Ge Long Hui·2025-08-23 11:13Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a significant impact from wind resource conditions and electricity prices [1][2]. Financial Performance - In 1H25, the company achieved revenue of 15.657 billion RMB, a decrease of 18.6% year-on-year, and a net profit attributable to equity holders of 3.519 billion RMB, down 14.4% year-on-year, which was below expectations [1]. - The company proposed an interim dividend of 0.1 RMB per share, totaling 836 million RMB, with a payout ratio of 24.77% [1]. Operational Highlights - The company’s installed capacity reached 43.20 GW in 1H25, with an increase of 2,053.54 MW, including 986.95 MW from wind power and 1,096.59 MW from solar power [1]. - Solar power generation increased by 71.37% year-on-year due to the growth in installed capacity, while wind power generation grew by 6.07% year-on-year, despite a decrease in average utilization hours [1]. - The average utilization hours for wind power were 1,102 hours, which is 15 hours higher than the industry average, despite a decrease of 68 hours compared to the same period in 2024 [1]. Market Conditions - The average on-grid electricity price for wind power was 422 RMB/MWh, down 16 RMB/MWh year-on-year, leading to a decrease in wind power sales revenue by 239 million RMB [2]. - The average on-grid electricity price for solar power was 273 RMB/MWh, down 5 RMB/MWh year-on-year, with solar power sales revenue increasing by 642 million RMB [2]. Future Outlook - The company continues to pursue its annual installed capacity development goals, with plans to start new renewable energy projects totaling 5.5 million kW and to put into operation 5 million kW in 2025 [2]. - The company signed new development agreements totaling 1.24 GW in the first half of 2025, with a focus on regions with better resources [2]. - The commissioning of three ultra-high voltage transmission projects is expected to enhance the efficient consumption and cross-regional allocation of renewable energy projects [2]. Investment Rating - The company maintains a "Buy" rating, with revised net profit forecasts for 2025-2027 of 6.441 billion, 7.056 billion, and 7.985 billion RMB, respectively [3]. - The current price-to-earnings ratios are projected at 8.1, 7.4, and 6.6 times for the respective years [3].