研报掘金丨天风证券：浙能电力后续业绩稳定性增强，维持“买入”评级

Core Viewpoint - Zhejiang Energy Power's net profit attributable to shareholders for H1 2025 is 3.512 billion yuan, a year-on-year decrease of 10.57%, while Q2 2025 shows a net profit of 2.437 billion yuan, an increase of 15.42% [1] Financial Performance - In H1 2025, the company achieved a power generation volume of 78.848 billion kWh, reflecting a year-on-year growth of 4.48% [1] - The significant asset impairment provision in 2024 is expected to stabilize future performance [1] Market Conditions - The overall electricity consumption in Zhejiang province is increasing, contributing to stable growth in power generation [1] - After a short-term rebound in coal prices during July and August, prices have entered a downward trend, with the Qinhuangdao Q5500 coal price at 680 yuan/ton as of September 12, a decrease of 177 yuan/ton year-on-year [1] Future Outlook - The decline in coal prices is anticipated to lead to continuous improvement in the company's cost structure [1] - The company maintains a "buy" rating based on these factors [1]