GGEP(SH:600236) Shenwan Hongyuan Securities·2025-08-22 04:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decrease in revenue and net profit for the first half of 2025, with total revenue of 4.155 billion yuan, down 13.99% year-on-year, and a net profit of 1.188 billion yuan, down 17.37% year-on-year, which was below expectations [7] - The company anticipates improved hydropower generation in the third quarter due to increased rainfall in certain regions of Guangxi [7] - The company's thermal power generation faced significant declines, with a 45.30% drop in output, primarily due to increased competition from new thermal power installations in Guangxi [7] - The company experienced rapid growth in photovoltaic power generation, with a 80.56% increase in output, although this was offset by declining electricity prices [7] - The company's financing costs have decreased, leading to a 7.8% reduction in financial expenses, which positively impacted overall performance [7] - The profit forecasts for 2025-2027 have been adjusted downwards due to underperformance in hydropower and thermal power generation, with expected net profits of 2.426 billion yuan, 2.779 billion yuan, and 2.923 billion yuan respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 9.369 billion yuan, with a year-on-year decrease of 2.4% [6] - The projected net profit for 2025 is 2.426 billion yuan, reflecting a year-on-year growth of 6.2% [6] - The company's earnings per share for 2025 is expected to be 0.31 yuan [6] - The gross profit margin for 2025 is projected to be 44.5% [6] - The return on equity (ROE) for 2025 is estimated at 13.2% [6]