Dongguan Securities·2025-09-01 12:54Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [6]. Core Insights - The company benefited from a year-on-year decrease in coal prices and successfully completed an asset restructuring, which positively impacted its financial performance [1]. - In the first half of 2025, the company reported a revenue of 59.953 billion yuan, a decrease of 8.98% year-on-year, while the net profit attributable to shareholders was 3.904 billion yuan, an increase of 13.15% year-on-year [1]. - The average utilization hours for the company's power generation units decreased, while the utilization hours for hydropower increased, reflecting a shift in energy production dynamics [1]. - The company completed a significant asset restructuring by acquiring stakes in various subsidiaries, enhancing its asset scale and operational performance [1]. Financial Summary - The company’s total revenue for 2025 is projected to be 126.819 billion yuan, with a net profit of 8.694 billion yuan, and an expected EPS of 0.59 yuan [5]. - The projected earnings per share (EPS) for 2025-2027 are 0.59 yuan, 0.66 yuan, and 0.74 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 9x, 8x, and 7x [1].