CTGR(SH:600905) Tianfeng Securities·2025-09-04 07:45Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][15]. Core Views - The company reported a revenue of 14.736 billion yuan in H1, a decrease of 2.19% year-on-year, and a net profit attributable to shareholders of 3.815 billion yuan, down 5.48% year-on-year [1][4]. - The company added 2.2 GW of new wind and solar capacity in H1, with a total installed capacity of 49.9366 GW by the end of June [2]. - Despite the increase in installed capacity, the average utilization hours for power generation decreased, leading to an 8.85% increase in total power generation to 39.314 billion kWh [3][4]. - The company adjusted its profit forecast for 2025-2027, expecting net profits of 6.4 billion, 6.6 billion, and 7.2 billion yuan respectively, with corresponding P/E ratios of 19, 18, and 17 times [5]. Summary by Sections Financial Performance - H1 revenue was 14.736 billion yuan, a decrease of 2.19% year-on-year, while net profit attributable to shareholders was 3.815 billion yuan, down 5.48% year-on-year [1][4]. - The company’s EBITDA for 2025 is projected to be 29.884 billion yuan, with a growth rate of 4.22% [5][10]. Installed Capacity and Power Generation - The company added 2.2 GW of new installed capacity in H1, with a total of 49.9366 GW by the end of June, including 22.9702 GW from wind power and 25.9055 GW from solar power [2]. - The average utilization hours for wind power decreased by 97 hours to 1146 hours, while solar power utilization decreased by 96 hours to 597 hours [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to 6.4 billion, 6.6 billion, and 7.2 billion yuan, with P/E ratios of 19, 18, and 17 times respectively [5]. - The company’s total assets are projected to reach 393.097 billion yuan by 2025, with a debt-to-asset ratio of 72.32% [10].