Ge Long Hui·2026-03-24 22:17Core Viewpoint - The company reported a decline in revenue and profit for 2025, with total revenue at 49.029 billion yuan, down 9.56% year-on-year, and net profit attributable to shareholders at 3.404 billion yuan, down 11.85% year-on-year [1] Hydropower Segment - The hydropower segment faced challenges due to a decrease in average rainfall, leading to a 1.02% drop in electricity sales to 18.282 billion kWh in 2025 [1] - The average on-grid electricity price for hydropower increased slightly by 0.94 yuan/MWh to 261.16 yuan/MWh, resulting in a minor revenue decline of 0.66% for the hydropower segment [1] - Operating profit for the hydropower segment was 1.425 billion yuan, down 3.88% year-on-year, with net profit dropping 41.65% to 300 million yuan due to a significant increase in income tax expenses [1] New Energy Segment - The new energy segment saw growth in electricity sales, with wind power and photovoltaic sales increasing by 17.38% and 12.62% respectively [1] - However, the average on-grid electricity prices for wind and solar power decreased by 36.59 yuan/MWh and 33.70 yuan/MWh respectively, impacting profitability [1] - Net profits for the wind and solar segments were 2.944 billion yuan and 975 million yuan, down 7.50% and 43.32% year-on-year, respectively [1] - The net profit per kWh for wind power decreased by 0.026 yuan/kWh to 0.096 yuan/kWh, while for solar power it decreased by 0.036 yuan/kWh to 0.037 yuan/kWh [1] Thermal Power Segment - The thermal power segment experienced a 14.97% decline in electricity sales due to market pressures [2] - The average electricity price for coal-fired power decreased by 23.88 yuan/MWh to 368.57 yuan/MWh, but unit fuel costs dropped significantly by 0.038 yuan/kWh to 0.233 yuan/kWh, improving profitability [2] - The net profit for the thermal power segment increased by 45.76% to 2.269 billion yuan, with net profit per kWh rising to 0.045 yuan/kWh [2] Overall Financial Performance - The company’s net profit attributable to ordinary shareholders was 2.910 billion yuan, down 13.50% year-on-year, influenced by increased tax expenses and weak performance in the new energy segment [2] - The company declared a final dividend of 0.168 yuan per share, with a payout ratio of 70%, indicating a dividend yield of 5.79% based on the closing price on March 20 [2] Investment Outlook - Projected profits for 2026-2028 are estimated at 3.048 billion yuan, 3.425 billion yuan, and 3.842 billion yuan respectively, with corresponding EPS of 0.25 yuan, 0.28 yuan, and 0.31 yuan [3] - The company maintains a "buy" rating with projected PE ratios of 11.67, 10.38, and 9.26 for the respective years [3]