中邮证券研报指出，明星电力2025Q1-3归母净利润1.8亿元，同比-20.4%；其中2025Q3归母净利润1.0 亿，同环比分别-24.9%/+10849.2%。认为主要今年自发电和自供水量有所下降，公司主要费用中，销售 费用率（0.3%）和财务费用率（-0.5%）有所降低，管理费用率（2.7%）和研发费用率（0.3%）有所上 升，四项费用率总体下降0.1pct，略微提升公司的盈利能力。"十五五"期间城市更新带动地下管网投资 景气回升。2025年10月24日的中共中央新闻发布会上，国家发改委党组书记、主任郑栅洁预计"十五 五"时期将建设改造地下管网超过70万公里，新增投资需求超过5万亿元。公司有望受益于城市供水管道 的更新。维持"增持"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, predicting a relative increase in stock price between 10% and 20% compared to the benchmark index over the next six months [6][11]. Core Insights - The company reported a revenue of 2.33 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 9.2%. However, the net profit attributable to shareholders decreased by 20.4% to 180 million yuan [5]. - The report highlights that the company will benefit from the construction and renovation of underground pipelines during the "14th Five-Year Plan" period, with an expected investment demand exceeding 5 trillion yuan [5]. - The company's gross margin and net margin for the first three quarters of 2025 were 11.6% and 7.6%, respectively, showing a decline compared to the previous year [5]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 2.33 billion yuan, with a net profit of 180 million yuan. The third quarter alone saw a revenue of 810 million yuan, with a significant year-on-year increase in net profit of 10,849.2% [5]. - The company’s financial ratios indicate a slight decrease in expense ratios, with sales expense ratio at 0.3% and financial expense ratio at -0.5%, while management and R&D expense ratios increased [5]. - The forecast for revenue from 2025 to 2027 is projected to be 3.1 billion, 3.37 billion, and 3.62 billion yuan, with net profits of 190 million, 210 million, and 220 million yuan, respectively [6][8].