JEP(SZ:000875) Hua Yuan Zheng Quan·2025-09-17 14:20Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Views - The report emphasizes the company's focus on the "New Energy +" and "Green Hydrogen" dual tracks, positioning it as a key player in the green energy sector [7] - The company has received significant renewable energy subsidies, which are expected to alleviate debt pressure and improve cash flow [7] - The company plans to change its name to "State Power Investment Group Green Energy Development Co., Ltd." to reflect its strategic focus on green energy [7] Financial Performance Summary - The company reported a revenue of 6.569 billion yuan in the first half of 2025, a decrease of 4.63% year-on-year [7] - The net profit attributable to shareholders was 726 million yuan, down 33.72% year-on-year [7] - The company’s coal power and clean energy installed capacity as of June 2025 was 3.3 million kW and 1.135 million kW, respectively, with an increase of 210,000 kW compared to the end of 2024 [7] - The company’s gross profit from various segments showed a decline, particularly in the new energy sector, which decreased by 3.32 billion yuan [7] Earnings Forecast and Valuation - The forecasted net profit attributable to shareholders for 2025-2027 is 1.048 billion, 1.140 billion, and 1.346 billion yuan, respectively [7] - The average P/E ratios for comparable companies in the green energy sector are projected to be 19, 17, and 16 times for 2025-2027 [7] - The report suggests that the company is well-positioned to capitalize on the next wave of green energy development [7]