Xin Lang Cai Jing·2025-10-29 12:27Core Insights - The company reported a revenue of 89.345 billion yuan for the first three quarters of 2025, a year-on-year decrease of 1.82%, while the net profit attributable to shareholders reached 6.712 billion yuan, an increase of 51.48% [1] - The third quarter performance exceeded expectations, with a revenue of 32.152 billion yuan, a year-on-year decrease of 1.62%, and a net profit of 2.133 billion yuan, up 61.18% year-on-year [1] Revenue and Profit Analysis - The company achieved a total revenue of 89.345 billion yuan in the first three quarters, reflecting a slight decline of 1.82% year-on-year, while net profit attributable to shareholders increased significantly by 51.48% to 6.712 billion yuan [1] - In Q3 2025, the company recorded a revenue of 32.152 billion yuan, with a net profit of 2.133 billion yuan, indicating a strong growth of 61.18% year-on-year [1] Electricity Generation and Pricing - The company generated a total of 82.248 billion kWh of electricity in Q3 2025, representing a year-on-year increase of 3.2%, with coal power generation slightly declining by 0.5% to 55.534 billion kWh [2] - The average on-grid electricity price for the first three quarters was 430.19 yuan per MWh, down 4.32% year-on-year, with Q3 pricing at 408.65 yuan per MWh, a decrease of 4.8% year-on-year [2] Cost and Financial Performance - The company benefited from a decrease in coal prices, leading to improved cost efficiency and a significant increase in profitability, with a gross margin of 19.41%, up 4.76 percentage points year-on-year [3] - Financial expenses decreased by 17.7% year-on-year to 3.338 billion yuan, contributing to enhanced profitability [3] Future Outlook and Valuation - The company anticipates sustained low fuel costs in 2025, with continued growth in thermal power performance and improvements in hydropower generation [3] - The net profit forecasts for 2025-2027 have been raised to 6.569 billion, 6.917 billion, and 7.437 billion yuan, reflecting year-on-year growth rates of 46%, 5%, and 8% respectively [3]