研报掘金丨信达证券：维持国电电力“买入”评级，多方面在业内处于领先地位

Core Viewpoint - Guodian Power achieved a net profit attributable to shareholders of 6.777 billion yuan in Q1-Q3 2025, a year-on-year decrease of 26.27%, while the net profit for Q3 alone was 3.090 billion yuan, reflecting a year-on-year increase of 24.87% and a quarter-on-quarter increase of 64.72% [1] Industry Position - The company is one of the five major power generation groups in China and ranks second in the market for thermal power installed capacity, indicating a significant scale [1] Shareholder Background - Guodian Power is backed by the State Energy Group, which provides strong coal supply assurance and demonstrates outstanding cost control capabilities in the thermal power sector [1] Asset Quality - The company's thermal power units primarily consist of large units with capacities over 600,000 kilowatts, indicating high quality, and the company has made substantial investments in technological upgrades, enhancing its regulatory capabilities [1] Development Structure - Guodian Power has established a development structure that primarily focuses on coal-fired power generation while also promoting the coordinated development of hydropower, wind power, and solar power, indicating stable operations and growth potential in installed capacity [1]