研报掘金丨华源证券：首予吉电股份“买入”评级，新能源与绿色氢基能源双赛道

Core Viewpoint - Jilin Electric Power's net profit attributable to shareholders in the first half of the year was 726 million yuan, a year-on-year decrease of 33.72%, with a significant drop of 78.5% in the second quarter, primarily due to the impact of new energy [1] Financial Performance - The company's net profit for the second quarter was 102 million yuan, reflecting a substantial decline compared to the previous year [1] - If national subsidies are accelerated, the company is expected to receive a one-time cash flow that will alleviate debt pressure [1] Future Outlook - The net cash flow from fundraising for the first half of 2025 is projected to be 2.5 billion yuan, an increase of approximately 1.4 billion yuan year-on-year, mainly from the issuance of new energy REITs [1] - The company is strategically positioned to focus on "new energy+" and "green hydrogen energy" dual tracks, indicating a clear strategic direction [1] Comparative Analysis - Comparable companies in the A-share green electricity sector include Longyuan Power, Three Gorges Energy, and China Energy Conservation and Environmental Protection Group, with average PE ratios for 2025-2027 expected to be 19, 17, and 16 times respectively [1] - The company is positioned as a green hydrogen energy platform under State Power Investment Corporation, with potential to lead in the next main track of green electricity [1]