国投电力（600886）：中报点评：水电表现稳健，火电毛利率提升

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][13][38] Core Views - The company reported a stable performance in hydropower, with an increase in gross profit margin for thermal power despite a decrease in overall revenue [4][5][6] - The company plans to maintain a cash dividend ratio of no less than 55% for the upcoming years, reflecting a commitment to shareholder returns [12][13] - The company is expected to achieve net profits of 70.79 billion yuan, 75.19 billion yuan, and 80.75 billion yuan for the years 2025 to 2027, respectively, with corresponding earnings per share of 0.88, 0.94, and 1.01 yuan [13] Financial Performance - In the first half of 2025, the company achieved operating revenue of 256.97 billion yuan, a year-on-year decrease of 5.18%, while net profit attributable to shareholders was 37.95 billion yuan, an increase of 1.36% [4][5] - The total power generation in the first half of 2025 was 770.59 billion kWh, a decrease of 0.54% year-on-year, with hydropower generation increasing by 10.30% to 477.82 billion kWh [5][6] - The average on-grid electricity price decreased by 6.4% to 0.353 yuan per kWh, primarily due to a drop in thermal power prices [6] Business Segmentation - The company has a dominant position in hydropower, with a total installed capacity of 21,304.5 MW, making it the third-largest listed company in China by hydropower capacity [7][10] - The contribution from the Yalong River hydropower project was significant, accounting for 55.8% of the total power generation in the first half of 2025 [5][7] - The company’s energy mix includes hydropower (62.01%), thermal power (28.88%), and a small proportion of renewable energy sources [5][10] Cost Management - Financial expenses decreased by 23.97% year-on-year to 1.373 billion yuan in the first half of 2025, indicating improved cost management [11] - The gross profit margin for hydropower was 63.79%, an increase of 0.42 percentage points year-on-year, while the gross profit margin for thermal power rose to 17.26%, an increase of 2.03 percentage points [6][11]