SDIC Power(SH:600886) Tianfeng Securities·2025-11-04 02:41Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a Q3 2025 revenue of 14.88 billion yuan, a decrease of 14% year-on-year, and a net profit attributable to shareholders of 2.72 billion yuan, down 3.9% year-on-year [1] - The overall performance remains stable despite the impact of reduced water inflow in the Yalong River [2] - The company is expected to achieve net profits of 7.13 billion, 7.62 billion, and 8.13 billion yuan for the years 2025 to 2027, respectively, with a slight adjustment in profit expectations [4] Financial Performance Summary - For Q3 2025, the Yalong River hydropower segment reported revenue of 19.34 billion yuan, a decline of 3.2% year-on-year, while net profit increased by 0.8% to 8.03 billion yuan [2] - The company's thermal power generation decreased by 18.5% year-on-year to 13.165 billion kWh in Q3 2025, while solar power generation increased by approximately 32.98% to 1.71 billion kWh [3] - The average coal price in Qinhuangdao for July to September 2025 was approximately 672.1 yuan per ton, down 20.8% year-on-year, contributing to stable performance in the thermal power and renewable energy segments [3] Profit Forecast and Valuation - The company is projected to have a PE ratio of 16.2, 15.1, and 14.2 for the years 2025 to 2027, respectively [4] - The estimated revenue for 2025 is 53.55 billion yuan, reflecting a decrease of 7.39% compared to 2024 [4] - The company maintains a stable financial position with a debt-to-asset ratio of 61.16% and a net asset value per share of 8.28 yuan [6]