GDPD(SH:600795) Xin Lang Cai Jing·2025-08-26 00:25Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but a significant increase in non-recurring net profit, indicating a mixed performance amidst market challenges [1][2][3]. Financial Performance - The company achieved revenue of 77.655 billion yuan in the first half of 2025, a year-on-year decrease of 9.52%, with a net profit attributable to shareholders of 3.687 billion yuan, down 45.11% [1]. - The non-recurring net profit increased by 56.12% to 3.41 billion yuan, while the second quarter net profit was 1.876 billion yuan, down 61.96% year-on-year [1][2]. - The average on-grid electricity price decreased by 2.95 cents per kilowatt-hour to 0.4097 yuan per kilowatt-hour [3]. Segment Performance - The net profit contributions from various segments in the first half were as follows: thermal power 1.967 billion yuan, hydropower 0.883 billion yuan, wind power 0.529 billion yuan, and solar power 0.591 billion yuan [2]. - The company’s coal price elasticity exceeded market expectations, with the average coal price at 831.48 yuan per ton, down 87.46 yuan per ton year-on-year [2]. Operational Data - The total electricity sales volume for the first half was 195.8 billion kilowatt-hours, a decrease of 3.53% year-on-year, with thermal power sales down 8% [3]. - As of June 30, 2025, the total installed capacity was 120.16 million kilowatts, with thermal power, hydropower, wind power, and solar power capacities growing by 6%, 0%, 7%, and 83% respectively [3]. Dividend Policy - The company announced a cash dividend plan for 2025-2027, committing to a minimum of 60% of annual net profit for dividends and a minimum cash dividend of 0.22 yuan per share [4]. - The interim cash dividend for 2025 is set at 0.1 yuan per share, reflecting a significant increase in the dividend payout ratio [4]. Future Outlook - The company is positioned as a conventional energy integration platform, with plans to commission 8 GW of thermal power and 4 GW of hydropower by 2025-2026 [5]. - Capital expenditures for 2025 are projected at 74.1 billion yuan, with a focus on renewable energy investments [5]. Profit Forecast - The projected net profits for 2025-2027 are 6.8 billion, 7.6 billion, and 7.9 billion yuan respectively, with corresponding price-to-earnings ratios of 13, 11, and 11 times [6].