皖能电力（000543）：三季度业绩超预期，关注年底电价谈判

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's Q3 performance exceeded expectations, with a focus on year-end electricity price negotiations [5] - The company is expected to achieve a net profit attributable to shareholders of 2.3 billion, 2.4 billion, and 2.6 billion RMB for 2025-2027, corresponding to P/E ratios of 8, 7, and 7 times respectively [6] - The current valuation is at a historically low level, and new investment projects are expected to contribute incremental profits [6] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 21.773 billion RMB, a year-on-year decrease of 3.41%, while the net profit attributable to shareholders was 1.906 billion RMB, a year-on-year increase of 20.43% [8] - In Q3 alone, the company achieved revenue of 8.587 billion RMB, a year-on-year increase of 0.56%, and a net profit of 0.824 billion RMB, a year-on-year increase of 60.95% [8] - The increase in profit is attributed to a decrease in coal prices and an increase in electricity demand within Anhui province [8] Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 30.516 billion, 31.706 billion, and 31.858 billion RMB, with corresponding net profits of 2.312 billion, 2.418 billion, and 2.593 billion RMB [7] - The company’s earnings per share (EPS) are projected to be 1.02, 1.07, and 1.14 RMB for 2025-2027 [7] - The return on equity (ROE) is expected to be 13.34%, 12.80%, and 12.60% for the same period [7] Operational Highlights - The company is the largest thermal power operator in Anhui province, with a significant share of the province's thermal power generation capacity [8] - New power generation units are expected to contribute to profit growth, with several projects scheduled for completion between 2026 and 2027 [8]