GED(SZ:000539) Changjiang Securities·2025-05-07 13:44Investment Rating - The investment rating for the company is "Accumulate" [9]. Core Views - The company's revenue performance is under pressure due to weak volume and price in its main business, with a significant decline in both metrics leading to a decrease in revenue [2][6]. - In Q1 2025, the company reported a total electricity generation of 25.292 billion kWh, a year-on-year decrease of 10.32%, and a revenue of 10.573 billion yuan, down 17.33% year-on-year [2][6]. - Despite a decrease in coal prices leading to an 11.14% reduction in operating costs, this was insufficient to offset the revenue decline, resulting in a net loss of 383 million yuan for the quarter, a year-on-year decrease of 403.21% [2][6]. Summary by Sections Revenue and Profitability - The company's Q1 2025 revenue was 10.573 billion yuan, down 17.33% year-on-year, with a net loss of 383 million yuan, reflecting a significant decline in profitability [2][6]. Electricity Generation - The total electricity generation in Q1 2025 was 25.292 billion kWh, a decrease of 10.32% year-on-year, primarily due to increased maintenance and reduced wind intensity in coastal areas [12]. Cost Management - Operating costs decreased by 11.14% year-on-year due to falling coal prices, but this reduction was not enough to counteract the revenue decline [12]. Future Growth Potential - The company is accelerating its green and low-carbon transition, with significant increases in installed capacity for wind and solar energy, which is expected to support future growth [12]. - By the end of 2024, the company had a total installed capacity of 7.276 billion kW for renewable energy, a year-on-year increase of 47.17% [12]. Earnings Forecast - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.04 yuan, 0.18 yuan, and 0.31 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 107.96, 25.54, and 14.67 [12].