GDPD(600795) 新浪财经·2025-04-29 02:35Core Viewpoint - The company reported a decline in revenue for Q1 2025, primarily due to lower electricity sales and the transfer of a subsidiary, but managed to increase net profit slightly [1] Financial Performance - Q1 revenue was 39.81 billion yuan, a year-on-year decrease of 12.6% [1] - Net profit attributable to shareholders was 1.81 billion yuan, up 1.5% year-on-year [1] - Non-recurring net profit was 1.61 billion yuan, down 7.4% year-on-year [1] - Operating cash flow net amount was 14.026 billion yuan, a significant increase of 92.8% year-on-year [1] Operational Metrics - Q1 electricity generation was 100.217 billion kWh, down 5.67% year-on-year [2] - On-grid electricity volume was 94.935 billion kWh, down 5.72% year-on-year [2] - Average on-grid electricity price was 425.41 yuan per thousand kWh, a slight decrease of 0.03 yuan per thousand kWh [2] - Coal prices fell, leading to a 13.19% reduction in operating costs [2] Growth Potential - As of March 31, 2025, the company had a controllable installed capacity of 116.3914 million kW, with significant growth in both thermal and renewable energy capacities [3] - Upcoming projects in the Dadu River basin are expected to contribute to capacity growth, with planned installations of 1.365 million kW in 2025 and 2.155 million kW in 2026 [3] - The company has secured 16.79 million kW of new energy resources domestically and has 18.04 million kW in nuclear preparation [3] Investment Outlook - The company is positioned as a leading player in the national power sector with cost advantages and diversified operations [4] - Projected revenues for 2025-2027 are 183.901 billion yuan, 191.671 billion yuan, and 198.593 billion yuan, reflecting year-on-year growth rates of 2.6%, 4.2%, and 3.6% respectively [4] - Expected net profits for the same period are 7.651 billion yuan, 9.039 billion yuan, and 9.563 billion yuan, with corresponding EPS of 0.43, 0.51, and 0.54 yuan per share [4]