Hua Yuan Zheng Quan·2025-09-09 09:07Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in the first half of the year exceeded expectations, and it announced its first interim dividend, reflecting management's confidence [5] - The company reported a revenue of 57.2 billion yuan in the first half, a year-on-year decrease of 1.93%, while the net profit attributable to shareholders increased by 47.35% to 4.579 billion yuan [7] - The decline in coal prices and growth in installed capacity contributed significantly to the profit increase, particularly in the coal and wind power sectors [7] Summary by Sections Market Performance - The closing price of the company's stock is 3.72 yuan, with a market capitalization of approximately 68.84 billion yuan [3] Financial Data - The company’s total assets are projected to be 322.6 billion yuan in 2024, with a debt-to-asset ratio of 68.25% [8] - The forecasted revenue for 2025 is 121.2 billion yuan, with a net profit of 6.474 billion yuan, reflecting a growth rate of 43.67% [6][8] Earnings Forecast and Valuation - The company is expected to achieve a net profit of 6.652 billion yuan in 2026 and 6.752 billion yuan in 2027, with corresponding P/E ratios of 10.35 and 10.20 [6] - The new dividend policy indicates a commitment to distribute at least 50% of the net profit attributable to ordinary shareholders, enhancing predictability in cash dividends [7]