GDPD(SH:600795) Xinda Securities·2025-08-19 08:14Investment Rating - The report maintains a "Buy" rating for Guodian Power (600795.SH) [1][6] Core Views - The company demonstrates stable performance with a significant increase in non-recurring profit, and a high dividend plan reflects its value for allocation [1][6] - The company has announced a cash dividend plan for 2025-2027, committing to distribute at least 60% of net profit and a minimum of 0.22 CNY per share, indicating strong market value management [6] Financial Performance Summary - In H1 2025, the company achieved operating revenue of 77.655 billion CNY, down 9.52% year-on-year, and a net profit attributable to shareholders of 3.687 billion CNY, down 45.11% year-on-year. However, the non-recurring net profit increased by 56.12% year-on-year to 3.410 billion CNY [1][2] - The company’s cash flow from operating activities was 25.977 billion CNY, up 18.87% year-on-year [1] - In Q2 2025, the company reported operating revenue of 37.842 billion CNY, down 6.04% year-on-year, and a net profit of 1.876 billion CNY, down 61.96% year-on-year, while the non-recurring net profit surged by 302.47% year-on-year to 1.803 billion CNY [1][2] Segment Performance - The coal power segment reported a net profit of 1.967 billion CNY, down 1.40% year-on-year; the hydropower segment saw a net profit of 0.883 billion CNY, up 1.73% year-on-year; the wind power segment's net profit was 0.529 billion CNY, down 31.12% year-on-year; and the photovoltaic segment achieved a net profit of 0.591 billion CNY, up 37.12% year-on-year [2][3] Generation and Capacity - In H1 2025, the company generated 195.801 billion kWh of electricity, down 3.53% year-on-year, with coal power contributing 151.840 billion kWh, down 7.51% year-on-year, and renewable energy sources showing growth [2][3] - As of June 30, 2025, the company had a total installed capacity of 120.156 million kW, with significant increases in renewable energy capacity [2][3] Cost Control and Profitability - The company effectively managed costs, achieving a reduction in operating costs by 9.28% year-on-year in Q2 2025, despite revenue declines [3] - The report highlights the company's strong cost control capabilities, particularly in the context of declining coal and electricity prices [3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 6.459 billion CNY, 7.272 billion CNY, and 8.283 billion CNY respectively, with corresponding P/E ratios of 13.17, 11.70, and 10.27 [6][4]