GED(SZ:000539) Xin Lang Cai Jing·2025-10-30 15:30Core Viewpoint - Guangdong Electric Power A is a major player in the domestic power generation industry, with strong capabilities in thermal and renewable energy generation, and possesses advantages in multi-energy complementarity and the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Guangdong Electric Power A reported revenue of 37.717 billion yuan, ranking 7th among 28 companies in the industry, while the industry leader, Huaneng International, achieved revenue of 172.975 billion yuan [2] - The company's net profit for the same period was 871 million yuan, placing it 17th in the industry, with Huaneng International leading at 19.436 billion yuan [2] - The main business revenue composition includes power sales of 22.669 billion yuan (97.96%), heat sales of 28.2 million yuan (1.22%), and other revenues of 12.2 million yuan (0.53%) [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for Guangdong Electric Power A was 79.45%, higher than the industry average of 61.62% [3] - The gross profit margin for the same period was 11.49%, which is below the industry average of 18.24% [3] Group 3: Shareholder Information - As of December 31, 2011, the number of A-share shareholders decreased by 4.21% to 88,200, while the average number of circulating A-shares held per household increased by 4.39% to 22,600 [5] - As of September 30, 2025, the Southern CSI 500 ETF was the seventh largest circulating shareholder, holding 13.0304 million shares, a decrease of 298,500 shares from the previous period [5] Group 4: Executive Compensation - The chairman, Zheng Yunpeng, received a salary of 1.3069 million yuan in 2024, an increase of 529,100 yuan from 2023 [4] Group 5: Future Outlook - Analysts expect the company to achieve revenues of 56.895 billion yuan, 63.293 billion yuan, and 68.280 billion yuan from 2025 to 2027, with corresponding net profits of 684 million yuan, 1.183 billion yuan, and 1.463 billion yuan [6] - The company is actively investing in energy transition projects, with multiple solar and wind projects under construction [6]