Core Viewpoint - The company reported a decline in revenue and electricity generation in Q1 2025, but managed to achieve a slight increase in net profit due to cost control and non-operating income [1][3]. Financial Performance - In Q1 2025, the company achieved operating revenue of 39.813 billion yuan, a year-on-year decrease of 12.61% [1]. - The net profit attributable to shareholders was 1.811 billion yuan, an increase of 1.45% year-on-year [1]. - The non-deductible net profit was 1.608 billion yuan, down 7.42% year-on-year [1]. Electricity Generation - The company completed a total electricity generation of 100.217 billion kWh in Q1 2025, a decrease of 5.67% year-on-year [2]. - The on-grid electricity volume was 94.935 billion kWh, down 5.72% year-on-year [2]. - Excluding the impact of transferring Guodian Construction Investment, the generation and on-grid electricity volumes decreased by 4.36% and 4.42% respectively [2]. - The on-grid electricity volumes for thermal, hydro, wind, and solar power changed by -9.34%, -6.95%, +11.23%, and +123.78% year-on-year respectively [2]. Cost and Profitability - The decline in coal prices partially offset the drop in sales volume and price, leading to an operating profit of 3.966 billion yuan, down 8.03% year-on-year [3]. - The company effectively controlled costs, with sales, management, R&D, and financial expenses decreasing by 63.88%, 16.86%, 18.08%, and 13.46% respectively [3]. - Non-operating income from the disposal of Guoneng Electric Power Engineering Management Co., Ltd. and the bankruptcy of Guodian Shouxian Wind Power Co., Ltd. contributed to the net profit increase [3]. Project Development - As of the end of 2024, the company has 8.35 million kW of thermal power projects and 4.9235 million kW of hydroelectric projects under construction [4]. - The Dadu River Basin hydropower station is expected to contribute 1.365 million kW in 2025, enhancing the company's capacity [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 6.5 billion yuan, 7.7 billion yuan, and 8.0 billion yuan for 2025-2027, with year-on-year changes of -34.36%, +19.41%, and +3.97% respectively [4]. - The corresponding price-to-earnings ratios for April 25, 2025, are estimated to be 12.66, 10.60, and 10.20 times [4].