Ge Long Hui A P P·2025-11-10 06:09Core Viewpoint - Huadian Securities report indicates that China West Electric achieved a net profit attributable to shareholders of 939 million yuan in the first three quarters of 2025, representing a year-on-year increase of 19.29% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 340 million yuan, showing a year-on-year growth of 4.12% [1] - The company's contract liabilities for the first three quarters of 2025 amounted to 5.066 billion yuan, an increase of 29.27% year-on-year, which is expected to support future performance [1] International Business Development - The company is accelerating adjustments in its international market strategy, focusing on quality and efficiency improvements [1] - A new international business management system is being established, along with the construction of an international marketing center to enhance overseas factory management [1] - The company has successfully won contracts for equipment supply, including a data center substation in Malaysia and a large transformer supply order from GE [1] Domestic Business Operations - The company is operating efficiently in domestic production, contributing to the commissioning of key national projects such as the ±800 kV UHVDC transmission projects from Longdong to Shandong and Hami to Chongqing [1] - These efforts are crucial for supporting the construction of other significant projects, including those from Ningxia to Hunan and Shaanxi to Anhui [1] Future Profit Projections - The company is projected to achieve net profits attributable to shareholders of 1.697 billion yuan, 1.996 billion yuan, and 2.359 billion yuan for the years 2025, 2026, and 2027, respectively [1] - Corresponding price-to-earnings ratios are expected to be 30, 26, and 22 times for the respective years [1] - The rating remains "Buy" [1]