Investment Rating - The investment rating for the company is "Buy" (maintained) [2][18] Core Insights - The company reported a revenue of 19.83 billion RMB in 2025, a decrease of 7.21% year-on-year, while the net profit attributable to shareholders increased by 9.21% to 1.83 billion RMB, which was below expectations [8] - The increase in electricity generation effectively offset the impact of declining electricity prices, with total electricity generation reaching 15.21 billion kWh, a year-on-year increase of 7.71% [8] - The company’s average on-grid electricity price decreased by 0.02 RMB/kWh to 0.41 RMB/kWh in 2025, leading to a mixed performance in the renewable energy sector [8] - The company plans to distribute a cash dividend of 0.20 RMB per share, maintaining a high dividend payout ratio of 49.42%, resulting in a dividend yield of 5.5% based on the closing price [8] - The forecast for net profit attributable to shareholders for 2026 and 2027 has been adjusted downwards to 2.38 billion RMB and 2.73 billion RMB, respectively, with a new estimate for 2028 at 2.91 billion RMB [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2024: 19.83 billion RMB - 2025: 20.72 billion RMB - 2026: 23.34 billion RMB - 2027: 25.66 billion RMB [5] - Net profit attributable to shareholders is projected to be: - 2024: 1.83 billion RMB - 2025: 2.38 billion RMB - 2026: 2.73 billion RMB - 2027: 2.91 billion RMB [5] - The company’s earnings per share (EPS) is expected to grow from 0.40 RMB in 2025 to 0.65 RMB in 2028 [5]
新天绿色能源（00956）：风电稳健发展，天然气销量承压