FUNENG CO.,LTD(SH:600483) Xin Lang Cai Jing·2025-08-27 12:31Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but an increase in net profit, indicating improved profitability despite lower sales volume [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 6.369 billion yuan, a year-on-year decrease of 4.44%, while net profit attributable to shareholders was 1.337 billion yuan, an increase of 12.48% [1]. - For Q2 2025, the company reported operating revenue of 3.272 billion yuan, down 8.54% year-on-year, and a net profit of 585 million yuan, down 11.65% year-on-year [1]. Operational Highlights - The total electricity generated in H1 2025 was 10.230 billion kWh, a decrease of 3.56% year-on-year, with wind power generation increasing by 8.41% to 2.801 billion kWh, while thermal power generation decreased by 7.59% to 7.388 billion kWh [2]. - In Q2 2025, the total electricity generated was 5.157 billion kWh, down 6.95% year-on-year, with wind power generation at 929 million kWh, down 17.10% due to changes in wind conditions [2]. - The company’s thermal power business benefited from lower coal prices, improving overall gross margins despite reduced electricity sales [2]. Project Development - The company has a rich reserve of projects, including thermal, wind, solar, and nuclear power, with significant projects like the Chang Le offshore project and the Huaqiao thermal power project entering the construction phase [3]. - By the end of 2025, the company plans to have a total installed capacity of 15 million kW, increasing to 20 million kW by 2030, supporting long-term growth [3]. Dividend Announcement - The company announced its first interim dividend plan, proposing a cash dividend of 0.073 yuan per share, totaling 202 million yuan, which is approximately 15.18% of the net profit attributable to shareholders for H1 2025, aimed at boosting market confidence [3]. Profit Forecast and Valuation - The company is expected to achieve operating revenues of 13.987 billion yuan, 14.176 billion yuan, and 15.696 billion yuan for 2025-2027, with year-on-year changes of -3.96%, +1.35%, and +10.72% respectively [4]. - Net profit attributable to shareholders is projected to be 3.073 billion yuan, 3.241 billion yuan, and 3.576 billion yuan for the same period, with year-on-year changes of +10.01%, +5.46%, and +10.34% respectively [4]. - As of August 26, 2025, the stock price corresponds to a PE ratio of 8.90, 8.44, and 7.65 for the years 2025, 2026, and 2027 respectively [4].