GDPD(SH:600795)2024-08-21 03:08Investment Rating - The report maintains a "Recommended" rating for Guodian Power (600795.SH) [3] Core Views - The company's revenue for the first half of 2024 was CNY 85.828 billion, a year-on-year decrease of 3.22%, while the net profit attributable to shareholders was CNY 6.716 billion, representing a year-on-year increase of 127.35% [2] - The transfer of 50% equity in Guodian Construction Investment significantly boosted investment income, while impairment losses from Daxingchuan power station negatively impacted performance [2] - The company achieved a gross margin of 14.62% and a net margin of 11.90%, with respective year-on-year increases of 0.60 percentage points and 5.23 percentage points [2] Financial Performance Summary - In Q2 2024, the company reported revenue of CNY 40.273 billion, a year-on-year decline of 6.50%, and a net profit of CNY 4.932 billion, which is a 145.60% increase year-on-year [2] - The investment net income reached CNY 6.059 billion, a year-on-year increase of 55.29 billion, primarily due to the equity transfer [2] - The company’s asset-liability ratio stood at 72.87%, a decrease of 0.61 percentage points year-on-year, with a net cash position of CNY 21.854 billion, an increase of 55.35% year-on-year [2] Segment Performance - The net profits for coal, hydropower, wind, and solar segments were CNY 19.95 million, -CNY 0.26 million, CNY 7.68 million, and CNY 4.31 million respectively, with year-on-year changes of 52%, -105%, -33%, and 48% [4] - The average on-grid electricity prices for coal, hydropower, wind, and solar were CNY 460.89, CNY 260.61, CNY 478.95, and CNY 421.75 per MWh, with respective year-on-year changes of -1.2%, -14.7%, -6.9%, and -16.3% [4] - The company secured 8.43 GW of new energy project resources in the first half of the year, with a cumulative new energy installed capacity of 13.1 GW since the 14th Five-Year Plan, indicating significant growth potential [4] Future Outlook - The forecasted net profits for 2024, 2025, and 2026 are CNY 9.682 billion, CNY 9.198 billion, and CNY 10.328 billion, with corresponding PE ratios of 10.2x, 10.7x, and 9.6x [8]