Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported stable operations in the first half of the year with a significant decrease in capital expenditures [5] - The company achieved a revenue of 6.845 billion RMB in the first half, a year-on-year increase of 3.26%, while net profit decreased by 4.37% [7] - The company plans to distribute a dividend of 0.03 RMB per share, unchanged from the previous year [7] - The increase in power generation was primarily due to new installations, with total power generation reaching 18.9 billion kWh, up 10.22% year-on-year [7] - The company’s controllable installed capacity reached 19.07 million kW, an increase of 22.59% year-on-year [7] - The company’s financial structure is being optimized with a significant reduction in capital expenditures, down 37.43% year-on-year to 2.6 billion RMB [7] Financial Performance and Forecast - Revenue and profit forecasts for the company from 2023 to 2027 are as follows: - Revenue (million RMB): 12,802 in 2023, 12,576 in 2024, 13,333 in 2025E, 14,173 in 2026E, 14,889 in 2027E [6][8] - Net profit (million RMB): 2,240 in 2023, 1,925 in 2024, 1,774 in 2025E, 1,837 in 2026E, 1,907 in 2027E [6][8] - The company’s price-to-earnings ratio (P/E) is projected to be 9.7 for 2025, 9.4 for 2026, and 9.0 for 2027 [6][8] - The company’s average financing cost decreased to 2.48%, down 36 basis points from the beginning of the year [7]
大唐新能源（01798）：上半年经营稳健资本性支出大幅下降