皖能电力（000543）：度电成本显著下滑，2Q25 利润转正

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profit turned positive in Q2 2025, driven by a significant decline in electricity costs despite ongoing pressure on electricity prices and volumes [2][3] - The company is expected to achieve continuous growth in performance throughout the year, supported by lower coal prices and the expansion of installed capacity [3][4] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 13.185 billion yuan, a year-on-year decrease of 5.83%, and a net profit attributable to shareholders of 1.082 billion yuan, a year-on-year increase of 1.05% [1] - Q2 2025 results showed revenue of 6.766 billion yuan, down 3.6% year-on-year, with a net profit of 638 million yuan, up 3.2% year-on-year [1] Cost and Revenue Drivers - The decline in electricity prices in Anhui province, with a decrease of over 0.02 yuan/kWh compared to 2024, and a 6.4% drop in the provincial purchasing price in Q2 2025, pressured revenue [2] - The company's installed capacity increased significantly due to new gas and coal power plants coming online, although overall electricity consumption in Anhui province saw a year-on-year decline of 5.9% in Q2 2025 [2] - The cost of coal continued to decline, with long-term and market coal prices dropping by 3.6% and 25.3% year-on-year, respectively, leading to a 11.6% reduction in the company's power generation costs [2] Future Outlook - The company is projected to achieve net profits of 2.19 billion yuan, 2.33 billion yuan, and 2.41 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.97, 1.03, and 1.06 yuan [4] - The current stock price corresponds to a PE ratio of 7.53, 7.07, and 6.85 for the years 2025, 2026, and 2027, indicating potential for growth [4]