东莞证券研报指出，2025H1，受电力量价下行的市场形势影响，国电电力实现营收776.55亿元，同比下降9.52%；归母净利润36.87亿元，同比下降45.11%。去年同期公司转让控股子公司国电建投内蒙古能源公司导致公司非经常性损益增加。公司加强管控燃料成本，多措并举控降采购价格，2025H1入炉标煤量4972.60万吨，入炉综合标煤单价831.48元/吨，同比下降9.52%。2025H1公司积极开展新一代煤电升级专项行动，浙江北仑、广东肇庆共200万千瓦火电机组高质量投产，大力推进存量机组“三改联动”、生物质掺烧和新能源耦合开发。发电厂用电率为3.70%，同比下降0.14个百分点。维持对公司“买入”评级。
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