GDG(SH:600098) Hua Yuan Zheng Quan·2025-07-01 14:16Group 1: Economic Indicators - In June 2025, the manufacturing PMI increased by 0.2 percentage points to 49.7%, supported by tariff delays and the implementation of existing policies [2][5] - The non-manufacturing business activity index rose to 50.5%, indicating a slight improvement in the service sector [2][7] - The comprehensive PMI output index was 50.7%, reflecting an overall acceleration in business activities [5][7] Group 2: Company Overview - Guangzhou Development (600098.SH) - Guangzhou Development is a comprehensive energy platform controlled by the Guangzhou Municipal Government, with a diversified energy industry system including power, energy logistics, gas, new energy, and energy finance [2][9] - As of the end of 2024, the total installed power capacity of the company was 10.26 GW, with significant contributions from coal, gas, wind, and solar power [2][9] - The company has maintained stable performance with continuous dividends for 26 years, achieving a net profit of 1.732 billion yuan in 2024, a year-on-year increase of 5.73% [2][9] Group 3: Business Segments - The company focuses on thermal power in the Greater Bay Area, benefiting from a decline in coal prices, which enhances the performance elasticity of thermal power [2][10] - The new energy business is rapidly developing, with plans to reach an installed capacity of 8 GW by the end of 2025 [2][10] - The gas segment, primarily in Guangzhou, has shown steady growth, with gas sales volume reaching 2.166 billion cubic meters in 2024, a year-on-year increase of 26.18% [2][11] Group 4: Financial Projections - The company is projected to achieve net profits of 1.849 billion, 2.120 billion, and 2.373 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 6.74%, 14.70%, and 11.91% respectively [2][11] - The current stock price corresponds to a PE ratio of 12, 10, and 9 for the years 2025 to 2027 [2][11]