Guoxin Securities·2025-08-24 13:25Investment Rating - The investment rating for the company is "Outperform the Market" [6][25][29] Core Views - The company's operating revenue and net profit attributable to shareholders have decreased year-on-year due to factors such as the disposal of a subsidiary and a decline in average electricity prices [1][8] - The company is actively developing new energy projects, with a focus on expanding wind and solar power capacity, and has achieved significant growth in installed capacity [2][24] - The profit forecast has been adjusted downward due to the impact of declining electricity prices, with expected net profits for 2025-2027 being 67.7 billion, 70.9 billion, and 74.5 billion yuan respectively [3][25] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 15.657 billion yuan, a decrease of 18.61% year-on-year, and a net profit of 3.374 billion yuan, down 13.79% [1][8] - The decline in revenue was attributed to the disposal of a subsidiary, increased solar power revenue, and a decrease in average electricity prices for wind power [1][8] New Energy Development - The company has added 2.0535 million kilowatts of new energy capacity in the first half of 2025, with wind and solar power contributing 987,000 and 1,096,600 kilowatts respectively [2][24] - As of June 2025, the total installed capacity reached 43.1967 million kilowatts, with wind power at 31.3957 million kilowatts and solar power at 11.7949 million kilowatts [2][24] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised to 67.7 billion, 70.9 billion, and 74.5 billion yuan, reflecting a growth rate of 6.7%, 4.7%, and 5.1% respectively [3][25] - The expected earnings per share (EPS) for the same period are 0.81, 0.85, and 0.89 yuan, with corresponding price-to-earnings (PE) ratios of 20.5, 19.6, and 18.6 [3][25]