NYOCOR Co.,Ltd.(SH:600821) EBSCN·2025-09-05 05:22Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong future growth potential and expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Views - The company reported a marginal improvement in Q2 performance, with revenue of 1.922 billion yuan for the first half of 2025, a year-on-year increase of 2.07%, while net profit attributable to shareholders was 439 million yuan, a decrease of 9.80% [1]. - In Q2 alone, the company achieved revenue of 1.069 billion yuan, up 2.77% year-on-year, and a net profit of 319 million yuan, reflecting an 18.53% increase year-on-year [1][2]. - The increase in utilization hours significantly contributed to the revenue improvement in Q2, although investment income decline pressured overall profitability [2]. Summary by Sections Financial Performance - For the first half of 2025, the company’s wind and solar power generation reached 1.181 billion and 1.337 billion kWh, respectively, marking increases of 17.16% and 8.28% year-on-year [2]. - The installed capacity for wind and solar power grew by 17.59% and 27.71% year-on-year, respectively, indicating robust growth in renewable energy capacity [2]. - The average on-grid electricity prices for wind and solar remained stable compared to Q1, at 0.422 yuan/kWh and 0.402 yuan/kWh, respectively [2]. Growth Prospects - As of mid-2025, the company’s wind and solar installed capacity reached 1.63 GW and 4.15 GW, with approved projects totaling 7.85 GW, reflecting a year-on-year increase of 12.85% [3]. - The company is actively exploring various green electricity business models, including collaborations with high-energy users and the development of integrated energy solutions [3]. Profitability and Valuation - The report projects a decline in on-grid electricity prices for the company’s renewable energy, with expected net profits for 2025, 2026, and 2027 revised to 898 million, 1.040 billion, and 1.186 billion yuan, respectively [4][5]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 0.45 yuan, 0.52 yuan, and 0.59 yuan, with corresponding price-to-earnings (P/E) ratios of 13, 11, and 10 [4][5].