GDPD(600795)2025-05-12 12:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable operations and significant achievements in cost control, with a net profit margin of 8.1%, up 0.5 percentage points year-on-year, and a gross profit margin of 13.9%, up 0.6 percentage points year-on-year [6][5] - The company reported a total revenue of 39.81 billion yuan in Q1 2025, a decrease of 12.6% year-on-year, while the net profit attributable to shareholders was 1.81 billion yuan, an increase of 1.45% year-on-year [6][5] - The company successfully transferred 100% equity of Guoneng Engineering Company, contributing an additional 145 million yuan to the net profit attributable to shareholders [6] Summary by Sections Financial Performance - In Q1 2025, the company's average on-grid electricity price decreased by 6.6% year-on-year, and the on-grid electricity volume fell by 4.4% year-on-year, with specific contributions from thermal, hydro, wind, and solar power generation [6] - The company’s financial expenses decreased by 200 million yuan to 1.42 billion yuan, and the debt-to-asset ratio decreased by 0.35 percentage points to 73.05% [6] - The proportion of shareholders' equity increased to 56.5%, up 4.8 percentage points year-on-year [6] Earnings Forecast - The company’s projected revenues for 2025-2027 are 178 billion, 186.1 billion, and 188 billion yuan, respectively, with net profits of 6.58 billion, 7 billion, and 7.67 billion yuan, corresponding to P/E ratios of 12, 12, and 11 times [6][8] - The company is expected to maintain stable growth in hydro and coal power performance, while the renewable energy business is anticipated to continue its growth trajectory [6]