NMHD(SH:600863) Hua Yuan Zheng Quan·2025-12-13 07:05Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a decline in performance for the third quarter, but its stable earnings and dividend value are highlighted [5] - The company plans to acquire 1.6GW of wind power, which is expected to significantly enhance profitability [7] - The coal-electricity integration strategy is expected to solidify the company's profit moat, with a commitment to substantial dividends over the next three years [7] Financial Summary - For 2025, the company is projected to have a revenue of 19,533 million RMB, a decrease of 12.38% year-on-year [6] - The net profit attributable to shareholders is expected to be 2,140 million RMB, reflecting a year-on-year decline of 7.96% [6] - The earnings per share (EPS) for 2025 is estimated at 0.33 RMB [6] - The company has a target price of 5.03 RMB per share based on a discounted cash flow analysis [7]