建投能源（000600）：建投能源：冀电龙头，擎势腾飞

Investment Rating - The report gives a "Buy" rating for the company, marking it as the first coverage [11]. Core Insights - The company has shown strong performance in the thermal power sector, particularly in Hebei, benefiting from a stable electricity pricing environment and a robust project pipeline that is expected to drive significant growth in the coming years [3][9]. - The company’s earnings have seen a remarkable increase of 231.79% year-on-year in the first three quarters of 2025, positioning it as a leader among its peers in terms of performance growth [6][43]. Summary by Sections Company Overview - The company is a leading thermal power operator in Hebei, with a strong backing from its controlling shareholder, Hebei Construction Investment Group, which holds 64.99% of its shares [29][30]. - The company has a total installed capacity of 1,246 MW, with thermal power accounting for approximately 94% of its capacity [35]. Market Position and Performance - The company has a competitive edge due to its deep-rooted presence in the Hebei region, where the electricity supply-demand balance is tight, providing strong support for electricity prices [7][55]. - The average on-grid electricity price for the company in the first half of 2025 was 440.19 RMB/MWh, showing only a slight decrease compared to previous periods, indicating resilience in pricing [7]. Growth Prospects - The company has a substantial pipeline of projects, with expected growth in equity installed capacity by 34% as new projects come online between 2026 and 2028 [8][9]. - The company is also expanding its renewable energy portfolio, with significant investments in solar and wind projects, which are expected to contribute to revenue growth [8]. Financial Projections - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.04 RMB, 0.88 RMB, and 1.09 RMB, respectively, with corresponding price-to-earnings (PE) ratios of 8.13x, 9.66x, and 7.75x [9].