Xin Lang Cai Jing·2025-08-18 07:00Core Viewpoint - The report from Dongwu Securities highlights that Jiantou Energy benefits from its advantageous location and high growth in thermal power, with a planned capital increase of 2 billion for the construction of the Xibaipo thermal power project [1] Financial Performance - In the first half of 2025, the company's thermal power business revenue reached 10.112 billion, accounting for 90.99% of total revenue, with electricity revenue at 8.778 billion and heat revenue at 1.334 billion, indicating stable contributions from thermal power and heating services [1] - The company's photovoltaic business revenue reached 95.4799 million, showing a year-on-year growth of 90.69% [1] Future Outlook - Due to the supply structure of non-nuclear and poor water resources, it is expected that Hebei Province's thermal power electricity prices and output will lead the industry in the next three years (2025-2027) [1] - The company is projected to achieve net profit attributable to shareholders of 1.34 billion, 1.559 billion, and 1.595 billion for 2025-2027, with year-on-year growth rates of 152.2%, 16.4%, and 2.3% respectively [1] - Corresponding price-to-earnings ratios for 2025-2027 are expected to be 10, 9, and 8 times, maintaining a "buy" rating [1]