Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has a strong position in offshore wind power and a sufficient reserve of onshore large-scale projects, with a total installed capacity reaching 49.93 million kilowatts as of H1 2025 [1][2] - The company is focusing on developing large-scale renewable energy bases and offshore wind power projects during the 14th Five-Year Plan period [3] Summary by Sections Installed Capacity and Market Share - As of H1 2025, the company added 2.1807 million kilowatts of installed capacity, with a cumulative total of 49.9366 million kilowatts. The wind power capacity reached 22.9702 million kilowatts, accounting for 4.01% of the national market share, while solar power capacity reached 25.9055 million kilowatts, accounting for 2.35% of the national market share [1][2] Wind Power Business - The wind power business generated revenue of 9.947 billion yuan in H1 2025, a year-on-year decrease of 2.24%. The total power generation from wind power was 25.061 billion kWh, an increase of 8.69% year-on-year. The company has 5.3335 million kilowatts of wind power projects under construction [2] Solar Power Business - The solar power business reported revenue of 4.453 billion yuan in H1 2025, a year-on-year decrease of 3.16%. The total power generation from solar power was 13.911 billion kWh, a year-on-year increase of 10.25%. The company added 1.6426 million kilowatts of solar projects in H1 2025 [2] Financial Projections - The projected net profit attributable to the parent company for 2025-2027 is 6.125 billion yuan, 6.198 billion yuan, and 6.253 billion yuan, respectively, with year-on-year growth rates of 0.2%, 1.2%, and 0.9% [3][4]
三峡能源(600905):海上风电持续引领,陆上大基地储备充足