智通财经网·2025-11-04 07:06Core Viewpoint - Longyuan Power (00916) reported a revenue of 22.2 billion yuan and a net profit attributable to shareholders of 4.393 billion yuan for the first three quarters of 2025, with a projected net profit of 6.2 billion, 6.3 billion, and 6.9 billion yuan for 2025-2027, maintaining a "buy" rating [1] Group 1: Financial Performance - The company's revenue for the first three quarters decreased mainly due to the divestment of thermal power last year, but the adjusted revenue from continuing operations showed slight growth [1] - In Q3 alone, the company achieved a revenue of 6.564 billion yuan and a net profit of 1.018 billion yuan, with a non-recurring net profit of 1.005 billion yuan [1] - The total power generation for the first three quarters was 56.5 billion kWh, a year-on-year decrease of 0.53%, but a 13.81% increase when excluding thermal power impacts [2] Group 2: Operational Metrics - The installed capacity as of September 30, 2025, reached 43.42 million kW, a year-on-year increase of 17%, with wind and solar power capacities growing by 11% and 49%, respectively [1] - The wind power utilization hours for the first three quarters were 1,511 hours, a decrease of 95 hours year-on-year, primarily due to reduced wind speeds [2] - The wind power on-grid electricity price for Q3 was 0.4283 yuan/kWh (including tax), showing a slight increase compared to Q2, while the solar power price was 0.2627 yuan/kWh (excluding tax), indicating a slight decline [2] Group 3: Future Financing and Investment - The company plans to issue A-shares to raise 5 billion yuan for wind power projects, which is expected to alleviate investment pressure [3] - The current valuation of A-shares at 1.87x PB is significantly higher than H-shares at 0.74x PB, suggesting a more efficient fundraising opportunity [3] - As of September 30, the company's receivables financing stood at 42.7 billion yuan, a decrease of 6.5 billion yuan from June, indicating improved cash flow from renewable energy subsidies [3]