Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q3 performance was impacted by lower water levels in the Yarlung Tsangpo River, but the hydroelectric segment showed steady growth [6] - The average on-grid electricity price decreased by 6.47% year-on-year due to changes in contract signing rules, despite an increase in electricity generation [6] - The company is expected to maintain a strong dividend yield of 2.72%, with a commitment to distribute at least 4 RMB (before tax) per 10 shares annually [6] Financial Data and Earnings Forecast - For the first three quarters of 2025, the company reported total revenue of 1.14 billion RMB, a year-on-year increase of 4.95%, while net profit attributable to shareholders was 4.22 billion RMB, a decrease of 4.54% [6] - The forecast for total revenue is 1.94 billion RMB for 2025, with a year-on-year growth rate of 20.8% [5] - The projected net profit for 2025 is 4.86 billion RMB, with a year-on-year growth rate of 7.8% [5] - The company’s return on equity (ROE) is expected to be 10.8% in 2025, with a price-to-earnings (PE) ratio of 15 [5][6]