Core Viewpoint - In Q1 2025, the company reported a revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, while net profit attributable to shareholders increased by 8.19% to 4.973 billion yuan, indicating a mixed performance driven by various factors [1][2]. Revenue and Profit Analysis - The company's Q1 2025 revenue decreased by 7.70% year-on-year to 60.335 billion yuan, primarily due to a decline in on-grid electricity generation [1]. - The net profit attributable to shareholders rose by 8.19% to 4.973 billion yuan, and the non-recurring net profit increased by 9.61% to 4.798 billion yuan, reflecting improved profitability despite lower revenue [1][2]. Electricity Generation and Pricing - The total on-grid electricity generation in Q1 2025 was 106.633 billion kWh, a decrease of 5.66% year-on-year, with coal, gas, wind, solar, hydro, and biomass generation showing varied changes [1]. - The average on-grid electricity settlement price was 488.19 yuan per MWh, a slight decline of 1.96% year-on-year, indicating limited overall price drop [1]. Fuel Cost and Profitability - The unit fuel cost decreased significantly due to falling coal prices, leading to a 10.97% reduction in operating costs [2]. - Profit margins for coal and gas-fired power generation increased by 40.96% and 40.58% respectively, contributing over 60% to the total profit in Q1 2025 [2]. Financial Performance - Financial expenses decreased by 15.12% to 1.738 billion yuan, attributed to lower interest rates on domestic interest-bearing liabilities [2]. - Investment income rose by 37.63% to 525 million yuan, further enhancing the company's performance [2]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 12.3 billion, 14.6 billion, and 17 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.29%, 19.04%, and 16.42% [2]. - As of April 30, 2025, the stock price corresponds to PE ratios of 9.14, 7.68, and 6.60 for the respective years [2].

证券代码：000539、200539 证券简称：粤电力 A、粤电力 B 广东电力发展股份有限公司投资者关系活动记录表 编号：2025002 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 时间 | 2025 年 4 月 15 日 | | 地点 | 线上交流 | | 参与单位名称及 | 全景网"投资者关系互动平台" 广大投资者 | | 人员姓名 | | | 上市公司接待人 | 董事长 郑云鹏 | | 员姓名 | 张汉玉、吴战篪 独立董事 | | | 副总经理、财务负责人、董事会秘书 刘维 | | | 总法律顾问 秦晓 | | | 蒙飞 财务部部长 | | | 公司于 年 月 日 在全景网"投资者关系互动平 2025 4 15 15:00-16:30 | | | 台"（http://ir.p5w.net）举办 2024 年度业绩说明会，本次业绩说明会采用 | | | 网络远程的方式举行，主要交流内容如下： | | | 问 ...