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皖能电力(000543):成本下降对冲收入下降幅度 发电业务毛利率+4.92PCT至18.63%

Core Viewpoint - The company reported its 2025 mid-year results, showing a decline in revenue but a slight increase in net profit, indicating resilience amid challenging market conditions [1]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.185 billion yuan, a year-on-year decrease of 5.8%, while net profit attributable to shareholders was 1.082 billion yuan, an increase of 1.1% [1]. - For Q2 2025, the company reported operating revenue of 6.766 billion yuan, down 3.6% year-on-year, and net profit of 638 million yuan, up 3.3% year-on-year [1]. - The gross margin for the power generation business improved by 4.92 percentage points to 18.63% in H1 2025, despite a 6.2% decline in revenue from this segment [1]. Group 2: Business Segments - The power generation segment generated revenue of 10.453 billion yuan, accounting for 79% of total revenue, while the coal business contributed 2.370 billion yuan, representing 18% of total revenue [1]. - The average price of coal at Qinhuangdao port was 620 yuan/ton, a decrease of 26.9% year-on-year, and the annual long-term electricity price in Anhui fell by 0.023 yuan/kWh [1]. Group 3: Strategic Developments - The company is leveraging the electricity demand advantage in Anhui province and the "Xinjiang Electricity into Anhui" strategy to expand its operations [2]. - By the end of 2024, the company will have a controlling share of 23.7% of the province's thermal power installed capacity, the highest in Anhui [2]. - The economic growth in Anhui, with a 5.8% increase in GDP, supports robust electricity demand, driven by emerging industries such as high-tech manufacturing and new energy vehicles [2]. Group 4: Profit Forecast and Investment Rating - The company adjusted its net profit forecasts for 2025-2027 to 2.373 billion yuan, 2.466 billion yuan, and 2.616 billion yuan, reflecting year-on-year growth of 15.0%, 3.9%, and 6.1% respectively [3]. - The projected price-to-earnings ratios for 2025-2027 are 7, 7, and 6, respectively, maintaining a "buy" rating based on Anhui's economic advantages [3].