WENERGY CO.,LTD.(SZ:000543) Xin Lang Cai Jing·2025-10-26 04:35Core Insights - The company reported a revenue of 21.773 billion yuan for the first three quarters of 2025, a year-on-year decrease of 3.41%, while the net profit attributable to shareholders was 1.906 billion yuan, an increase of 20.43% [1] - In Q3 2025, the company achieved a revenue of 8.587 billion yuan, a year-on-year increase of 0.56%, and a net profit of 824 million yuan, a year-on-year increase of 60.95% [1] Revenue and Profit Analysis - Q3 saw a significant improvement in electricity generation, with coal prices remaining low, which boosted profit performance [1] - The company's revenue growth in Q3 was supported by a recovery in electricity demand, particularly in July and August, where electricity generation increased by over 9% year-on-year [1] - The operating cost in Q3 decreased by 5.07% year-on-year, primarily due to lower coal prices, which enhanced quarterly profit margins [1] R&D and Investment Performance - R&D expenses in Q3 increased by 13.56% year-on-year, a significant reduction in growth rate compared to the first half of 2025, which helped in profit release [2] - The company reported a net investment income of 350 million yuan in Q3, a year-on-year increase of 25.61%, contributing to the growth in performance [2] - The gross margin and net margin for Q3 were 17.32% and 14.34%, respectively, reflecting an increase of 4.91 percentage points and 5.5 percentage points year-on-year, indicating improved profitability [2] Project Development - Ongoing projects are progressing as planned, with the 500,000 kW Turpan wind power project expected to be fully connected to the grid by the end of September 2025, and the 800,000 kW photovoltaic project in Xinjiang expected to be fully operational by November 2025 [2] - Additionally, a 300,000 kW wind power project in the province is anticipated to be fully operational next year, laying a foundation for long-term growth [2] Profit Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 2.458 billion yuan, 2.631 billion yuan, and 2.780 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 19.09%, 7.05%, and 5.66% [3] - As of October 24, 2025, the company's stock price corresponds to a price-to-earnings ratio (PE) of 7.25, 6.77, and 6.41 for the years 2025, 2026, and 2027 [3]