GDPD(SH:600795) GOLDEN SUN SECURITIES·2025-10-28 03:56Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has demonstrated strong performance with increased volume and cost reduction, leading to better-than-expected overall results. The growth in hydropower capacity is expected to drive future earnings growth [4][3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 125.205 billion yuan, a year-on-year decrease of 6.47%. The net profit attributable to shareholders was 6.777 billion yuan, down 26.27%, while the net profit excluding non-recurring items was 6.424 billion yuan, up 37.99%. The basic earnings per share were 0.38 yuan [1] - In Q3 2025, the company reported operating revenue of 47.551 billion yuan, a year-on-year decrease of 1.01%, and a net profit attributable to shareholders of 3.09 billion yuan, an increase of 24.87% [1][2] Electricity Generation and Pricing - The company's electricity generation increased due to improved demand during peak seasons, with total generation reaching 349.241 billion kWh, a year-on-year increase of 0.68%. In Q3 2025, the generation was 143.215 billion kWh, up 7.57% year-on-year [2] - The average on-grid electricity price in Q3 was 376.36 yuan per thousand kWh, a decrease of 34.12 yuan compared to the previous year [2] Cost Management - The average price of coal decreased to 673 yuan per ton in Q3, down 180 yuan year-on-year, leading to a reduction in operating costs by 3.88% [2] - Significant reductions in sales and management expenses were noted, with decreases of 38.96% and 30.34% respectively [2] Growth Potential in New Energy - As of September 30, 2025, the company had a total installed capacity of 12,324.14 MW, with significant contributions from thermal, hydropower, wind, and solar energy. The company is expected to see new hydropower projects come online, contributing to future growth [3] - The company has plans for additional renewable energy capacity, with approvals for several projects expected to enhance its growth trajectory [3] Investment Outlook - The company is positioned as a leading player in the national power sector, with a resilient business model supported by high dividend commitments. Revenue projections for 2025-2027 are 181.901 billion yuan, 187.893 billion yuan, and 194.669 billion yuan, with corresponding net profits of 7.581 billion yuan, 8.437 billion yuan, and 9.068 billion yuan [4][9]