中国银河：给予国电电力买入评级

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].