Hua Yuan Zheng Quan·2025-11-05 04:17Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's Q3 performance exceeded market expectations, with a focus on year-end electricity price negotiations [5] - The company reported a revenue of 89.3 billion yuan for the first three quarters, a year-on-year decrease of 1.82%, while the net profit attributable to shareholders was 6.712 billion yuan, a year-on-year increase of 51.48% [7] - The decline in coal prices has released performance elasticity, contributing to the profit increase despite significant asset impairment losses [7] - The company has a total installed capacity of 82.7 million kilowatts, a year-on-year increase of 10.1%, with stable electricity prices in Q3 [7] Financial Summary - Revenue forecast for 2023 is 122.404 billion yuan, with a year-on-year growth rate of 4.77% [6] - The net profit attributable to shareholders for 2024 is projected at 4.506 billion yuan, with a year-on-year growth rate of 230.09% [6] - The earnings per share (EPS) for 2025 is estimated at 0.37 yuan, with a price-to-earnings (P/E) ratio of 9.84 [6] - The company is expected to maintain a dividend payout ratio of 50%, with a projected dividend yield of 6.6% for 2025 [7]