Investment Rating - The investment rating for Guodian Power (600795.SH) is "Outperform the Market" [5][3][26] Core Views - The company reported a significant increase in non-recurring net profit, with a year-on-year growth of 56.12% in the first half of 2025, despite a decline in operating revenue [1][9] - The company has announced a cash dividend plan for the next three years, aiming to distribute at least 60% of the annual net profit attributable to shareholders in cash [2][26] - Due to the impact of declining electricity prices, the profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 70.50 billion, 78.95 billion, and 87.17 billion respectively [3][26] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 776.55 billion, a decrease of 9.52% year-on-year, while the net profit attributable to shareholders was 36.87 billion, down 27.39% [1][9] - The average on-grid electricity price was 409.70 yuan/MWh, a decrease of 29.51 yuan/MWh, or 6.7% year-on-year [1][9] - The company’s non-recurring net profit increased significantly due to the absence of last year's non-recurring losses [1][9] Capital Expenditure and Capacity Growth - The company invested 211.91 billion in capital expenditures in the first half of 2025, with 72.24 billion allocated to renewable energy projects [2][25] - The total installed capacity increased by 8.46 million kW, with significant contributions from coal, wind, and solar power [2][25] Dividend Policy - The company plans to distribute cash dividends of at least 0.22 yuan per share (including tax) annually from 2025 to 2027, with a proposed dividend of 1.00 yuan per 10 shares for the first half of 2025 [2][26] Profit Forecast - The revised profit forecasts for 2025-2027 are 70.50 billion, 78.95 billion, and 87.17 billion respectively, reflecting a year-on-year decline of 28.3% in 2025 [3][26] - The expected earnings per share (EPS) for the same period are 0.40, 0.44, and 0.49 yuan [3][26]
国电电力(600795):5H1扣非归母净利润同比+56%,未来三年现金分红规划发布