Xin Lang Cai Jing·2025-10-31 14:29Core Insights - The company reported a revenue of 172.975 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.19%, while the net profit attributable to shareholders reached 14.841 billion yuan, an increase of 42.52% [1] - In Q3 2025, the company achieved a revenue of 60.943 billion yuan and a net profit of 5.579 billion yuan, reflecting a year-on-year decline of 7.08% in revenue but an impressive increase of 88.54% in net profit [1] Revenue and Profit Analysis - The company's domestic power plants generated 125.768 billion kWh in Q3 2025, a decrease of 3.67% year-on-year, with coal, gas, wind, solar, and hydro power generation showing respective changes of -7.16%, -0.30%, +2.99%, +45.41%, and +23.97% [1] - The average on-grid electricity settlement price for the first three quarters of 2025 was 478.71 yuan/MWh, a decrease of approximately 1.76 fen/kWh year-on-year, with Q3 experiencing a decline of around 2 fen [1] Cost and Profitability - In Q3 2025, the price of coal remained low, fluctuating between 650 to 700 yuan/ton, which significantly improved the company's fuel costs, leading to a 102% year-on-year increase in profits from the coal segment, totaling 13.268 billion yuan [2] - The company's net profit margin increased from 6.4% in the previous year to 11.70% in Q3 2025, driven by reduced R&D and financial expenses [2] Asset Impairment and Future Growth - The company recognized an asset impairment of 365 million yuan in Q3 2025, which reduced the consolidated profit by 367 million yuan, impacting the quarterly performance [2] - The company added 2,308.10 MW of new installed capacity during the reporting period, which is expected to contribute to long-term growth [2] Profit Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 14.938 billion yuan, 15.677 billion yuan, and 16.153 billion yuan for 2025, 2026, and 2027, representing year-on-year changes of +47.38%, +4.95%, and +3.03% respectively [3] - As of October 29, 2025, the corresponding price-to-earnings ratios are estimated to be 8.68, 8.27, and 8.03 times [3]