Hua Yuan Zheng Quan·2025-09-09 08:06Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's mid-year performance slightly exceeded market expectations, with a focus on the integration of hydropower assets [5][8] - The company aims to become a global leader in clean energy supply, with ongoing asset restructuring to enhance its market position [8] Financial Performance - For the first half of 2025, the company reported revenue of 23.858 billion RMB, a year-on-year decrease of 13.48%, while the profit attributable to equity holders was 2.835 billion RMB, an increase of 1.16% [8] - The company's net profit (including perpetual bond interest) for the first half of 2025 was 2.835 billion RMB, with contributions from coal, hydropower, wind, and solar power segments showing mixed results [8] - The forecasted net profit for 2025-2027 is approximately 3.7 billion, 4.0 billion, and 4.5 billion RMB, respectively, with corresponding P/E ratios of 11, 10, and 9 [6][9] Segment Performance - Coal power segment performance exceeded expectations due to a significant decrease in fuel costs, with a unit fuel cost of 234.52 RMB/MWh, down 14% year-on-year [8] - Wind power segment growth was attributed to the acquisition of multiple power plants, while hydropower and solar segments faced declines due to adverse weather and market conditions [8] - The company plans to increase its wind and solar capacity to 16.4 GW and 22.4 GW, respectively, by the end of 2025 [8] Market Data - The closing price of the company's stock is 3.48 HKD, with a market capitalization of approximately 43.048 billion HKD [3]