研报掘金丨天风证券：维持申能股份“买入”评级，新能源装机规模持续扩张

Core Viewpoint - Sheneng Co., Ltd. reported a net profit attributable to shareholders of 2.077 billion yuan in the first half of the year, a decrease of 5.23% year-on-year, while the net profit for Q2 2025 reached 1.066 billion yuan, an increase of 3.29% year-on-year [1] Financial Performance - The coal power segment achieved a controlled power generation of 17.870 billion kWh in H1, a decline of 6.8% year-on-year [1] - The revenue from the coal power segment decreased due to the impact of electricity prices, although there was a notable improvement on the cost side [1] Cost and Pricing Dynamics - As of September 12, the price of Qinhuangdao Q5500 coal was 680 yuan/ton, a decrease of 177 yuan/ton year-on-year [1] - The decline in coal prices is expected to lead to continued improvement in the cost side of the coal power segment [1] Business Expansion and Stability - The scale of the renewable energy generation business continues to expand, contributing to performance growth [1] - The company has diversified its business layout with segments in gas power, oil and gas transportation, and equity investments, enhancing overall performance stability [1] Investment Rating - The company maintains a "Buy" rating based on the analysis [1]