Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance meets expectations, with wind power prices stabilizing [6] - The company reported a revenue of 8.57 billion USD (61 billion RMB) in H1 2025, a year-on-year decline of 12.8%, and a net profit attributable to shareholders of 1.64 billion USD (11.68 billion RMB), down 10.9% year-on-year [8] - The decline in performance is attributed to the Korean and Chinese photovoltaic projects, while wind power profits remained stable [8] - The company has reduced capital expenditures, with only 110,000 kW of new photovoltaic installations in H1 2025, reflecting a strategy to pursue high-quality development [8] - The introduction of a price difference settlement mechanism is expected to stabilize revenue expectations and lead the industry into a healthier development cycle [8] Financial Summary - Revenue projections for 2025-2027 are adjusted to 13.398 billion RMB, 13.562 billion RMB, and 13.775 billion RMB respectively, with corresponding net profit estimates of 1.598 billion RMB, 1.690 billion RMB, and 1.806 billion RMB [7][8] - The company's price-to-earnings (P/E) ratios for 2025-2027 are projected at 5.9, 5.6, and 5.3 respectively, with dividend yields of 4.2%, 4.4%, and 4.8% based on a 25% payout ratio [8]
中广核新能源（01811）：业绩符合预期，风电电价基本企稳