Summary of Electric Power Industry Q3 2025 Earnings Call Industry Overview - The electric power sector experienced an overall profit growth of 3.3% year-on-year, with varied performance across sub-sectors: thermal power benefited from declining coal prices, while hydroelectric power remained stable, and both renewable energy and nuclear power faced challenges due to costs and subsidy reductions [1][2][3]. Key Insights and Arguments Thermal Power - Thermal power's competitive advantage lies in cost control, with average coal prices dropping nearly 200 RMB to approximately 674 RMB, significantly enhancing profitability. Despite a nearly 6% decline in revenue, profits grew over 12% year-on-year [3][5]. - Companies like Huaneng and Huaren achieved a profit per kilowatt-hour of 1/5, indicating resilience against price pressures [3]. Hydroelectric Power - Hydroelectric power's stability is affected by regional water flow variations. The Yangtze River basin remained stable, while the Lancang River basin saw a 12% increase, and the Yarlung Tsangpo River basin experienced a 16% decline [4][7]. - The market is increasingly focusing on undervalued hydroelectric assets, with attractive interest rate spreads compared to ten-year government bonds [8]. Renewable Energy - The renewable energy sector faced profit declines due to rising depreciation costs and unfavorable market conditions, with a year-on-year profit drop of about 2%. Nuclear power profits fell by 15% due to reduced taxes and subsidies [5][9]. - The market's response has been cautious, with public fund holdings in the public utility sector reaching a historical low of 0.3%, primarily increasing positions in thermal power while significantly reducing stakes in hydro and renewable energy [5][10]. Nuclear Power - The nuclear power sector's holding proportion dropped to 2.7%, largely due to market risk aversion and negative performance from Southern Nuclear's interim results. However, long-term prospects remain strong, with the expected launch of the CNNC Zhangzhou Unit 2 in 2026 marking a new production cycle [11]. - The nuclear sector is viewed as a favorable investment option due to its anticipated growth over the next three to five years [12]. Additional Important Insights - The Hong Kong stock market pricing for thermal power is driven by long-term capital, focusing on high dividend yields, with leading companies offering yields exceeding 6% [6]. - The current investment environment is seen as a good configuration window for the electric power sector, with public fund holdings at a low of 1.6%. There is a recommendation to prioritize investments in nuclear power and consider undervalued renewable energy assets with alpha characteristics [12].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to the divestment of thermal power assets in the previous year, although there was slight growth in continuous operating income [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 22.2 billion yuan, a year-on-year decrease of 17.29%, and a net profit attributable to shareholders of 4.393 billion yuan, down 21.02% [1]. - In Q3 alone, revenue was 6.564 billion yuan, a decline of 13.98%, with net profit dropping 38.19% to 1.018 billion yuan [1]. - The company’s operating costs in Q3 decreased by approximately 300 million yuan compared to Q2, mainly due to the depreciation of old units reaching maturity [1]. Power Generation and Capacity - The total power generation for the first three quarters was 56.5 billion kWh, a slight decrease of 0.53%, but a 13.81% increase when excluding thermal power impacts [2]. - Wind and solar power generation reached 46.2 billion kWh and 10.4 billion kWh, respectively, with year-on-year growth of 5.3% and 77.98% [2]. - As of September 30, 2025, the company’s installed capacity reached 43.42 million kW, a year-on-year increase of 17%, with wind and solar capacities growing by 11% and 49% respectively [1]. Pricing and Market Conditions - The wind power on-grid price for Q3 was 0.4283 yuan/kWh (including tax), showing a slight increase from Q2, while the solar power price was 0.2627 yuan/kWh (excluding tax), indicating a slight decrease [2]. - The decline in wind utilization hours was attributed to reduced wind speeds, with the average utilization at 1511 hours, down 95 hours year-on-year [2]. Financing and Investment - The company plans to issue A-shares to raise 5 billion yuan, aimed at funding wind power projects, which is expected to alleviate investment pressures in the wind sector [3]. - The current A-share valuation at 1.87x PB is significantly higher than the H-share valuation of 0.74x PB, suggesting a more efficient fundraising opportunity through A-shares [3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 6.2 billion yuan, 6.3 billion yuan, and 6.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 9, 9, and 8 times [3].

公司名稱: 龍源電力集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00916 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,317,882,000 | RMB | | 1 RMB | | 3,317,882,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 3,317,882,000 | RMB | | 1 RMB | | 3,317,882,000 | FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 ...

Core Viewpoint - The China Three Gorges Corporation (CTG) has significantly contributed to the development of clean energy in Fujian Province over the past decade, focusing on offshore wind and solar energy projects, which are expected to enhance the region's economic growth and energy capacity [2][19]. Group 1: Offshore Wind Energy Development - CTG established the world's first international large-capacity offshore wind power test field in Fuzhou, Fujian, in 2017, involving 14 wind turbines from eight major manufacturers [3]. - The company has achieved record-breaking single-unit capacity in offshore wind turbines, with the latest 16 MW turbine capable of supplying power to 36,000 households annually [8]. - The Fujian Offshore Wind Power International Industrial Park has become a hub for innovation in offshore wind equipment, with a focus on high-quality development and local manufacturing [8][19]. Group 2: Solar Energy Initiatives - The East Mountain Bay offshore solar project has met its design target of 299 million kWh by October 2025, showcasing the potential of solar energy in high-wind coastal areas [2]. - Innovative construction techniques, such as the "double pile + K brace" structure, have been implemented to enhance stability against typhoons in the East Mountain solar project [9]. - The cost of solar panels has significantly decreased, from 1.8 yuan per watt to 0.65 yuan per watt, resulting in substantial savings for projects [14]. Group 3: Industry Collaboration and Future Plans - CTG has fostered collaboration with local enterprises, such as the joint development of construction vessels and distributed solar projects on rooftops, enhancing resource utilization [16]. - The company aims to develop a trillion-yuan offshore wind power industry cluster in Fujian, focusing on advanced technologies like floating wind power and offshore hydrogen production [19]. - CTG's efforts have led to a comprehensive ecosystem in Fujian's renewable energy sector, attracting major manufacturers and enhancing the region's clean energy capacity [19].

Core Viewpoint - Longyuan Power (00916) reported a revenue of 22.2 billion yuan and a net profit attributable to shareholders of 4.393 billion yuan for the first three quarters of 2025, with a projected net profit of 6.2 billion, 6.3 billion, and 6.9 billion yuan for 2025-2027, maintaining a "buy" rating [1] Group 1: Financial Performance - The company's revenue for the first three quarters decreased mainly due to the divestment of thermal power last year, but the adjusted revenue from continuing operations showed slight growth [1] - In Q3 alone, the company achieved a revenue of 6.564 billion yuan and a net profit of 1.018 billion yuan, with a non-recurring net profit of 1.005 billion yuan [1] - The total power generation for the first three quarters was 56.5 billion kWh, a year-on-year decrease of 0.53%, but a 13.81% increase when excluding thermal power impacts [2] Group 2: Operational Metrics - The installed capacity as of September 30, 2025, reached 43.42 million kW, a year-on-year increase of 17%, with wind and solar power capacities growing by 11% and 49%, respectively [1] - The wind power utilization hours for the first three quarters were 1,511 hours, a decrease of 95 hours year-on-year, primarily due to reduced wind speeds [2] - The wind power on-grid electricity price for Q3 was 0.4283 yuan/kWh (including tax), showing a slight increase compared to Q2, while the solar power price was 0.2627 yuan/kWh (excluding tax), indicating a slight decline [2] Group 3: Future Financing and Investment - The company plans to issue A-shares to raise 5 billion yuan for wind power projects, which is expected to alleviate investment pressure [3] - The current valuation of A-shares at 1.87x PB is significantly higher than H-shares at 0.74x PB, suggesting a more efficient fundraising opportunity [3] - As of September 30, the company's receivables financing stood at 42.7 billion yuan, a decrease of 6.5 billion yuan from June, indicating improved cash flow from renewable energy subsidies [3]

Core Viewpoint - Longyuan Power (00916) reported a revenue of 22.2 billion yuan and a net profit attributable to shareholders of 4.393 billion yuan for the first three quarters of 2025, with a projected net profit of 6.2 billion, 6.3 billion, and 6.9 billion yuan for 2025-2027, maintaining a "buy" rating [1] Group 1: Financial Performance - The company's revenue for the first three quarters decreased mainly due to the divestment of thermal power last year, but the adjusted revenue from continuing operations showed slight growth [1] - In Q3 alone, the company achieved a revenue of 6.564 billion yuan and a net profit of 1.018 billion yuan, with a non-recurring net profit of 1.005 billion yuan [1] - The total power generation for the first three quarters was 56.5 billion kWh, a year-on-year decrease of 0.53%, but a 13.81% increase when excluding thermal power impacts [2] Group 2: Operational Metrics - The installed capacity as of September 30, 2025, reached 43.42 million kW, a year-on-year increase of 17%, with wind and solar power capacities growing by 11% and 49%, respectively [1] - The wind power utilization hours for the first three quarters were 1,511 hours, a decrease of 95 hours year-on-year due to reduced wind speeds [2] - The wind power on-grid electricity price for Q3 was 0.4283 yuan/kWh (including tax), showing a slight increase compared to Q2, while the solar power price was 0.2627 yuan/kWh (excluding tax), indicating a slight decline [2] Group 3: Future Financing and Investment - The company plans to issue A-shares to raise 5 billion yuan for wind power projects, which is expected to alleviate investment pressure [3] - The current valuation of A-shares at 1.87x PB is significantly higher than H-shares at 0.74x PB, suggesting a more efficient fundraising opportunity [3] - As of September 30, the company's receivables financing stood at 42.7 billion yuan, a decrease of 6.5 billion yuan from June, indicating improved cash flow from renewable energy subsidies [3]

融券方面，龙源电力11月3日融券偿还2100.00股，融券卖出4200.00股，按当日收盘价计算，卖出金额 7.12万元；融券余量1.72万股，融券余额29.17万元，低于近一年30%分位水平，处于低位。 资料显示，龙源电力集团股份有限公司位于北京市西城区阜成门北大街6号(c幢)20层2006室,香港铜锣湾 希慎道33号利园1期19楼1917室，成立日期1993年1月27日，上市日期2022年1月24日，公司主营业务涉 及电力系统及电气设备的技术改造、技术服务和生产维修;与电力相关的新技术、新设备、新材料、新 工艺的研制、开发、生产、成果转让;电站污染物治理;风力发电、节能技术及其他新能源的技术开发、 项目投资管理;进出口业务;电气设备的租赁;与主营业务相关的咨询服务;承办展览会、展销会;机电产 品、化工原料及制品(危险化学品除外)、建筑材料、五金交电、日用百货、汽车配件、电力系统专用车 辆的销售;出租写字间。主营业务收入构成为：电力产品99.22%，其他收入0.78%。 截至9月30日，龙源电力股东户数3.42万，较上期减少16.42%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，龙源电力 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported stable operations in the third quarter and plans to raise funds through a private placement of A-shares for wind power projects [6][8] - The company experienced a revenue decline of 17.29% year-on-year in the first three quarters, primarily due to the divestment of thermal power assets [8] - The company aims to alleviate investment pressure in wind power through a planned A-share issuance, which is expected to improve cash flow [8] Financial Performance Summary - Revenue for 2023 is projected at 37,642 million RMB, with a year-on-year decline of 5.6% [7] - Net profit attributable to shareholders is expected to be 6,249 million RMB in 2023, reflecting a year-on-year growth of 22.24% [7] - The company’s total installed capacity reached 43.42 million kilowatts by the end of September 2025, a year-on-year increase of 17% [8] Operational Highlights - The company generated 565 billion kilowatt-hours of electricity in the first three quarters, a slight decrease of 0.53% year-on-year, but a 13.81% increase when excluding thermal power [8] - Wind power and photovoltaic generation increased by 5.3% and 77.98% respectively in the same period [8] - The company plans to issue 361 million A-shares to raise 5 billion RMB for wind power projects [8] Earnings Forecast - The forecasted net profit for 2025 is 6,208 million RMB, with a corresponding PE ratio of 9 [7][8] - The company expects net profits of 6,338 million RMB in 2026 and 6,875 million RMB in 2027, with PE ratios of 8.7 and 8 respectively [7][8]

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨龙源电力（001289.SZ） [Table_Title] 风况偏弱限制主业经营，业绩增速受限高基数 报告要点 [Table_Summary] 三季度公司风电发电量同比增长 3.32%，增速环比降低 4.7 个百分点；光伏发电量同比增长 88.61%，增速环比提升 4.4 个百分点。若剔除火电剥离影响，三季度营业收入同比增长 5.15%， 新能源业务收入平稳增长。但利用小时数与电价的承压依然对当期业绩产生不利影响，三季度 公司毛利润同比降低 1.51 亿元。去年同期公司因江阴热电转让取得一次性投资收益 5.14 亿元， 受高基数的影响，三季度投资收益贡献同比降低 5.26 亿元。主业经营偏弱叠加去年一次性投资 收益推高业绩基数，三季度公司实现归母净利润 10.18 亿元，同比降低 38.19%。 分析师及联系人 张韦华 邬博华 司旗 宋尚骞 刘亚辉 SAC：S0490517080003 SAC：S0490514040001 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 ...

Core Viewpoint - Longyuan Power has signed a framework agreement for a 3.53 million kilowatt renewable energy project with the government of Tieli City, Heilongjiang Province, focusing on a 3 million kilowatt pumped storage project [2] Company Overview - Longyuan Power Group Co., Ltd. is primarily engaged in wind and photovoltaic power generation, with its main products being electricity and heat [2][6] - The company has an operational wind power capacity of 1.5908 million kilowatts in Xinjiang [3] - The company was established on January 27, 1993, and listed on January 24, 2022, with its main business involving technology services, project investment management, and sales of electrical equipment [6] Financial Performance - For the period from January to September 2025, Longyuan Power reported revenue of 22.221 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.393 billion yuan, down 19.76% year-on-year [7] - Since its A-share listing, the company has distributed a total of 5.978 billion yuan in dividends, with 4.746 billion yuan distributed over the past three years [8] Shareholder Structure - As of September 30, 2025, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period [7] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [9] Market Activity - On November 3, Longyuan Power's stock rose by 0.59%, with a trading volume of 82.8365 million yuan and a market capitalization of 141.782 billion yuan [1] - The stock has seen a net inflow of 999,300 yuan from major funds, ranking 43rd out of 102 in its industry [3][4]