研报掘金丨长江证券：维持国投电力“买入”评级，全年业绩展望稳健

Core Viewpoint - The report from Changjiang Securities indicates that Guotou Power is experiencing a significant decline in hydropower generation due to continued low water levels, but an unexpected increase in electricity prices is supporting its performance [1] Group 1: Hydropower Performance - In Q4 2025, the hydropower generation in the Yalong River basin and the upper reaches of the Yellow River decreased year-on-year, with a total generation of 18.769 billion kilowatt-hours, representing a 20.94% decline [1] - The decline in thermal power generation has narrowed, contributing to a stable annual performance outlook for the company [1] Group 2: Financial Outlook - Despite pressures on the thermal and renewable energy sectors in Q4, the recovery of previously owed electricity fees from the Yangfanggou power station has partially supported the company's quarterly performance [1] - A significant increase in income tax expenses is expected in Q4 2024, leading to an optimistic performance outlook for Q4 2025, which will help the company achieve stable annual results [1] Group 3: Growth Potential - The company possesses a vast growth space with its Yalong River hydropower and wind power base, indicating strong potential for future development [1] - The investment rating is maintained at "Buy" [1]