FUNENG CO.,LTD(SH:600483) Shenwan Hongyuan Securities·2025-10-29 09:22Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [2][6][8]. Core Insights - The company reported a total revenue of 10.035 billion yuan for the first three quarters of 2025, a decrease of 4.29% year-on-year, while the net profit attributable to shareholders increased by 12.17% to 1.989 billion yuan, aligning with expectations [6][8]. - Wind conditions improved in Q3 2025, with total wind power generation reaching 3.922 billion kilowatt-hours, a year-on-year increase of 7.09% [6][8]. - The company has a rich pipeline of projects under construction, including significant investments in hydropower and offshore wind projects, which are expected to drive future growth [6][8]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 14.428 billion yuan, with a year-on-year growth rate of -0.9% [3][7]. - The net profit attributable to shareholders is forecasted to be 3.047 billion yuan in 2025, reflecting a growth rate of 9.1% [3][7]. - Earnings per share are expected to be 1.10 yuan in 2025, with a projected gross margin of 29.6% [3][7]. - The company’s return on equity (ROE) is anticipated to be 11.1% in 2025, indicating a solid performance [3][7]. Market Position and Strategy - The company has demonstrated confidence in its asset value through multiple share buyback announcements, with significant purchases made by major shareholders [6][8]. - The company is strategically positioned to benefit from favorable market conditions in Fujian, with a focus on optimizing power generation efficiency [6][8].