GDPD(600795) 信达证券·2025-04-25 15:37Investment Rating - The report maintains a "Buy" rating for Guodian Power (600795.SH) [1][6] Core Views - The report highlights that cost control exceeded expectations, and installed capacity growth supports future performance [1][4] - The company experienced a decline in revenue but managed to increase net profit due to effective cost management [3][4] - The long-term growth potential in installed capacity is significant, with robust resources in thermal, wind, and hydro power [6] Summary by Relevant Sections Financial Performance - In Q1 2025, Guodian Power reported revenue of 39.813 billion yuan, a year-on-year decrease of 12.61% and a quarter-on-quarter decrease of 12.15% [1] - The net profit attributable to shareholders was 1.811 billion yuan, a year-on-year increase of 1.45% and a quarter-on-quarter increase of 182.81% [1] - Operating cash flow was 14.026 billion yuan, a year-on-year increase of 92.79% [1] Operational Highlights - The company's electricity generation decreased by 5.72% year-on-year to 94.935 billion kWh in Q1 2025, with thermal power generation down by 9.34% [3] - The average on-grid electricity price fell to 425.41 yuan per thousand kWh, a decrease of 6.62% year-on-year [3] - Installed capacity as of March 31, 2025, was 116.3914 million kW, with significant contributions from thermal, hydro, wind, and solar power [3] Cost Management - The report notes a 13.19% year-on-year decrease in operating costs, attributed to effective coal procurement strategies and cost control measures [3][4] - Significant reductions were observed in various expenses, including sales expenses down by 63.88% and management expenses down by 16.86% [3][4] Growth Prospects - The company is expected to see steady growth in thermal power, with new projects in high-price regions set to come online in 2025-2026 [6] - The report anticipates that hydro power projects will contribute significantly to performance growth in the next three years [6] - Guodian Power's diversified energy portfolio positions it well for future growth, supported by strong shareholder backing and asset quality [6]