ZZEPC(SH:600023) Xin Lang Cai Jing·2025-11-11 12:32Core Insights - The company reported a decline in revenue and net profit for Q3 2025, with revenue at 23.342 billion yuan, down 10.68% year-on-year, and net profit at 2.718 billion yuan, down 1.87% year-on-year [1] - For the first three quarters of 2025, revenue was 58.814 billion yuan, a decrease of 11.29%, and net profit was 6.230 billion yuan, down 6.96% [1] - The company experienced a growth in power generation, with total generation reaching 135.234 billion kWh, up 4.7% year-on-year, despite revenue decline due to lower electricity prices and reduced income from photovoltaic products [1] Revenue and Profit Performance - The company's revenue decline was primarily attributed to a decrease in electricity selling prices and reduced income from photovoltaic products [1] - The net profit decline was less severe than revenue due to falling coal prices and cost reduction measures [1][2] Cost Management - The company effectively managed costs, with financial expenses down 12.84% to 745 million yuan, R&D expenses down 37.34% to 199 million yuan, sales expenses down 25.93% to 110 million yuan, and management expenses down 7.86% to 1.513 billion yuan [2] Capacity Expansion and New Business Layout - The company holds a significant share of the power generation capacity in Zhejiang Province, with a total installed capacity of 37.4999 million kW, of which coal-fired units account for 87.67% [3] - The company is expanding into nuclear power, with investments in various nuclear power projects and a focus on enhancing its nuclear energy portfolio [3] Investment Returns and Dividends - The company reported investment income of 4.146 billion yuan in 2024 and 2.957 billion yuan in the first three quarters of 2025 from its nuclear power investments [4] - Cumulatively, the company has distributed nearly 30.5 billion yuan in dividends since its listing, with a dividend payout ratio of 50.15% for 2024 [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 7.215 billion yuan, 7.546 billion yuan, and 7.942 billion yuan for 2025-2027, with corresponding earnings per share of 0.54, 0.56, and 0.59 yuan [5] - Based on the closing price of 5.36 yuan per share on November 10, 2025, the price-to-earnings ratios are estimated at 9.96X, 9.52X, and 9.05X for the respective years [5]