GED(SZ:000539) Xin Lang Cai Jing·2025-09-08 00:36Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, with a revenue of 23.141 billion yuan, down 11.26% year-on-year, and a net profit attributable to shareholders of only 32 million yuan, a decrease of 96.40% [1] Financial Performance - In the first half of 2025, the company's coal-fired power generation output was 37.320 billion kWh, a decrease of 3.85% year-on-year, while gas-fired power generation output was 11.024 billion kWh, down 0.39% [2] - The average on-grid electricity price for the company was 0.480 yuan/kWh, a decline of 0.059 yuan/kWh year-on-year, due to intensified competition in the Guangdong electricity market [2] - The coal power segment generated revenue of 13.887 billion yuan, down 19.70% year-on-year, while the gas power segment saw a slight revenue increase of 2.23% [2] - The company's fuel costs decreased by 11.48% year-on-year, with coal power business costs down 16.05%, but this was insufficient to offset the revenue decline [2] - The net profit for the coal power segment was 29.10 million yuan, a drop of 90.48% year-on-year, while the gas power segment reported a net loss of 217.90 million yuan [2] Clean Energy Performance - Hydropower generation increased by 23.64% year-on-year to 1.36 billion kWh, leading to a significant reduction in losses for the hydropower segment, which reported a net loss of 5.27 million yuan, an improvement of 4.88 million yuan year-on-year [3] - Wind and solar power installed capacity reached 3.895 million kW and 4.5745 million kW, respectively, representing year-on-year growth of 14.73% and 91.92% [3] - Wind and solar power generation output was 2.614 billion kWh and 1.974 billion kWh, showing year-on-year increases of 0.85% and 88.90% [4] - The renewable energy segment's operating costs rose by 22.41% year-on-year, outpacing revenue growth, resulting in a net profit of 103 million yuan, down 48.15% year-on-year [4] Investment and Valuation - The company adjusted its earnings forecast, projecting EPS of 0.11 yuan, 0.22 yuan, and 0.30 yuan for 2025-2027, with corresponding PE ratios of 43.02, 20.85, and 15.33, maintaining a "buy" rating [5]