Xin Lang Cai Jing·2025-11-02 06:27Core Viewpoint - The company reported a mixed performance for the first three quarters of 2025, with a slight decline in revenue but a significant increase in net profit, driven by lower fuel costs and effective cost control measures [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 89.345 billion yuan, a year-on-year decrease of 1.82%, while net profit attributable to shareholders was 6.712 billion yuan, an increase of 51.48% [1]. - In Q3 2025, the company recorded revenue of 32.152 billion yuan, down 1.62% year-on-year, but net profit rose to 2.133 billion yuan, up 61.18% [1]. - The average on-grid electricity price for the first three quarters was 430.19 yuan per megawatt-hour, a decrease of approximately 4.32% year-on-year [1]. Operational Metrics - The company and its subsidiaries completed a total on-grid electricity generation of 206.241 billion kilowatt-hours in the first three quarters, an increase of 2.02% year-on-year, with Q3 alone contributing 82.248 billion kilowatt-hours, up 3.13% [1]. - In Q3 2025, the coal machine business generated 55.534 billion kilowatt-hours, a year-on-year increase of 0.53% [1]. Cost Management and Profitability - Despite a slight decline in revenue, the company's operating costs decreased by 10.34% year-on-year in Q3 2025, attributed to lower coal prices, enhancing profit margins [2]. - The company's gross margin and net margin for Q3 2025 were 20.94% and 10.43%, respectively, reflecting increases of 7.70 and 3.86 percentage points year-on-year [2]. Long-term Growth Potential - As of mid-2025, the company had an installed capacity of 80,889.68 megawatts and an additional 9,195 megawatts under construction, with 1,812.839 megawatts added in Q3 2025 [2]. - The company has a substantial pipeline of projects, indicating significant long-term growth potential as these projects come online [2]. Profit Forecast and Valuation - The company is expected to achieve net profits of 6.416 billion yuan, 7.524 billion yuan, and 8.619 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 42.38%, 17.27%, and 14.56% [3]. - The price-to-earnings (PE) ratios for the company are projected to be 10.90, 9.30, and 8.12 for the years 2025, 2026, and 2027, respectively [3].