GDPD(SH:600795) Shenwan Hongyuan Securities·2025-08-19 06:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 77.655 billion yuan for the first half of 2025, a year-on-year decrease of 9.52%, and a net profit attributable to shareholders of 3.687 billion yuan, down 45.11% [7] - The company has announced a three-year cash dividend plan for 2025-2027, committing to distribute at least 60% of the annual net profit as cash dividends, with a minimum of 0.22 yuan per share [7] - The decline in coal power generation was offset by a significant reduction in costs, leading to improved profitability per unit of electricity generated [7] - The company expects an increase in hydropower generation due to new projects coming online in the second half of 2025, which will enhance revenue [7] - The company has accelerated its renewable energy installations, although profit margins have been pressured by declining electricity prices [7] - The profit forecast for 2025-2027 has been adjusted to 7.332 billion, 8.277 billion, and 9.248 billion yuan respectively, with corresponding PE ratios of 11, 10, and 9 [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 173.973 billion yuan, with a year-on-year growth rate of -2.9% [6] - The net profit attributable to the parent company for 2025 is projected to be 7.332 billion yuan, reflecting a decrease of 25.4% year-on-year [6] - The company’s average gross profit margin is expected to improve from 16.3% in 2025H1 to 18.4% by 2027 [6] - The company’s return on equity (ROE) is projected to increase from 6.4% in 2025H1 to 13.1% by 2027 [6]