耕债券业务，继续发挥公司优势，积极服务实体经济，推动 经济高质量发展。 ...

来水较好叠加新能源装机增长，带动Q1 电量微增。根据2025 年一季报，2025 年Q1 公司及子公司累计 完成上网电量603.232 亿千瓦时，同比+0.76%；其中煤机/ 燃机/ 水电/ 风电/ 光伏上网电量分别同 比-2.41%/-16.42%/+15.39%/+34.18%/+32.02%。2025 年Q1，全国火电发电量累计减少4.7%，我们推测， 公司火电电量同比减少或主要受机组所在地区火电需求下滑所致。与此同时，由于公司部分水电机组所 在区域来水较好，且2025 年Q1 新投产37.45 兆瓦，新能源装机容量同比大幅增长，因此水电和新能源 上网电量显著增长，带动整体上网电量略增。 燃料成本降幅明显，弥补降价影响带动业绩高增。根据公司披露的经营数据，2025 年Q1 公司平均上网 电价为460.91 元/兆瓦时（含税），同比下降约3.24%。一方面，公司火电机组主要处于京津冀等地区， 其2025 年长协电价下滑比例相较于沿海地区相对较小；另一方面，尽管量平价降，但受益于煤价下 跌，公司燃料采购成本显著下降，25 年Q1 营业成本同比下降5.57%，带动营业利润同比增长53.38%。 事件：公司发布 ...

Group 1 - The total installed power generation capacity in the country reached 3.43 billion kilowatts, with a year-on-year increase of 14.6% [1] - By March 2025, the total electricity consumption was 828.2 billion kilowatt-hours, reflecting a year-on-year growth of 4.8% [1] - The Central Committee and the State Council issued opinions on improving the pricing governance mechanism, emphasizing the establishment of pricing policies to promote green and low-carbon transitions [1] Group 2 - According to a report by Galaxy Securities, the energy consumption target assessment for the end of the 14th Five-Year Plan is expected to catalyze the demand for green electricity, with clearer future revenue expectations following the establishment of a sustainable pricing settlement mechanism for renewable energy [1] - The recent sharp decline in coal prices is expected to reverse the market's pessimistic outlook on thermal power for 2025, suggesting a focus on companies with significant market coal exposure and smaller reductions in annual long-term contract electricity prices [1] - In a declining interest rate cycle, hydropower and nuclear power, which have strong dividend attributes, possess long-term investment value, with nuclear power also having high growth potential [1] Group 3 - A report from Guotai Junan indicates that the electricity price for thermal power is better in the northern regions, where the proportion of renewable energy is high, and the scarcity of thermal power is evident [2] - The annual long-term contract electricity price in the southern regions has decreased this year, putting pressure on thermal power plants, which are shifting focus from quantity to price and efficiency [2] - There is a strong possibility of witnessing two historical firsts: an increase in spot electricity prices in 2025 and an increase in annual long-term contracts in 2026 [2] Group 4 - Related Hong Kong-listed companies in the power and electricity grid sector include Huadian International (600027), Huaneng International (600011), China Power International Development (02380), China Resources Power (00836), Datang Power (601991), and CGN Power (01816) [3]

Investment Rating - The report maintains a "Buy" rating for the company, 大唐发电, indicating a positive outlook for its stock performance [4]. Core Views - The company's profitability has significantly improved due to the decline in coal prices, which has offset the decrease in electricity prices. The first quarter of 2025 saw a substantial increase in net profit, with a year-on-year growth of 68.12% [4]. - The report highlights that the company's operating cash flow has increased by 51% year-on-year, reflecting strong cash generation capabilities [4]. - The company is expected to continue benefiting from a favorable coal price environment and stable electricity prices in the Beijing-Tianjin-Hebei region, which supports the potential for further profit recovery in its thermal power segment [4]. Financial Forecasts - Revenue projections for the company are as follows: - 2024: 123,473.63 million CNY - 2025: 120,598.42 million CNY - 2026: 124,721.10 million CNY - 2027: 127,416.75 million CNY - The expected growth rates for revenue are -2.33% in 2025, followed by positive growth in subsequent years [6]. - The forecasted net profit for the years 2025 to 2027 is: - 2025: 5,394.90 million CNY - 2026: 5,799.98 million CNY - 2027: 6,439.63 million CNY - The projected PE ratios for the same years are 10.70x, 9.96x, and 8.97x respectively, indicating an attractive valuation [4][6]. Operational Performance - In Q1 2025, the company achieved a sales gross margin of 16.78% and a net margin of 9.09%, both showing significant year-on-year improvements [4]. - The company's total installed capacity as of Q1 2025 is 79.11 GW, with over 30% of this capacity being under construction or approved, which supports long-term growth prospects [4]. - The report notes that the average on-grid electricity price for the company in Q1 2025 was 460.91 CNY/MWh, a decrease of 3.24% year-on-year, influenced by national price adjustments [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [17]. Core Views - The company reported a significant increase in net profit attributable to shareholders, achieving a 68.12% year-on-year growth in 1Q2025, despite a slight decline in revenue [2][3]. - The company's gross margin and net margin improved by 3.39 percentage points and 3.44 percentage points year-on-year, respectively, reflecting enhanced profitability [3]. - The decline in coal prices and improvements in operational efficiency contributed positively to the company's profitability, even as overall electricity generation from thermal power decreased by 4.7% year-on-year [4]. - The company experienced substantial growth in hydropower, wind, and solar energy generation, with respective increases of 15.39%, 34.18%, and 32.02% year-on-year, supporting overall performance [4]. - The report projects net profits for 2025-2027 to be 45.82 billion, 46.05 billion, and 46.07 billion yuan, with corresponding price-to-earnings ratios of 12.6, 12.5, and 12.5 times [4]. Financial Summary - In 1Q2025, the company achieved operating revenue of 30.206 billion yuan, a decrease of 1.74% year-on-year, while net profit reached 2.238 billion yuan [2][3]. - The average on-grid electricity price was 460.91 yuan per megawatt-hour, down 3.24% year-on-year [3]. - The company’s total assets are projected to grow from 322.602 billion yuan in 2024 to 357.112 billion yuan by 2027, with a steady increase in net profit margins [11].