GED(SZ:000539) GOLDEN SUN SECURITIES·2025-08-29 08:11Investment Rating - The report maintains a "Buy" rating for the company, citing expectations of profit recovery despite current challenges [4][7]. Core Views - The company's performance has been significantly impacted by a notable decline in electricity prices in Guangdong, leading to a substantial drop in revenue and net profit [1][2]. - The company is actively expanding its renewable energy capacity, which is expected to contribute positively to its financials in the future [3]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 23.141 billion yuan, a year-on-year decrease of 11.26%, and a net profit attributable to shareholders of 32.4742 million yuan, down 96.4% [1]. - The average on-grid electricity price in the first half of 2025 was 480.01 yuan per megawatt-hour, a decrease of 11.02% compared to the previous year [2]. - The total fuel cost for the first half of 2025 was 14.988 billion yuan, accounting for 71.07% of operating costs, with a year-on-year reduction of 19.44 billion yuan [2]. Renewable Energy Expansion - The company added 500,000 kilowatts of wind power and 690,000 kilowatts of solar power capacity in the first half of 2025, with wind and solar generation increasing by 0.89% and 90.61% respectively [3]. - Ongoing projects include a total of 915,000 kilowatts of solar and wind capacity under construction, indicating a strong commitment to energy transition [3]. Future Projections - Revenue projections for 2025-2027 are 56.895 billion yuan, 63.293 billion yuan, and 68.280 billion yuan, with expected growth rates of -0.5%, 11.2%, and 7.9% respectively [4]. - The forecasted net profit for the same period is 684 million yuan, 1.183 billion yuan, and 1.463 billion yuan, with corresponding EPS of 0.13 yuan, 0.23 yuan, and 0.28 yuan per share [4].