格隆汇8月7日丨龙源电力(001289.SZ)公布，2025年7月按合并报表口径完成发电量6,328,759兆瓦时，较 2024年同期同比增长2.44%，剔除火电影响同比增长21.12%。本月风电发电量同比增长6.38%，光伏发 电量同比增长105.92%。截至2025年7月31日，本公司2025年累计完成发电量45,981,236兆瓦时，较2024 年同期同比下降0.6%，剔除火电影响同比增长13.82%，其中风电增长6.11%，光伏增长77.52%。 ...

截至2025年7月31日，公司2025年累计完成发电量4598.12万兆瓦时，较2024年同期同比下降0.6%，剔除 火电影响同比增长13.82%，其中风电增长6.11%，光伏增长77.52%。 龙源电力(00916)发布公告，该公司2025年7月按合并报表口径完成发电量632.88万兆瓦时，较2024年同 期同比增长2.44%，剔除火电影响同比增长21.12%。本月风电发电量同比增长6.38%，光伏发电量同比 增长105.92%。 ...

截至2025年7月31日，公司2025年累计完成发电量4598.12万兆瓦时，较2024年同期同比下降0.6%，剔除 火电影响同比增长13.82%，其中风电增长6.11%，光伏增长77.52%。 龙源电力（001289）(00916)发布公告，该公司2025年7月按合并报表口径完成发电量632.88万兆瓦时， 较2024年同期同比增长2.44%，剔除火电影响同比增长21.12%。本月风电发电量同比增长6.38%，光伏 发电量同比增长105.92%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's revenue in Q2 2025 was affected by weak wind conditions, leading to a 4.44% year-on-year decrease in revenue, while net profit increased by 12.48% [7] - The company experienced a 17.00% decline in wind power generation in Q2 2025 compared to the previous year, but overall wind generation for the first half of 2025 increased by 8.37% [7] - The company is focusing on profitability in thermal power generation, with a decrease in output but an increase in profit due to falling coal prices [7] - The company has a robust pipeline of projects, including multiple hydropower and thermal power projects, which are expected to drive growth [7] - The company has demonstrated confidence in its asset value through multiple share buyback announcements [7] - Profit forecasts for 2025-2027 remain unchanged, with expected net profits of 30.47 billion, 32.34 billion, and 35.43 billion respectively, corresponding to PE ratios of 9, 8, and 8 [7] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 14,428 million, with a year-on-year decrease of 0.9% [6] - The net profit attributable to the parent company for 2025 is projected to be 3,047 million, reflecting a 9.1% year-on-year growth [6] - The earnings per share for 2025 is expected to be 1.10 yuan [6] - The gross profit margin for 2025 is forecasted to be 29.6% [6]

Core Viewpoint - Longyuan Power (001289) announced that it achieved a total power generation of 5.7812 million MWh by June 2025, representing a year-on-year increase of 1.56%, with an 18.07% increase when excluding the impact of thermal power generation [1] Group 1: Power Generation Performance - The total power generation for the period reached 5.7812 million MWh, with a year-on-year growth of 1.56% [1] - Excluding the impact of thermal power, the year-on-year growth in power generation was 18.07% [1] - Wind power generation increased by 4.15% year-on-year, while solar power generation saw a significant increase of 99.32% [1] Group 2: Cumulative Power Generation - As of June 30, 2025, the cumulative power generation was 39.6525 million MWh, reflecting a year-on-year decline of 1.07% [1] - When excluding the impact of thermal power, the cumulative power generation showed a year-on-year increase of 12.73% [1] - Wind power generation for the cumulative period grew by 6.07%, and solar power generation increased by 71.37% [1]

Core Viewpoint - The report highlights that favorable wind conditions have positively impacted the performance of Funiu Co., Ltd., with a proposed cash dividend of no less than 10% for the mid-2025 period, maintaining a "buy" rating for the stock [1] Financial Performance - In 2024, the company achieved a revenue of 14.563 billion yuan, a decrease of 0.90% year-on-year, while the net profit attributable to shareholders was 2.793 billion yuan, an increase of 6.47% [1][3] - For Q1 2025, the company reported a revenue of 3.097 billion yuan, a year-on-year increase of 0.31%, and a net profit of 752 million yuan, reflecting a significant growth of 42.83% [1][4] Dividend Policy - The company plans to distribute a cash dividend of 0.31 yuan per share (before tax) for 2024 and aims for a mid-2025 cash dividend of at least 10% of the net profit attributable to ordinary shareholders [1] Operational Developments - As of the end of 2024, the company had a total installed capacity of 6.096 million kilowatts, with several projects approved, including the Chang Le offshore project (656,000 kilowatts) and the second phase of the Quan Hui thermal power project (1.3 million kilowatts) [2] - The company completed preliminary approvals for 30 photovoltaic projects (114.7 MW) and made progress on 9 photovoltaic projects (40.6 MW) [2] Profitability Analysis - In 2024, the company's gross profit margin was 26.6%, an increase of 2.7 percentage points, driven by improved wind power utilization hours, which increased by 286 hours to 3,324 hours [3] - The investment income for 2024 was 1.214 billion yuan, with significant contributions from the Haixia Power and Ningde Nuclear Power projects [3] Q1 2025 Performance Highlights - In Q1 2025, the company generated 1.913 billion kWh from wind power, a year-on-year increase of 27.96%, while thermal power generation decreased by 10.71% [4] - The gross profit margin for Q1 2025 improved by 10.5 percentage points to 34.1%, aided by favorable wind conditions [4] Investment Forecast - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 3 billion yuan and 3.2 billion yuan for those years, respectively, with a new forecast for 2027 at 3.7 billion yuan [4]