Investment Rating - The report assigns a "Hold" rating to the company, reflecting a downward adjustment in performance expectations due to challenges in the hazardous waste recovery business [6]. Core Insights - The company reported a revenue of 16.16 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.9%, while the net profit attributable to shareholders decreased by 4.8% to 740 million yuan [4]. - The third quarter of 2025 saw revenues of 5.51 billion yuan, with a quarter-on-quarter decline in net profit of 40.7% [4]. - The report highlights the global revival of nuclear power, with significant investments in modular small reactors, which the company is well-positioned to benefit from [5]. - The pumped storage industry is expected to continue its development, with a mismatch between supply and demand potentially leading to improved profitability in the equipment sector [5]. Summary by Sections Company Overview - The latest closing price is 4.15 yuan, with a total market capitalization of 21.7 billion yuan [3]. - The company has a total share capital of 5.219 billion shares, with a debt-to-asset ratio of 53.4% and a price-to-earnings ratio of 21.84 [3]. Financial Performance - For 2025-2027, the projected revenues are 21.61 billion yuan, 22.37 billion yuan, and 23.20 billion yuan, respectively, with net profits expected to be 980 million yuan, 1.24 billion yuan, and 1.51 billion yuan [6]. - The report notes a decrease in expense ratios, contributing to a slight improvement in profitability [4]. Industry Outlook - The report emphasizes the potential growth in the nuclear power sector, particularly with the successful cold test of the first land-based commercial modular small reactor in China [5]. - The pumped storage industry is highlighted as a key area for growth, with government support for its development [5].