Xin Lang Zheng Quan·2025-10-30 12:50Core Viewpoint - Xintian Green Energy Co., Ltd. is a leading clean energy supplier in China, primarily engaged in natural gas sales and wind power generation, with a full industry chain advantage [1] Group 1: Business Overview - The company was established on February 9, 2010, and listed on the Shanghai Stock Exchange on June 29, 2020 [1] - Xintian Green Energy's main business segments include natural gas sales, wind power, solar energy, and other services such as equipment leasing [1] - The company operates in the public utility sector, specifically in electricity and wind power generation, focusing on clean energy and green electricity concepts [1] Group 2: Financial Performance - In Q3 2025, Xintian Green Energy achieved a revenue of 14.445 billion yuan, ranking 4th in the industry, surpassing the industry average of 7.721 billion yuan [2] - The revenue breakdown shows that natural gas sales contributed 7.355 billion yuan (67.46%), while wind and solar power generation accounted for 3.367 billion yuan (30.88%) [2] - The net profit for the same period was 1.75 billion yuan, also ranking 4th in the industry, slightly below the industry average of 1.775 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 65.70%, down from 67.57% year-on-year but still above the industry average of 60.48% [3] - The gross profit margin was 20.64%, an increase from 19.91% year-on-year, yet lower than the industry average of 42.94% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.74% to 38,100, with an average holding of 61,600 circulating A-shares, a decrease of 1.71% [5] - Notable shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with changes in their holdings compared to the previous period [5] Group 5: Future Outlook - Guosheng Securities projects revenues of 23.977 billion yuan, 27.268 billion yuan, and 30.024 billion yuan for 2025 to 2027, with corresponding net profits of 2.330 billion yuan, 2.698 billion yuan, and 3.084 billion yuan [6] - The company is expected to maintain a high dividend payout, reflecting a strong shareholder return policy [6] - CICC maintains its 2025 profit forecast while adjusting the 2026 net profit down by 12.9% to 2.498 billion yuan, with target prices set for both A-shares and H-shares [7]