SDIC Power(SH:600886) CMS·2025-09-01 13:33Investment Rating - The investment rating for Guotou Electric Power is maintained at "Add" [3] Core Views - The company reported a slight decline in revenue but demonstrated strong resilience in performance, with a year-on-year revenue of 25.697 billion yuan, down 5.18%, and a net profit attributable to shareholders of 3.795 billion yuan, up 1.36% [1][6] - The hydropower segment saw a significant increase in generation, with a total of 47.782 billion kWh, up 10.30% year-on-year, while thermal power generation decreased by 21.10% [6] - The company is focusing on expanding its clean energy capacity, aiming for a 72% share of clean energy installations by the end of the 14th Five-Year Plan, with current clean energy installations at 71.84% [6] Financial Data and Valuation - The projected total revenue for 2025 is estimated at 57.508 billion yuan, reflecting a year-on-year decrease of 1% [2] - The estimated net profit for 2025 is projected to be 7.160 billion yuan, with a year-on-year growth of 8% [2] - The current price-to-earnings (PE) ratio is 15.8, with a projected PE of 15.2 for 2026 and 14.0 for 2027 [2][10]