Ge Long Hui·2025-09-12 09:41Core Insights - Huadian International achieved a net profit attributable to shareholders of 3.904 billion yuan in the first half of 2025, representing a year-on-year increase of 13.15% [1] - The second quarter net profit attributable to shareholders was 1.973 billion yuan, showing a year-on-year growth of 24.27% [1] - The growth in performance is attributed to the decline in coal prices, while the on-grid electricity price remains stable [1] Financial Performance - The average on-grid electricity price for the first half of the year was 516.8 yuan per megawatt-hour, a decrease of 1.44% year-on-year, approximately 7.6 yuan per megawatt-hour [1] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 6.8 billion, 7.3 billion, and 7.8 billion yuan respectively [1] - After excluding the perpetual bond interest of approximately 640 million yuan, the current stock price corresponds to price-to-earnings ratios of 10, 9, and 9 times for the years 2025, 2026, and 2027 [1] Strategic Developments - Huadian Group's conventional energy integration platform has completed the acquisition of 16 GW of thermal power [1] - The company plans to increase its stake in Huadian Jinshang on a pro-rata basis [1] - By 2027, the company aims to have an operational installed capacity of 12 million kilowatts, with a goal to establish an integrated demonstration base for hydropower, wind power, and solar energy in the upper reaches of the Jinsha River basin by 2035 [1]