华能水电（600025）：装机来水双重改善，单季业绩展望积极

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's hydropower generation in the third quarter reached 42.188 billion kWh, a year-on-year increase of 9.67%. Excluding the newly commissioned Tobar and Hard Beam Power Stations, the original hydropower generation still reached 38.272 billion kWh, a year-on-year increase of 3.35%. In addition to the growth in hydropower generation, the company's renewable energy projects also maintained rapid growth, with photovoltaic power generation reaching 1.295 billion kWh, a year-on-year increase of 58.70%. However, due to weak wind conditions, the generation from Xiangyun Wind Power was only 0.031 billion kWh, a year-on-year decrease of 35.42%. Overall, despite some pressure from market electricity prices, the company's third-quarter performance outlook remains positive due to the year-on-year growth in electricity generation and continuous optimization of financial costs [2][13] Summary by Sections Company Performance - In the first three quarters of 2025, the company completed a total electricity generation of 96.266 billion kWh, a year-on-year increase of 11.90%, with grid electricity reaching 95.490 billion kWh, a year-on-year increase of 12.02% [6] Hydropower and Renewable Energy Growth - The company benefited from abundant water supply in the Lancang River basin, with water supply in the first three quarters being 0.9 times higher year-on-year. The overall hydropower generation for the first three quarters was 96.266 billion kWh, a year-on-year increase of 11.90% [13] - The company is expanding its hydropower capacity with the construction of the RM Power Station, which is expected to significantly enhance the overall efficiency of the hydropower stations in the upper reaches of the Lancang River [13] Financial Projections - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.49 yuan, 0.53 yuan, and 0.55 yuan, with corresponding price-to-earnings (PE) ratios of 19.87 times, 18.53 times, and 17.88 times respectively [13][17]