WENERGY CO.,LTD.(SZ:000543) Xin Lang Zheng Quan·2025-10-31 03:30Core Viewpoint - WanNeng Power, established in December 1993, is the largest thermal power operator in Anhui Province, primarily focusing on coal-fired power generation and benefiting from scale and regional advantages [1] Group 1: Business Performance - In Q3 2025, WanNeng Power achieved operating revenue of 21.773 billion yuan, ranking 12th in the industry, significantly lower than the top player Huaneng International at 172.975 billion yuan and the second player Guodian Power at 125.205 billion yuan [2] - The net profit for the same period was 2.853 billion yuan, also ranking 12th, far below Huaneng International's 19.436 billion yuan and Guodian Power's 12.233 billion yuan [2] - The main business composition includes power and related products at 10.453 billion yuan (79.28%), coal at 2.37 billion yuan (17.97%), transportation at 201 million yuan (1.52%), waste treatment at 143 million yuan (1.09%), and others at 18.4185 million yuan (0.14%) [2] Group 2: Financial Ratios - As of Q3 2025, WanNeng Power's debt-to-asset ratio was 63.00%, higher than the industry average of 61.62%, but down from 65.71% in the same period last year [3] - The gross profit margin was 16.67%, below the industry average of 18.24%, although it improved from 12.27% in the previous year [3] Group 3: Management and Shareholder Information - The chairman, Li Ming, has no disclosed salary data, while the general manager, Fang Shiqing, saw a salary decrease of 59,600 yuan year-on-year, with a 2024 salary of 650,200 yuan [4] - As of September 30, 2025, the number of A-share shareholders increased by 2.10% to 55,700, while the average number of circulating A-shares held per household decreased by 2.06% to 40,700 [5] Group 4: Future Outlook - According to Huayuan Securities, WanNeng Power is expected to achieve a net profit of 2.3 billion, 2.4 billion, and 2.6 billion yuan from 2025 to 2027, with corresponding PE ratios of 8, 7, and 7 times, and a projected dividend yield of 4.5% in 2025 [5] - Guosheng Securities forecasts operating revenues of 29.062 billion, 29.625 billion, and 29.575 billion yuan for 2025 to 2027, with net profits of 2.322 billion, 2.346 billion, and 2.409 billion yuan, respectively [6] - Business highlights include increased electricity demand and improved cost management supporting significant profit growth, as well as new projects contributing to growth potential [6]