Tianfeng Securities·2025-05-08 13:15Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company reported a significant increase in net profit attributable to shareholders, achieving a 68.12% year-on-year growth in Q1 2025, amounting to 22.38 billion yuan [1][4]. - The company's total installed capacity reached 79.15 GW, with a notable increase in low-carbon clean energy installations, including 16 GW of wind power [2]. - The company's water and new energy generation saw substantial growth, compensating for the decline in coal-fired power generation [3]. Financial Performance - In Q1 2025, the company achieved a revenue of 30.2 billion yuan, a slight decrease of 1.74% year-on-year, while the average on-grid electricity price was 460.91 yuan/MWh, down 3.24% [3]. - The gross profit margin improved to 16.8%, an increase of 3.4 percentage points, attributed to lower fuel costs and better water inflow [4]. - The company’s net profit margin also improved to 9.1%, reflecting a 3.4 percentage point increase [4]. Future Earnings Forecast - The report adjusts the earnings forecast for 2025-2026 downwards, with new projections for 2027, estimating net profits of 5.3 billion, 5.6 billion, and 6.1 billion yuan for 2025, 2026, and 2027 respectively [5]. - The corresponding price-to-earnings ratios are projected at 11.2, 10.5, and 9.7 for the years 2025 to 2027 [5].