ZZEPC(SH:600023) Shenwan Hongyuan Securities·2025-10-30 13:20Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a total revenue of 58.814 billion yuan for the first three quarters of 2025, a year-on-year decrease of 11.29%, while the net profit attributable to shareholders was 6.230 billion yuan, down 6.96% year-on-year, which aligns with expectations [7] - The increase in electricity generation is attributed to a rise in electricity consumption in Zhejiang province and the commissioning of new units, with total electricity generation reaching 13,523,434.29 million kWh, a year-on-year increase of 4.68% [7] - The company has a high dividend payout ratio, exceeding 50% for two consecutive years, with a dividend of 0.29 yuan per share for 2024, resulting in a dividend yield of 5.42% as of October 29, 2025 [7] - The company is expected to benefit from a decrease in coal costs, providing room for profit recovery despite a decline in electricity prices [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 86.123 billion yuan, with a year-on-year decline of 2.1% [6] - The net profit attributable to shareholders is projected to be 7.328 billion yuan for 2025, reflecting a year-on-year decrease of 5.5% [6] - The earnings per share (EPS) is estimated at 0.55 yuan for 2025, with a price-to-earnings (PE) ratio of 10 [6][8]