SCTE(SH:600674) Xin Lang Cai Jing·2025-10-22 12:25Core Viewpoint - The company reported its Q3 2025 financial results, showing a slight increase in revenue but a decline in net profit compared to the previous year [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.14 billion yuan, a year-on-year increase of 4.95%, and a net profit attributable to shareholders of 4.22 billion yuan, a decrease of 4.54% [1] - In Q3 2025, the company reported revenue of 429 million yuan, a year-on-year decrease of 11.30%, and a net profit of 1.76 billion yuan, down 16.96% [1] Group 2: Power Generation and Pricing - The company’s hydropower and photovoltaic generation in Q3 2025 amounted to 2.579 billion kWh and 84 million kWh, representing year-on-year increases of 17.6% and a decrease of 24.3%, respectively [2] - The average on-grid electricity prices for hydropower and photovoltaic in Q3 2025 were 0.119 yuan/kWh and 0.439 yuan/kWh, reflecting year-on-year declines of 28.8% and 9.8% [2] - The total revenue from power generation in Q3 2025 was estimated at 344 million yuan, a decrease of 18.3% year-on-year [2] Group 3: Investment Performance - The company’s investment income in Q3 2025 was 1.762 billion yuan, a decrease of 15.8% year-on-year, primarily due to reduced water flow in the Yarlung Tsangpo River [3] - The company anticipates increased performance contributions from ongoing hydropower projects expected to commence operations in the near future [3] Group 4: Future Outlook - The company projects net profits attributable to shareholders of 4.767 billion yuan, 5.122 billion yuan, and 5.286 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 15.06x, 14.02x, and 13.58x [3]