FUNENG CO.,LTD(SH:600483) Guoxin Securities·2025-08-24 13:17Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][28]. Core Views - The company's revenue decreased year-on-year, while the net profit attributable to shareholders increased. In the first half of 2025, the company achieved revenue of 6.369 billion yuan (-4.44%) and a net profit of 1.337 billion yuan (+12.48%) [1][7]. - The decline in revenue was primarily due to a decrease in thermal power generation, while the increase in net profit was attributed to better wind conditions in Fujian province and an increase in gas power generation settlement [1][7]. - The company plans to continue focusing on "green energy" and aims to increase its installed capacity to 15 million kilowatts by the end of 2025 and 20 million kilowatts by the end of 2030 [3][24]. Financial Performance Summary - In Q2 2025, the company reported a total revenue of 3.272 billion yuan (-8.54%) and a net profit of 585 million yuan (-11.65%) [2][7]. - The company's wind power generation decreased by 17.00% year-on-year, with offshore wind power down by 15.96% and onshore wind power down by 18.45% [2][16]. - The company plans to distribute a cash dividend of 203 million yuan, which accounts for approximately 15.18% of its net profit for the first half of 2025 [3][24]. Earnings Forecast and Financial Indicators - The company is expected to achieve net profits of 2.93 billion yuan, 3.02 billion yuan, and 3.35 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5.0%, 3.1%, and 10.9% [4][5][24]. - The earnings per share (EPS) are projected to be 1.06 yuan, 1.09 yuan, and 1.21 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 9.3, 9.0, and 8.1 [4][5][24]. - The company's gross margin improved to 28.31%, an increase of 4.89 percentage points year-on-year, primarily due to lower coal prices and increased wind power generation [17][20].