Core Viewpoint - The report from Xingsheng International maintains an "overweight" rating for Datang New Energy (01798), indicating that the company is currently undervalued and that policy support for the green electricity industry is expected to drive a recovery in company valuation [1] Financial Performance - For the first half of 2025, Datang New Energy reported operating revenue of 6.845 billion yuan, a year-on-year increase of 3.30% or 219 million yuan, and a net profit attributable to shareholders of 1.688 billion yuan, a year-on-year decrease of 4.37% or 77 million yuan [2] - The company achieved an operating cash flow of 3.122 billion yuan, a significant year-on-year increase of 76.05%, and reduced financing costs to 2.48%, down 36 basis points from the beginning of the year [2] - In Q2 alone, the company generated operating revenue of 3.286 billion yuan, a year-on-year increase of 5.99% or 186 million yuan, with a net profit of 667 million yuan, down 4.26% or 30 million yuan [2] Capacity and Generation - As of the end of H1 2025, the company's installed capacity reached 19.07 GW, with wind and solar capacities of 14.52 GW and 4.55 GW respectively, compared to 13.11 GW and 2.44 GW in the same period last year [3] - The utilization hours for wind and solar power were 1138 hours and 542 hours, showing a year-on-year decrease of 29 hours and 228 hours respectively, while the total power generation was 16.493 billion kWh and 2.383 billion kWh, reflecting increases of 8.16% and 26.97% [3] Revenue and Profitability - The total electricity sales revenue for the first half of the year was 6.778 billion yuan, a year-on-year increase of 3.04%, with wind and solar electricity sales revenues of 6.145 billion yuan and 634 million yuan, increasing by 2.09% and 13.18% respectively [3] - The operating profit for wind and solar was 4.691 billion yuan and 187 million yuan, showing year-on-year decreases of 5.59% and 29.01% [3] - The net profit for the first half of the year was 1.909 billion yuan, a year-on-year decrease of 3.66% or 72 million yuan, with a net profit per kWh of 0.101 yuan, down 0.015 yuan per kWh year-on-year [4] Accounts Receivable - As of the end of H1 2025, the company's accounts receivable and bills amounted to 24.371 billion yuan, accounting for 20.93% of total assets and 62.79% of net assets, indicating a need to monitor cash flow recovery from national subsidies [4]
兴证国际：维持大唐新能源“增持”评级 关注国补回款带来报表改善空间