中绿电(000537)：25Q2录得良好增长 中期分红回购加码市值管理

Core Viewpoint - The company reported its 2025 H1 financial results, showing significant growth in revenue and net profit, while also announcing plans for dividend distribution and share buyback [1][2][3][4] Financial Performance - In 2025 H1, the company achieved revenue of 2.333 billion yuan, a year-on-year increase of 29.30%, and a net profit attributable to shareholders of 618 million yuan, up 33.06% [1] - For Q2 2025, revenue was 1.308 billion yuan, reflecting a year-on-year growth of 37.87%, with net profit of 364 million yuan, increasing by 22.23% [1] Power Generation and Capacity - The company generated 9.299 billion kWh of electricity in 2025 H1, a remarkable increase of 101.50% year-on-year, with Q2 contributing 5.245 billion kWh, up 104.24% [2] - The installed capacity reached 19.926 million kW by the end of 2025 H1, with wind power at 3.936 million kW and solar power at 15.7895 million kW [2] Pricing and Market Dynamics - The average on-grid electricity price for 2025 H1 was 0.258 yuan/kWh, down 36.01% year-on-year, influenced by lower prices from new projects and an increase in market-based transactions, which accounted for 72.14% of total electricity sales [2][3] - The company’s financial costs rose to 269 million yuan in 2025 H1, a 16.88% increase year-on-year, with Q2 financial costs surging by 55.35% [3] Policy and Regional Insights - The implementation of the Xinjiang 136 document is expected to support project revenues, with the company’s operational capacity in Xinjiang accounting for 67% of total capacity [3] - The document specifies a mechanism for subsidy and parity projects, which is favorable compared to other regions, enhancing the company’s revenue expectations [3] Project Development - The company has a strong pipeline of projects, with 12.36 million kW under construction, primarily in wind power, indicating a strategic shift towards wind energy [4] - The focus on wind energy is expected to yield better pricing advantages due to its more consistent output compared to solar power [4] Investment Outlook - The company is projected to achieve net profits of 1.310 billion yuan, 1.426 billion yuan, and 1.771 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 14.04x, 12.90x, and 10.38x [4]