Ge Long Hui·2025-09-10 06:49Core Viewpoint - Datang Power's net profit attributable to shareholders for the first half of the year reached 4.579 billion yuan, representing a year-on-year increase of 47.35% [1] - The company exceeded market expectations in the second quarter with a net profit of 2.341 billion yuan, up 31.78% year-on-year [1] Financial Performance - The significant increase in performance is attributed to the decline in coal prices and growth in installed capacity [1] - The company has initiated a mid-term dividend distribution, reflecting management's confidence in future operational development and cash flow [1] Future Outlook - The third quarter is expected to see strong performance due to increased electricity demand driven by high temperatures [1] - Projected net profits for 2025-2027 are estimated at 6.5 billion, 6.7 billion, and 6.8 billion yuan respectively, with a deduction of approximately 1.5 billion yuan for perpetual bond interest [1] - The current stock price corresponds to price-to-earnings ratios of 14, 13, and 13 times for the years 2025, 2026, and 2027 [1] Dividend Expectations - With a new dividend payout ratio of 50%, the expected dividend yield for Datang Power's Hong Kong stock in 2025 is projected to be 6% [1] - The recommendation is to pay attention to Datang Power (0991.HK) [1]