GED(SZ:000539) GOLDEN SUN SECURITIES·2025-10-31 07:00Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance is under pressure due to a significant decline in electricity prices, but the drop in coal prices is expected to support profitability and the electricity price in Guangdong province is anticipated to reach a bottom [4][3] - The company is actively expanding its renewable energy projects, which are expected to contribute significantly to its revenue in the future [3][4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 37.717 billion yuan, a year-on-year decrease of 11.29%, and a net profit attributable to shareholders of 584 million yuan, down 60.2% year-on-year [1] - The average on-grid electricity price for the first three quarters of 2025 was 473.34 yuan per megawatt-hour, a decrease of 11.26% year-on-year [3] Cost and Revenue Drivers - The average price of coal in the Bohai Rim region fell to 672.58 yuan per ton in the third quarter, a year-on-year decrease of 21.09% [2] - The company completed an on-grid electricity output of 88.572 billion kilowatt-hours in the first three quarters of 2025, remaining flat year-on-year [2] Future Outlook - The company expects its revenue for 2025 to be 56.895 billion yuan, with a projected growth of 11.2% in 2026 and 7.9% in 2027 [4] - The company is increasing its installed capacity in wind and solar energy, with significant contributions expected from these sectors in the coming years [3][4]