SINOLINK SECURITIES·2025-07-30 01:34Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.80, 0.85, and 0.90 for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 9x, 8x, and 8x [4] Core Insights - The company reported a revenue of 1120.3 billion RMB for the first half of 2025, a decrease of 5.7% year-on-year, while the net profit attributable to shareholders was 92.6 billion RMB, an increase of 24.3% year-on-year, aligning with market expectations [2] - In Q2 2025, the company achieved a revenue of 516.97 billion RMB, down 3.3% year-on-year, but net profit rose by 50.1% to 42.9 billion RMB [2] - The company is expected to achieve net profits of 125.3 billion RMB, 132.8 billion RMB, and 140.9 billion RMB for the years 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [4] Financial Performance Summary - For 2025, the company is projected to have a revenue of 236.187 billion RMB, with a revenue growth rate of -3.81% [9] - The net profit for 2025 is estimated at 12.534 billion RMB, reflecting a growth rate of 23.66% [9] - The diluted EPS for 2025 is forecasted to be 0.798 RMB, with a price-to-earnings ratio of 8.80 [9] - The company’s return on equity (ROE) is expected to improve from 8.59% in 2025 to 8.81% in 2027 [9] Operational Highlights - The coal power segment reported a total profit of 73.1 billion RMB in the first half of 2025, a significant increase of 84% year-on-year, despite a decrease in utilization hours [10] - The company added 1.9 GW of wind power and 4.3 GW of solar power capacity in the first half of 2025, doubling the installation scale compared to the previous year [10] - The profit per kilowatt-hour for wind and solar power remained stable, with total profits from the solar segment reaching 18.2 billion RMB, up 46% year-on-year [10]