宝新能源上半年净利润同比大增42.08%—58.48%，火电行业迎发展机遇期

Company Performance - Baoneng New Energy (000690.SZ) expects a net profit of 520 million to 580 million yuan for the first half of 2025, representing a year-on-year growth of 42.08% to 58.48% [1] - The significant profit increase is attributed to a rise in electricity consumption in Guangdong province and a decrease in operating costs due to falling coal prices [1] Industry Trends - Guangdong's electricity load has reached a record high of 15,974 MW, a 1.94% increase compared to the highest load in 2024, driven by high temperatures [1] - The ongoing high electricity demand during peak summer is creating structural investment opportunities in the power sector, particularly benefiting thermal power companies [1] - The coal market remains relaxed, with national power plant inventories at approximately 210 million tons, sufficient for about 35 days of power generation [2] - The average price of coal in Shandong has decreased by 184.37 yuan/ton, a drop of 22.94% compared to the same period in 2024, which has reduced operating costs for thermal power companies [2] Market Dynamics - The electricity industry is undergoing significant changes driven by market reforms, with a shift from traditional generation models to a "generation + regulation" service model [3] - As investment in renewable energy slows, the utilization hours for thermal power are expected to stabilize, leading to a revaluation of the industry's worth [3] - Baoneng New Energy is positioned to benefit from these industry trends, being a key player in Guangdong's electricity supply and utilizing advanced clean combustion technology [3] Capital Market Response - The improving profitability trend in the thermal power sector has been recognized by the market, with the Shenwan thermal power sector index rising over 20% in the past three months [4] - Baoneng New Energy has shown stable growth, reflecting market confidence in the thermal power industry [4] - The ongoing peak summer demand is expected to sustain the positive momentum in the thermal power sector, attracting more investor interest [4]