GDPD(SH:600795) Dongguan Securities·2025-08-20 03:15Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [7]. Core Views - The company's revenue for the first half of 2025 was 77.655 billion yuan, a year-on-year decrease of 9.52%, while the net profit attributable to shareholders was 3.687 billion yuan, down 45.11% year-on-year [1][5]. - The decline in revenue is attributed to the downward trend in electricity prices, with the average on-grid electricity price falling by 29.51 yuan per megawatt-hour [5]. - The company has strengthened its control over fuel costs, with a total procurement of 80.97 million tons of raw coal, of which 97.05% was long-term contracted coal [5]. - The company is accelerating the transformation of thermal power, with significant investments in new coal-fired power generation and initiatives to integrate renewable energy sources [5]. Summary by Sections Financial Performance - In 2025H1, the company achieved a total revenue of 77.655 billion yuan, a decrease of 9.52% year-on-year, and a net profit of 3.687 billion yuan, down 45.11% year-on-year. Excluding non-recurring gains, the adjusted net profit was 3.410 billion yuan, an increase of 56.12% year-on-year [1][5]. - The total on-grid electricity generated was 195.801 billion kilowatt-hours, a decrease of 3.53% year-on-year, with specific declines in thermal and hydropower generation [5]. Operational Highlights - The company has focused on controlling fuel costs, achieving a 9.52% decrease in the average coal price to 831.48 yuan per ton [5]. - The company is actively pursuing the transformation of its thermal power operations, with new high-quality coal-fired power units coming online and initiatives to incorporate biomass and renewable energy [5]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 0.40 yuan, 0.42 yuan, and 0.43 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 12x, 11x, and 11x [5][6].