Soochow Securities·2025-05-05 05:01Investment Rating - The report maintains a "Buy" rating for Huadian International [1] Core Views - The company's Q1 2025 revenue was slightly below expectations at 26.577 billion yuan, a year-on-year decrease of 14.1%, while the net profit attributable to shareholders was 1.930 billion yuan, a year-on-year increase of 3.7%, aligning with market expectations [7] - The report highlights the impact of nuclear and solar power generation on thermal power, with significant growth in solar (up 27.3%) and nuclear (up 52%) generation in Shandong province [7] - The company plans to inject thermal power assets to enhance its asset and profit scale, focusing on regions like South China, Jiangsu, and Shanghai [7] - The report forecasts net profits for 2025-2027 at 6.45 billion, 6.81 billion, and 7.74 billion yuan respectively, corresponding to P/E ratios of 9, 9, and 8 times [7] Financial Summary - Total revenue forecast for 2023A is 117.176 billion yuan, with a year-on-year growth of 9.45%, while 2024A is expected to decline by 3.57% to 112.994 billion yuan [1][8] - The net profit attributable to shareholders for 2023A is projected at 4.522 billion yuan, with a staggering year-on-year growth of 3,789% [1][8] - The latest diluted EPS for 2025E is estimated at 0.63 yuan, with a P/E ratio of 9.05 [1][8] - The company's total assets are projected to reach 228.757 billion yuan by 2025E, with a debt-to-asset ratio of 60.04% [8]