Tianfeng Securities·2025-09-03 13:14Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company reported a revenue of 57.193 billion yuan in the first half of 2025, a decrease of 1.93% year-on-year, while the net profit attributable to shareholders was 4.579 billion yuan, an increase of 47.35% year-on-year [1][2]. - The increase in profits from coal power generation is attributed to a significant decrease in fuel costs, with the price of coal dropping by 20.43% year-on-year [3]. - The company plans to distribute a cash dividend of 0.055 yuan per share, totaling approximately 1.018 billion yuan, which represents 26.7% of the net profit attributable to shareholders [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a total installed capacity of 1,777.45 MW, including 660 MW from coal-fired power, 502.47 MW from gas-fired power, 167.45 MW from wind power, and 447.53 MW from solar power [2]. - The average on-grid electricity price was 444.48 yuan per MWh, a decrease of about 3.95% year-on-year [2]. - The total on-grid electricity generated was approximately 123.9934 billion kWh, an increase of 1.3% year-on-year, with notable growth in wind (31.27%) and solar (36.35%) power generation [2]. Profitability - The coal-fired power segment reported a profit of 3.148 billion yuan, a year-on-year increase of 108.51%, driven by lower fuel costs [3]. - The wind power segment achieved a profit of 1.938 billion yuan, up 71.29% year-on-year, while the solar segment reported a profit of 404 million yuan, a growth of 3.60% [3]. Earnings Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with expected net profits for 2025-2027 at 6.1 billion, 6.7 billion, and 7.2 billion yuan respectively, corresponding to P/E ratios of 11, 10, and 9 [5]. - The projected revenue for 2025 is 124.613 billion yuan, with a growth rate of 0.92% [5].