GDPD(SH:600795) Hua Yuan Zheng Quan·2025-10-28 08:40Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's Q3 performance exceeded market expectations, driven by incremental contributions from both thermal and hydropower generation [5][8] - The forecasted net profit for the company from 2025 to 2027 is projected to be 7.55 billion, 7.98 billion, and 8.37 billion yuan respectively, with corresponding PE ratios of 13, 12, and 11 times [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 125.2 billion yuan, a year-on-year decrease of 6.47%, and a net profit attributable to shareholders of 6.777 billion yuan, down 26.27% year-on-year [8] - The company’s Q3 net profit was 3.09 billion yuan, a year-on-year increase of 24.87%, indicating strong operational performance despite a decline in overall revenue [8] - The average on-grid electricity price in Q3 was 0.3764 yuan per kilowatt-hour, a decrease of 3.41 cents compared to the previous year [8] Earnings Forecast and Valuation - The company’s revenue for 2025 is estimated at 172.364 billion yuan, with a year-on-year decline of 3.81% [7] - The projected dividend yield for 2025-2027 is 4.8%, 5.1%, and 5.3% respectively, based on a 60% payout ratio [6] - The company plans capital expenditures of 74.1 billion yuan in 2025, with a focus on both conventional and renewable energy projects [8]