Ge Long Hui·2025-10-30 19:55Core Viewpoint - Longyuan Power's Q3 revenue decreased by 14% year-on-year to 6.564 billion yuan, while net profit attributable to shareholders fell by 38% year-on-year to 1.018 billion yuan, primarily due to a decline in wind power utilization hours [1] Financial Performance - Q3 revenue: 6.564 billion yuan (yoy -14%, qoq -13%) [1] - Q3 net profit: 1.018 billion yuan (yoy -38%, qoq -31%) [1] - Revenue for Q1-Q3 2025: 22.221 billion yuan (yoy -17%) [1] - Net profit for Q1-Q3 2025: 4.393 billion yuan (yoy -21%) [1] - Non-recurring net profit for Q1-Q3 2025: 4.292 billion yuan (yoy -16%) [1] Installed Capacity and Generation - New installed capacity for renewable energy: 2.27 GW from January to September, totaling 43.42 GW by the end of September [1] - Wind power installed capacity: increased by 1.13 GW to 31.54 GW [1] - Solar power installed capacity: increased by 1.17 GW to 11.87 GW [1] - Total generation from January to September: 56.542 billion kWh (yoy -0.5%) [1] - Wind power generation: 46.188 billion kWh (yoy +5.3%) [1] - Solar power generation: 10.354 billion kWh (yoy +78%) [1] - Average wind power utilization hours: 1,511 hours (yoy -95 hours) [1] Revenue Breakdown - Wind power revenue: 19.144 billion yuan (yoy -1.8%) [2] - Solar power revenue: 2.806 billion yuan (yoy +64.8%) [2] - Wind power revenue decline attributed to increased proportion of parity projects and expanded market transactions leading to lower average on-grid electricity prices [2] - Solar power revenue growth driven by rapid expansion of installed capacity [2] Cash Flow and Financing - Accounts receivable financing: 42.694 billion yuan, down 6.533 billion yuan from June [2] - Operating cash flow for January to September: 15.784 billion yuan (yoy +53%) [2] - Company plans to raise up to 5 billion yuan through A-share refinancing to invest in wind power projects [2] Profit Forecast and Valuation - Downward revision of net profit forecasts for 2025-2027 by 1.8%/8.7%/8.2% to 6.378 billion yuan, 6.732 billion yuan, and 7.780 billion yuan respectively [2] - Target price for A-shares set at 19.44 yuan, up from 18.72 yuan, based on a 24x PE for 2026 [2] - Target price for H-shares set at 7.99 HKD, up from 7.63 HKD, based on a 9x PE for 2026 [2]