wsdl(SH:600995) Guotou Securities·2025-09-05 15:26Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 13.59 CNY for 2026, based on a 28 times PE ratio [4][16]. Core Insights - The company reported a total revenue of 3.301 billion CNY for H1 2025, representing a year-on-year increase of 13.38%, and a net profit of 832 million CNY, up 32.93% year-on-year [1][2]. - The increase in revenue and profit is attributed to improved water inflow, increased income from the spot market, and the commissioning of new energy storage projects [2][3]. - The company has a total installed capacity of 12.9642 million kW, with 10 pumped storage projects under construction, and plans to commission several projects within the year [3]. Financial Performance - Revenue projections for 2025-2027 are estimated at 7.374 billion CNY, 8.414 billion CNY, and 9.392 billion CNY, with net profits of 1.359 billion CNY, 1.551 billion CNY, and 1.739 billion CNY respectively, reflecting growth rates of 20.6%, 14.1%, and 12.2% [4][16]. - The revenue from pumped storage is expected to reach 4.976 billion CNY in 2025, with a growth rate of 20%, while new energy storage revenue is projected to grow significantly, reaching 5.55 billion CNY in 2025 [11][12][13]. Segment Analysis - The pumped storage segment achieved revenue of 2.186 billion CNY in H1 2025, a year-on-year increase of 6.99%, while the peak regulation hydropower segment saw revenue of 882 million CNY, up 23.39% [2][3]. - New energy storage revenue reached 178 million CNY in H1 2025, reflecting a growth of 28.27% [2][3]. - The company maintains a strong market position in the southern provinces of China, focusing on pumped storage and new energy storage development [11].