国投电力（600886）：水火共济平滑冲击，经营业绩稳步增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company's hydropower generation reached 47.782 billion kWh in the first half of 2025, a year-on-year increase of 10.30%, contributing to a net profit of 5.502 billion yuan from its three hydropower subsidiaries, up 10.87% year-on-year [2][6] - The overall net profit attributable to the parent company for the first half of 2025 was 3.795 billion yuan, reflecting a year-on-year growth of 1.36% [2][6] - The company's revenue for the first half of 2025 was 25.697 billion yuan, a decrease of 5.18% year-on-year [6] Summary by Relevant Sections Hydropower Performance - The company benefited from the energy release from the Yarlung Tsangpo River hydropower station, leading to a significant increase in hydropower generation [2][11] - The total revenue from the three hydropower companies was 13.181 billion yuan, a year-on-year increase of 7.04%, although this growth rate was lower than the increase in generation volume [11] New Energy Business - The new energy segment faced challenges due to a decline in market electricity prices, with net profit from the main platform, Guotou New Energy, dropping to 232 million yuan, a decrease of 43.07% year-on-year [2][11] Thermal Power Performance - The thermal power segment saw a decrease in generation volume to 22.258 billion kWh, down 21.10% year-on-year, with net profit from six major thermal power subsidiaries totaling 833 million yuan, a decline of 20.96% [2][11] - Despite the challenges, the company managed to maintain stable overall performance due to the strong contribution from hydropower [11] Future Outlook - The company is advancing its integrated water-wind-solar projects in the Yarlung Tsangpo River basin, with a total potential hydropower capacity of approximately 30 million kW [11] - The projected earnings per share (EPS) for 2025-2027 are estimated at 0.90 yuan, 0.97 yuan, and 1.04 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15.77, 14.65, and 13.66 [11]