国投电力（600886）：雅砻江来水影响电量火电成本下降改善利润

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a total revenue of 40.572 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.61%, while the net profit attributable to shareholders was 6.517 billion yuan, down 0.92% year-on-year [7] - The report highlights that the hydropower generation from the Yalong River has decreased, but a low base in Q4 is expected to help recover performance growth [7] - The report notes that while thermal power generation has faced pressure, a decline in coal prices has improved profit margins for the thermal power segment [7] Financial Data Summary - Total revenue projections for 2025E are 55.182 billion yuan, with a year-on-year growth rate of -4.6% [6] - The net profit attributable to shareholders for 2025E is projected to be 7.201 billion yuan, reflecting an 8.4% year-on-year increase [6] - The earnings per share (EPS) for 2025E is estimated at 0.90 yuan [6] - The company’s average on-grid electricity price decreased by 0.016 yuan/kWh in Q3 compared to Q2, a decline of 0.9% year-on-year [7] - The report indicates that the company’s financial expenses decreased by 20.51% year-on-year due to a reduction in interest rates [7]