CTGR(SH:600905) Guoxin Securities·2025-09-01 08:29Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][29] Core Views - The company's revenue slightly decreased in the first half of 2025, with a significant decline in net profit due to factors such as reduced average utilization hours and a decrease in average electricity prices [1][8] - The company is actively advancing its renewable energy projects, focusing on land-based wind and solar power, and has seen a continuous increase in installed capacity [2][24] - The company maintains its profit forecast, expecting net profits of 6.74 billion, 7.23 billion, and 7.74 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.24, 0.25, and 0.27 yuan [3][25] Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 14.736 billion yuan, a decrease of 2.19%, and a net profit of 3.815 billion yuan, down 5.48% [1][8] - The average utilization hours for wind and solar power decreased, impacting overall performance, with wind power utilization down by 97 hours and solar power by 96 hours year-on-year [13][17] - The company added 2.1807 million kilowatts of new installed capacity in the first half of 2025, with a total operational capacity of 49.9366 million kilowatts as of June 2025 [2][24] Profit Forecast and Financial Indicators - The company forecasts net profits for 2025, 2026, and 2027 to be 6.736 billion, 7.232 billion, and 7.744 billion yuan respectively, with growth rates of 10.2%, 7.4%, and 7.1% [3][25] - The expected EPS for the same years is 0.24, 0.25, and 0.27 yuan, with corresponding PE ratios of 18.1, 16.8, and 15.7 [3][25] - The company's gross margin for the first half of 2025 was 47.06%, a decrease of 8.62 percentage points year-on-year, primarily due to lower electricity prices and increased depreciation and operational costs [17][18]