The Huayuan Securities Research Report pointed out that Guodian Electric Power performed steadily in the second quarter, and asset injection is expected to open up medium- to long-term space. 2026H1 achieved net profit of 3,014 billion yuan, a year-on-year decrease of 18.25%; of these, 2026Q2 achieved net profit of 1,616 billion yuan, a year-on-year decrease of 13.9%. The decline in performance was mainly affected by falling feed-in tariffs and a slight increase in fuel costs. By sector, 2026H1's net profit from the thermal power, hydropower, wind power, and photovoltaic sectors was 16.66, 10.81, 3.97, and 223 million yuan, respectively, compared with -15.31%, +22.42%, -24.95%, and -62.27%, respectively. The 2026H1 thermal power installation increased by more than 8% year on year. The decline in electricity prices and the rise in coal prices affected thermal power profits; the 2026H1 Shuangjiangkou hydropower plant was put into operation as scheduled, and hydropower profits bucked the trend. The company plans to acquire nearly 14GW of the Group's assets in cash, which is expected to open up medium- to long-term space. The PE corresponding to the current stock price is 16, 13, and 12 times, respectively. According to the cash dividend of 0.22 yuan/share, the dividend rate corresponding to the closing price on September 4 was 4.1%, maintaining the “buy” rating.

The Huayuan Securities Research Report pointed out that Guodian Electric Power performed steadily in the second quarter, and asset injection is expected to open up medium- to long-term space. 2026H1 achieved net profit of 3,014 billion yuan, a year-on-year decrease of 18.25%; of these, 2026Q2 achieved net profit of 1,616 billion yuan, a year-on-year decrease of 13.9%. The decline in performance was mainly affected by falling feed-in tariffs and a slight increase in fuel costs. By sector, 2026H1's net profit from the thermal power, hydropower, wind power, and photovoltaic sectors was 16.66, 10.81, 3.97, and 223 million yuan, respectively, compared with -15.31%, +22.42%, -24.95%, and -62.27%, respectively. The 2026H1 thermal power installation increased by more than 8% year on year. The decline in electricity prices and the rise in coal prices affected thermal power profits; the 2026H1 Shuangjiangkou hydropower plant was put into operation as scheduled, and hydropower profits bucked the trend. The company plans to acquire nearly 14GW of the Group's assets in cash, which is expected to open up medium- to long-term space. The PE corresponding to the current stock price is 16, 13, and 12 times, respectively. According to the cash dividend of 0.22 yuan/share, the dividend rate corresponding to the closing price on September 4 was 4.1%, maintaining the “buy” rating.