Investment Rating - The report assigns a "Buy" rating to the company, with a target price raised to HKD 3.20 per share, indicating a potential upside of 22% from the current price of HKD 2.62 [5][11]. Core Insights - The company achieved a revenue of RMB 6.845 billion in the first half of 2025, reflecting a year-on-year growth of 3.30%. However, the net profit attributable to shareholders decreased by 4.37% to RMB 1.688 billion [8][9]. - The company plans to increase its dividend payout ratio to approximately 33% during the 14th Five-Year Plan period, indicating a commitment to shareholder returns [8][9]. - The company aims to add 3 GW of new installed capacity in 2025, with a target of reaching a total installed capacity of 21 GW by the end of the 14th Five-Year Plan, with wind power accounting for over 80% of this capacity [3][9]. - The acceleration of subsidy payments is expected to improve cash flow, with the company recovering RMB 8.42 billion in subsidies in July 2025, significantly higher than the previous year [4][10]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a pre-tax profit of RMB 2.358 billion, a 1.37% increase year-on-year, while the basic earnings per share were RMB 0.2046, with an interim dividend of RMB 0.03 per share [8][9]. - The company anticipates a stable increase in the dividend payout ratio, with a minimum of 30% of net profit being distributed as dividends from 2025 to 2027 [9]. Installed Capacity and Growth Targets - The company maintains its target of obtaining and commissioning 3 million kilowatts of new capacity in 2025, with a long-term goal of achieving 21 million kilowatts by the end of the 14th Five-Year Plan [3][9]. Cash Flow and Subsidy Recovery - The company has a substantial subsidy receivable balance of approximately RMB 23.5 billion as of June 2025, with expectations for accelerated recovery of these funds, which will enhance its cash flow and financial position [4][10]. Valuation and Market Position - The report highlights an expected improvement in industry cash flow due to faster subsidy disbursements, which is likely to enhance industry valuations. The target price corresponds to a price-to-earnings ratio of 10.4 times for 2025 and 9.4 times for 2026 [5][11].
大唐新能源（01798）：派息率稳定提升，受益国补发放提速