wsdl(SH:600995) Xin Lang Cai Jing·2025-11-11 08:28Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 5.32 billion yuan, a year-on-year growth of 17.72%, and net profit attributable to shareholders at 1.43 billion yuan, up 37.13% [1] - The increase in profits is primarily attributed to higher water inflow and electricity generation from peak regulation hydropower plants [1] Financial Performance - For Q3 2025, the company achieved a revenue of 2.02 billion yuan, reflecting a year-on-year growth of 25.59%, and a net profit of 600 million yuan, which is a 43.41% increase compared to the previous year [1] - The weighted average ROE for the first three quarters was 6.52%, an increase of 1.6 percentage points year-on-year [1] Hydropower and Energy Storage Developments - The company’s peak regulation hydropower generation increased by 40.36% to 8.72 billion kWh in the first three quarters of 2025, with significant contributions from specific hydropower stations [2] - The revenue from peak regulation hydropower business reached 1.65 billion yuan, a year-on-year increase of 37.62% [2] - The new energy storage business generated 267 million yuan in revenue, growing by 27.42% year-on-year, with a total installed capacity of 654.2 MW by the end of September [2] Project Expansion - The first unit of the Meizhou Phase II pumped storage power station was put into operation, contributing to an increase in total installed capacity to 10.58 million kW [1] - The company has 10 pumped storage power stations under construction, with a total capacity of approximately 12 million kW, expected to enhance electricity generation and revenue [1] Investment Outlook - The company is positioned as the only pumped storage and grid-side independent energy storage operator under the Southern Power Grid, with strong project resources and development advantages [3] - Revenue projections for 2025-2027 are estimated at 7.02 billion, 8.65 billion, and 10.47 billion yuan, with net profits expected to grow at rates of 25.2%, 13.1%, and 16.0% respectively [3]