POWERCHINA Ltd(SH:601669) Xin Lang Cai Jing·2025-08-31 02:29Core Viewpoint - The company maintains a "buy" rating despite a decline in net profit, supported by resilient revenue and potential benefits from the Yarlung Tsangpo River hydropower project [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 292.76 billion, a year-on-year increase of 2.66%, while net profit attributable to shareholders decreased by 13.81% to 5.43 billion [1] - For Q2 2025, the company reported revenue of 150.20 billion, a year-on-year increase of 3.57%, with net profit attributable to shareholders down 14.17% to 2.79 billion [1] - The comprehensive gross margin for H1 2025 was 11.23%, a decrease of 1.04 percentage points year-on-year [3] Group 2: Business Segments - Revenue from engineering contracting and surveying design, power investment and operation, and other businesses in H1 2025 was 265.93 billion, 12.39 billion, and 13.56 billion respectively, with year-on-year changes of +3.19%, +1.73%, and -5.42% [2] - The company’s installed capacity as of H1 2025 was 35.16 million kilowatts, with year-on-year increases in wind power (20.45%) and solar power (60.87%) [2] Group 3: New Contracts and Growth Potential - The company signed new contracts worth 686.70 billion in H1 2025, achieving 49.13% of the annual target, with a year-on-year increase of 5.83% [4] - New contracts in the energy and power sector totaled 431.39 billion, reflecting a year-on-year increase of 12.27%, with significant growth in wind power contracts [4] - The Yarlung Tsangpo River hydropower project has officially commenced, positioning the company to benefit from this long-term investment [4]