GOLDEN SUN SECURITIES·2026-03-31 10:24Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company experienced a decline in revenue due to a drop in natural gas sales, with total sales volume for 2025 at 5.255 billion cubic meters, down 10.71% year-on-year. However, there was a recovery in LNG sales in Q4 2025 [1][2]. - The company's wind power generation increased by 7.71% year-on-year to 15.210 billion kWh in 2025, while solar power generation surged by 68.14% to 360 million kWh [2]. - The average on-grid electricity price for 2025 was 0.41 yuan/kWh, a decrease of 4.52% compared to the previous year, but the company maintained a high utilization rate of wind power at 97.58% [2]. - Operating cash flow saw a significant increase of 96.11% year-on-year, reaching 7.297 billion yuan, primarily due to reduced cash payments for goods and services [2]. - The company plans to distribute a cash dividend of 0.20 yuan per share, resulting in a total cash dividend of 903 million yuan, with a dividend payout ratio of 49.42% [3]. Financial Summary - For 2025, the company reported total revenue of 19.831 billion yuan, a decrease of 7.21% year-on-year, and a net profit attributable to shareholders of 1.826 billion yuan, an increase of 9.21% year-on-year [1][9]. - The projected revenues for 2026-2028 are 22.301 billion yuan, 25.406 billion yuan, and 27.922 billion yuan, reflecting growth rates of 12.5%, 13.9%, and 9.9% respectively [3][9]. - The expected net profits for the same period are 2.108 billion yuan, 2.653 billion yuan, and 2.928 billion yuan, with corresponding EPS of 0.47 yuan, 0.59 yuan, and 0.65 yuan [3][9].