ZZEPC(SH:600023) Shenwan Hongyuan Securities·2025-09-03 10:43Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 35.472 billion yuan for the first half of 2025, a year-on-year decrease of 11.68%, and a net profit attributable to shareholders of 3.512 billion yuan, down 10.57% year-on-year, which aligns with expectations [7] - The company emphasizes shareholder returns with a cash dividend of 0.05 yuan per share (before tax) for the first half of 2025, maintaining a high dividend payout ratio of over 50% for two consecutive years, resulting in a dividend yield of 5.63% as of September 2, 2025 [7] - The company benefits from a decrease in coal prices, which has allowed for better cost control despite a decline in electricity prices, leading to a smaller decline in gross profit compared to revenue [7] Financial Data and Earnings Forecast - Total revenue forecast for 2025 is 86.123 billion yuan, with a year-on-year decrease of 2.1%, and a net profit forecast of 7.328 billion yuan, down 5.5% year-on-year [6] - The company’s earnings per share (EPS) for 2025 is projected to be 0.55 yuan, with a price-to-earnings (PE) ratio of 9 [6] - The company’s return on equity (ROE) is expected to be 9.1% in 2025, reflecting stable performance despite market challenges [6]