Shenwan Hongyuan Securities·2025-10-29 08:46Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 95.872 billion yuan for the first three quarters of 2025, a year-on-year decline of 9.72%, while the net profit attributable to shareholders increased by 15.87% to 6.437 billion yuan [7] - The average on-grid electricity price for the first nine months was 0.50955 yuan per kilowatt-hour, a decrease of 2.76% compared to the same period last year, but the company is expected to benefit from an upcoming increase in capacity pricing [7] - The company’s coal-fired power generation capacity reached 54.4 million kilowatts, and the expected increase in capacity pricing could add approximately 3.536 billion yuan to revenue starting in 2026 [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 119.415 billion yuan, with a projected net profit of 6.895 billion yuan, reflecting a year-on-year growth of 20.9% [6] - The company’s gross margin is expected to be 10.1% in 2025, with a return on equity (ROE) of 8.7% [6] - Financial costs have decreased significantly, with a reduction of 4.47 billion yuan in financial expenses for the first nine months of 2025 [7]