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长江电力(600900):1H25乌东德来水偏丰,抽蓄持续建设发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [4][18]. Core Views - The company reported a favorable water inflow at the Wudongde reservoir, with a total inflow of approximately 39.964 billion cubic meters in the first half of 2025, which is 9.01% higher than the same period last year [3]. - The total power generation from the company's six domestic hydropower stations reached approximately 126.656 billion kWh in the first half of 2025, reflecting a 5.01% increase year-on-year [3]. - The company is actively investing in pumped storage projects and integrated renewable energy bases, with a total investment of no more than 7.739 billion yuan for the Jiangxi Xunwu pumped storage power station project [4]. Financial Performance and Forecast - The company's projected net profits for 2025, 2026, and 2027 are 35.102 billion yuan, 36.981 billion yuan, and 38.831 billion yuan, respectively, with corresponding P/E ratios of 20.9, 19.8, and 18.9 [4][6]. - The expected revenue for 2025 is 86.242 billion yuan, with a growth rate of 2% compared to the previous year [6]. - The earnings per share (EPS) for 2025 is projected to be 1.43 yuan, with a steady increase in subsequent years [6].