SCTE(SH:600674) Xin Lang Cai Jing·2025-10-26 04:25Core Insights - The company reported a revenue of 1.14 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.95%, while the net profit attributable to shareholders decreased by 4.54% to 4.22 billion yuan [1] - The decrease in water inflow from the Yalong River led to a slight decline in investment income, with the Yalong River Hydropower Company generating 70.93 billion kWh of electricity, down 0.78% year-on-year [1] - The company’s hydropower generation increased significantly due to the commissioning of new units, with a total generation of 4.86 billion kWh in the first three quarters, up 17.92% year-on-year [2] - The average on-grid electricity price for hydropower decreased by 6.47% to 0.188 yuan/kWh in the first three quarters, with a more significant drop of 28% in Q3 due to high rainfall during the flood season [2] - The photovoltaic segment faced pressure on both volume and price, with a total on-grid electricity generation of 216 million kWh, down 3.57% year-on-year, and an average on-grid price of 0.439 yuan/kWh, down 12.55% [3] - The company is actively advancing several renewable energy projects, indicating potential growth in the future [3] - Profit forecasts for 2025-2027 suggest a gradual increase in net profit, with estimates of 4.6 billion yuan in 2025, reflecting a year-on-year growth of 2.99% [3] Financial Performance - For Q3 2025, the company achieved a revenue of 429 million yuan and a net profit of 1.76 billion yuan, representing declines of 11.30% and 16.96% year-on-year, respectively [1] - Investment income for the company decreased by 15.82% to 1.76 billion yuan in Q3 due to lower contributions from hydropower generation [1] Hydropower Segment - The company’s controlled hydropower enterprises completed a total generation of 4.857 billion kWh in the first three quarters, marking a year-on-year increase of 17.92% [2] - The average on-grid electricity price for hydropower in Q3 was approximately 0.1210 yuan/kWh, reflecting a significant decrease due to seasonal factors [2] Photovoltaic Segment - The company’s photovoltaic power generation faced challenges, with a total on-grid electricity generation of 216 million kWh, down 3.57% year-on-year [3] - The average on-grid electricity price for photovoltaic projects was 0.439 yuan/kWh, down 12.55% year-on-year, indicating competitive pressures in the market [3] Future Outlook - The company is pursuing several renewable energy projects, including energy storage and solar power initiatives, which are expected to contribute to future revenue growth [3] - Profit forecasts indicate a steady increase in net profit over the next few years, with a projected PE ratio of 15.58 for 2025 [3]