华润电力（00836）：下半年电量增速环比改善，全年业绩降幅有望收窄

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's cumulative electricity sales volume for 2025 is expected to reach 226.79 billion kWh, representing a year-on-year increase of 7.00%. In the second half of 2025, the sales volume is projected to be 124.81 billion kWh, with a year-on-year growth of 9.77%. The growth rate of electricity sales in the second half of 2025 shows significant improvement compared to the first half, indicating a stable revenue growth outlook despite downward pressure on electricity prices [2][10] - The company is expected to face some pressure on its overall performance in 2025 due to weak coal production in the first half and a high base effect from the previous year. However, the decline in performance is anticipated to narrow [2][10] - The company has seen a steady increase in electricity sales across various sources: thermal power sales reached 157.79 billion kWh (up 1.3%), wind power sales reached 53.70 billion kWh (up 16.4%), solar power sales reached 13.20 billion kWh (up 55.5%), and hydropower sales reached 2.09 billion kWh (up 35.9%) [6][10] - The company has been expanding its renewable energy capacity, with a total of 4.839 million kW of new wind and solar installations added in the first half of 2025. As of June 30, 2025, the company has 8.679 million kW of wind and 6.515 million kW of solar capacity under construction, ensuring growth potential [10] Summary by Sections Sales Volume and Revenue Outlook - The company expects stable growth in electricity sales volume for 2025, with a total of 226.79 billion kWh, and a significant improvement in the growth rate in the second half of the year [2][10] - Revenue growth is expected to be steady, although it may lag behind the growth in electricity sales due to downward pressure on electricity prices [2][10] Cost Management and Performance - Fuel costs are expected to maintain a year-on-year decline, with the average price of coal at Qinhuangdao Port at 716.77 RMB/ton, down 118.97 RMB/ton year-on-year. This cost optimization is expected to support the company's thermal power operations [10] - Despite some challenges, the overall performance decline for 2025 is expected to narrow compared to the first half of the year [2][10] Growth and Dividend Policy - The company has a consistent dividend policy, with a mid-year dividend of 0.356 HKD per share, reflecting its commitment to shareholder returns [10] - The orderly expansion of renewable energy capacity is expected to provide growth opportunities for the company [10]