Gelonghui, April 28 | China Merchants Securities Research Report indicates that due to the increase in investment income, Guodian Electric Power (600795.SH)'s Q1 performance continues to recover. Revenue for the first quarter was 45.555 billion yuan, -0.13% year on year; net profit to mother was 1,785 billion yuan, +88.62% year over year. The sharp increase in performance was mainly due to increased investment income from joint ventures and Prudential Shendong, which increased net profit by 199 million yuan. The company has a coal guarantee from Shenhua Group, with significant cost advantages; the two electricity systems are expected to be put into operation in 2025, which is expected to mitigate hydropower consumption problems. The commissioning of the Shuangjiangkou Hydropower Station in 25-26 will greatly increase the company's hydropower installation, and the additional generation effect is also expected to increase hydropower profits; the rapid growth of new energy installations, and the transfer of China Power Construction Investment to eliminate uncertainty in the Hasu Coal Mine. It will also bring additional benefits, and further growth in performance can be expected. Maintain a “Highly Recommended” rating.