SPIC GECL(SZ:000875) Zhong Guo Yin He Zheng Quan·2026-02-09 06:24Investment Rating - The report maintains a "Recommended" rating for the company Electric Power Green Energy (stock code: 000875) [1] Core Views - The company is experiencing short-term performance pressure but is expected to benefit from the ramp-up of its green hydrogen-based energy business [1] - The company has changed its name from Jilin Electric Power Co., Ltd. to Guodian Power Green Energy Co., Ltd. to better reflect its focus on renewable and green hydrogen energy [3] - The company anticipates a significant decline in net profit for 2025, estimated between 440 million to 540 million yuan, representing a year-on-year decrease of 50.88% to 59.97% [3] - The decline in performance is attributed to challenges in both the renewable energy and thermal power sectors, including lower average utilization hours and settlement prices in the renewable sector, and reduced auxiliary service income in the thermal sector [3] - The company expects improved cash flow in 2025 due to accelerated subsidy payments from the government, with a projected increase of 154.2% in renewable energy subsidy funds received [3] - The green ammonia project has commenced regular operations, and the green methanol project is expected to be operational by 2028, indicating a strong future revenue potential [3] Financial Summary - The company forecasts a revenue of 12,883 million yuan for 2025, a decrease of 6.24% from the previous year, with a projected net profit of 501 million yuan [5] - The estimated net profit for 2026 and 2027 is expected to be 561 million yuan and 685 million yuan, respectively, indicating a recovery trend [5] - The company's price-to-earnings (PE) ratio is projected to be 49.3x for 2025, 44.0x for 2026, and 36.0x for 2027, reflecting its unique positioning in the green hydrogen and ammonia sectors [5]