公用事业行业2025年上半年业绩综述：净利润及盈利能力均有所提升

Investment Rating - The report maintains an "Overweight" rating for the public utility sector [1] Core Insights - The net profit and profitability of the public utility sector have improved in the first half of 2025, with total revenue of CNY 1,093.81 billion, a year-on-year decrease of 1.61%, and a net profit attributable to shareholders of CNY 116.37 billion, a year-on-year increase of 1.63% [2][10] - The report highlights the performance differentiation among sub-sectors, with thermal power benefiting from the decline in coal prices, while the gas sector faced challenges due to reduced heating demand from a warm winter [2][10] Summary by Sections 1. Public Utility Sector Performance - In H1 2025, the public utility sector's revenue was CNY 1,093.81 billion, down 1.61% year-on-year, while net profit was CNY 116.37 billion, up 1.63% year-on-year. The gross margin was 23.17%, up 1.24 percentage points, and the net margin was 13.80%, up 0.61 percentage points [2][10] 2. Sub-sector Performance 2.1 Thermal Power - The thermal power sector's revenue was CNY 572.65 billion, down 3.70% year-on-year, with a net profit of CNY 44.05 billion, up 6.31% year-on-year. The gross margin improved to 16.99%, up 2.16 percentage points, and the net margin was 10.37%, up 1.29 percentage points [2][29] 2.2 Hydropower - The hydropower sector's revenue was CNY 87.91 billion, up 4.52% year-on-year, with a net profit of CNY 26.24 billion, up 10.64% year-on-year. The gross margin was 50.20%, up 2.42 percentage points, and the net margin was 34.96%, up 1.98 percentage points [2][49] 2.3 New Energy - The new energy sector's revenue was CNY 92.83 billion, down 6.09% year-on-year, with a net profit of CNY 19.77 billion, down 4.82% year-on-year. The gross margin was 41.96%, up 0.16 percentage points, and the net margin was 23.80%, up 0.12 percentage points [2][71] 2.4 Gas - The gas sector's revenue was CNY 162.91 billion, up 1.34% year-on-year, with a net profit of CNY 7.42 billion, down 4.27% year-on-year. The gross margin was 13.39%, down 0.28 percentage points, and the net margin was 6.22%, down 0.36 percentage points [2][29] 3. Investment Strategy - The report suggests maintaining an "Overweight" rating for the sector, highlighting that the decline in coal prices and stable growth in hydropower performance have contributed to the overall improvement in net profit and profitability. It recommends focusing on companies like Huadian International and Guodian Power in the thermal power sector, and New Hope and Shenzhen Gas in the gas sector [2][10]