研报掘金丨中邮证券：维持国电南瑞“买入”评级，网外和海外业务增长亮眼

Core Viewpoint - China Southern Power Grid's net profit attributable to shareholders for Q1-Q3 2025 is 4.86 billion yuan, representing a year-on-year increase of 8.4% [1] Financial Performance - Q3 2025 net profit attributable to shareholders is 1.9 billion yuan, with year-on-year and quarter-on-quarter changes of +7.8% and -16.2% respectively [1] - Profitability has declined due to changes in business segment structure, although cost control management capabilities have improved [1] Business Segments - Stable performance in internal network business, with significant growth in external and overseas markets [1] - In the power grid market, the company has consolidated its market share in provincial-level electricity spot markets, next-generation dispatching, distribution automation, and new generation of power consumption [1] Market Expansion - Successful bids for energy storage projects such as Huaneng Ulanqab and State Power Investment Corporation in Haixi Prefecture, as well as pumped storage projects in Shaanxi and Fujian [1] - International market expansion has achieved breakthroughs, with significant growth in markets like Saudi Arabia and South America, including major projects like the supply of flexible DC converters and ADMS in Saudi Arabia and SVC in Indonesia [1] Investment Rating - The company maintains a "Buy" rating [1]