国投电力（600886）：：蓄水奠定业绩增量，煤电度电利润稳健

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is supported by water storage, leading to stable profits from coal-fired electricity generation [5] - The company reported a revenue of 25.7 billion yuan in the first half of 2025, a year-on-year decrease of 5.18%, while the net profit attributable to shareholders was 3.795 billion yuan, an increase of 1.36% [7] - The company has a strong position in hydroelectric power, with significant potential for future growth in renewable energy projects [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 56.712 billion yuan (2023), 57.819 billion yuan (2024), 56.952 billion yuan (2025E), 59.840 billion yuan (2026E), and 62.124 billion yuan (2027E) [6] - Net profit attributable to shareholders is projected to be 6.705 billion yuan (2023), 6.643 billion yuan (2024), 7.068 billion yuan (2025E), 7.471 billion yuan (2026E), and 7.736 billion yuan (2027E) [6] - The company’s average on-grid electricity price was 0.353 yuan/kWh in the first half of 2025, a decrease of 6.4% year-on-year [7] - The company has a total installed capacity of 44.09 million kW, with hydro, thermal, wind, and solar power contributing 21.3 million kW, 12.41 million kW, 3.99 million kW, and 5.85 million kW respectively [7]