NMHD(SH:600863) Shenwan Hongyuan Securities·2025-08-29 10:45Investment Rating - The report maintains a "Buy" rating for Inner Mongolia Huadian (600863) [1] Core Views - The company has shown profit growth through effective cost control and the injection of wind power assets, which is expected to enhance earnings [5] - The company reported a decrease in total revenue and net profit for the first half of 2025, attributed to a decline in electricity generation hours and an increase in electricity prices [5] - The company is optimistic about the profitability of its wind power asset injection, which is expected to contribute at least 800 million yuan in net profit over three years [5] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 19,908 million yuan, a decrease of 10.7% year-on-year, with a net profit of 2,348 million yuan, reflecting a slight increase of 1.0% [4] - The average selling price of electricity increased by 4.74% to 356.49 yuan per megawatt-hour, while the average coal price decreased by 10.73% to 517.17 yuan per ton [5] - The company's earnings per share (EPS) is expected to be 0.36 yuan for 2025, with a projected increase to 0.45 yuan by 2027 [4]