华润电力(0836.HK)：电力主业经营持续改善 业绩受限煤炭业务与高基数

Core Viewpoint - The company reported a 15.9% decrease in profit attributable to shareholders for the first half of 2025, amounting to 7.872 billion HKD compared to 9.363 billion HKD in the same period of 2024 [1] Group 1: Financial Performance - The company's thermal power sales volume decreased by 1.4% to 71.1 billion kWh, with an average coal-fired electricity price of 0.391 HKD/kWh, down 6.1% year-on-year [1] - Despite a decline in revenue from thermal power, costs improved significantly, with the average coal price dropping by 11.8% to 823.8 HKD/ton and average fuel cost decreasing by 12.7% to 0.241 HKD/kWh [1][2] - The core profit from pure thermal power business increased by 20.6% to 2.788 billion HKD, while the coal production business reported a loss of 147 million HKD, a decrease of 551 million HKD compared to the previous year [2] Group 2: Renewable Energy Performance - The company added approximately 4.839 million kW of new wind and solar capacity, with wind and solar installed capacity reaching 25.549 million kW and 12.966 million kW respectively, representing year-on-year growth of 33.6% and 159.2% [3] - Wind power sales volume increased by 15.5% to 25.9 billion kWh, and solar power sales volume grew by 31.3% to 4.1 billion kWh [3] - The renewable energy business achieved a core profit of 5.637 billion HKD, a year-on-year increase of 1.5%, despite a 1.21 billion HKD goodwill impairment affecting overall performance [3] Group 3: Dividend and Valuation - The company declared an interim dividend of 0.356 HKD, maintaining a stable dividend policy [4] - Projected earnings for 2025-2027 are 12.763 billion, 13.108 billion, and 13.805 billion HKD, with corresponding EPS of 2.47, 2.53, and 2.67 HKD, leading to PE ratios of 7.51, 7.31, and 6.94 respectively [4]