ZMNY(SH:600163) Xin Lang Cai Jing·2025-10-31 06:22Core Viewpoint - The company reported a significant decline in net profit for Q3 due to asset impairment and lower-than-expected power generation, despite a slight increase in revenue year-over-year [1][2]. Financial Performance - Q3 revenue reached 286 million yuan, representing a year-over-year increase of 3.2% and a quarter-over-quarter increase of 2.1% [1]. - Net profit attributable to shareholders was 13.55 million yuan, down 80% year-over-year and down 79% quarter-over-quarter, falling short of Huatai's forecast [1]. - For the first three quarters of 2025, revenue totaled 1.08 billion yuan, a decrease of 1.4% year-over-year, with net profit down 20% to 328 million yuan [1]. Asset Impairment and Power Generation - The company recorded an asset impairment of 63.44 million yuan in Q3, which accounted for 60% of the quarterly gross profit, leading to a substantial decline in net profit [2]. - Q3 power generation was 516 million kWh, showing a year-over-year increase of 7.6%, with wind power in Fujian being a key contributor [2]. - However, power generation from Heilongjiang wind and Xinjiang solar dropped by 23% and 32% year-over-year, respectively, due to regional resource impacts [2]. Project Pipeline and Asset Injection - The company has a robust pipeline of projects, including offshore wind farms and solar power stations, which are expected to enhance future performance [3]. - Progress is being made on asset injections, with plans to incorporate pumped storage assets, although some projects are pending final subsidy verification [3]. - The establishment of a power market trading team aims to improve market analysis and trading strategies in response to the marketization of renewable energy pricing [3]. Profit Forecast and Target Price Adjustment - The company has revised its profit forecasts for 2025-2027, reducing net profit estimates by 12.3%, 11.8%, and 10.4% to 582 million, 626 million, and 740 million yuan, respectively [4]. - The adjustments are primarily due to changes in wind power VAT policies and reduced other income [4]. - The target price has been lowered to 6.27 yuan, reflecting a 19x PE for 2026, considering the strong profitability of offshore wind and potential performance boosts from asset injections [4].