Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a stable increase in electricity generation in the first half of 2025, with a total generation of approximately 1,266.56 billion kWh, representing a year-on-year increase of 5.01% [7] - The decline in the ten-year government bond yield opens up space for the company as a dividend benchmark, with a current dividend yield of 3.35% [7] - The company aims to achieve a power generation target of 300 billion kWh in 2025, with projected net profits of 35.03 billion, 36.72 billion, and 37.09 billion yuan for 2025, 2026, and 2027 respectively [7] Financial Projections - Total revenue is projected to be 86,519 million yuan in 2025, with a year-on-year growth of 2.40% [1] - The net profit attributable to the parent company is forecasted to be 35,028 million yuan in 2025, reflecting a year-on-year increase of 7.79% [1] - The earnings per share (EPS) is expected to be 1.43 yuan in 2025, with a price-to-earnings (P/E) ratio of 20.89 [1][8] Market Data - The closing price of the company's stock is 29.90 yuan, with a market capitalization of approximately 731,599.71 million yuan [5] - The company has a price-to-book (P/B) ratio of 3.39 and a debt-to-asset ratio of 59.65% [6][5]