Ge Long Hui·2025-10-31 07:56Core Viewpoint - Bank of America Securities reports that Longyuan Power's profit for the first three quarters of 2025 is 4.6 billion, a year-on-year decline of 20%, indicating a 35% year-on-year drop in third-quarter profit to 1 billion, which is below the bank's forecast of 1.3 billion [1] Financial Performance - The decline in performance is primarily due to a 3% year-on-year decrease in revenue per unit from wind and solar power generation, alongside a 6% year-on-year reduction in equipment utilization hours, despite a 20% year-on-year increase in total installed capacity [1] Market Outlook - The bank believes that the third-quarter results serve as a reminder to the market that the timing of a profit turnaround remains difficult to predict, leading to a reduction in the H-share target price from 6 HKD to 5.9 HKD and a reaffirmation of the "underperform" rating [1] - Expectations indicate that profit pressure will continue to intensify through 2026, resulting in an average downward revision of 15% in profit forecasts for 2025 to 2027 [1]