国电电力(600795)：扣非净利高增 首推分红规划回馈股东

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, while showing improvement in non-recurring net profit due to lower fuel costs and a new dividend plan aimed at enhancing shareholder returns [1][3][4] Financial Performance - In H1 2025, the company achieved operating revenue of 77.655 billion yuan, a year-on-year decrease of 9.52% [1] - The net profit attributable to shareholders was 3.687 billion yuan, down 45.11% year-on-year, while the non-recurring net profit attributable to shareholders was 3.410 billion yuan, an increase of 56.12% [1] - For Q2 2025, the company reported operating revenue of 37.842 billion yuan, a decrease of 6.04% year-on-year, with net profit and non-recurring net profit at 1.876 billion yuan and 1.803 billion yuan, respectively, reflecting declines of 61.96% and an increase of 302.47% [1] Power Generation Performance - The company completed a total on-grid electricity generation of 195.801 billion kWh in H1 2025, a decrease of 1.96% compared to the same period last year [2] - In Q2 2025, the on-grid electricity generation was 100.866 billion kWh, showing a slight increase of 0.48% year-on-year [2] - Breakdown of electricity generation types in H1 2025 showed declines in thermal and hydropower generation by 7.51% and 6.44%, respectively, while wind and solar power generation increased by 11.11% and 122.83% [2] Cost and Profitability - The company effectively reduced fuel costs, with the average coal price at 831.48 yuan per ton, down 87.46 yuan per ton or 9.52% year-on-year, contributing to a 1.65 percentage point increase in gross margin [3] - The significant drop in net profit was attributed to a decrease in investment income, which fell to 1.229 billion yuan, down 48.3 billion yuan year-on-year, and the absence of impairment provisions that were present in the previous year [3] Shareholder Returns - The company announced its first three-year dividend plan for 2025-2027, committing to distribute at least 60% of the net profit attributable to shareholders as cash dividends each year, with a minimum cash dividend of 0.22 yuan per share [4] - For H1 2025, the company plans to distribute a cash dividend of 0.10 yuan per share, totaling 1.784 billion yuan, which represents 48.38% of the net profit attributable to shareholders [4] Earnings Forecast and Valuation - The company is projected to achieve net profits of 6.5 billion yuan, 7.7 billion yuan, and 8.0 billion yuan for 2025, 2026, and 2027, reflecting year-on-year changes of -34.36%, +19.47%, and +3.91%, respectively [4] - As of August 20, 2025, the stock price corresponds to price-to-earnings ratios of 13.18, 11.03, and 10.62 for the respective years [4]