消息面上，华电国际披露2025年第三季度报告，公司前三季度实现营收958.72亿元，同比下降9.72%； 归母净利润64.37亿元，同比增长15.87%。单看第三季度，该公司营业收入为359.20亿元，同比下降 10.92%；归母净利润为25.33亿元，同比上升20.32%。申万宏源指出，三季度电量降幅收窄，电价保持 相对稳定。在成本降幅大于电价降幅的情况下，预计公司火电度电利润持续提升。在火电发电边际及盈 利能力均有改善的情况下，公司业绩稳健回升。 智通财经APP获悉，华电国际(01071)涨超4%，截至发稿，涨4.3%，报4.61港元，成交额9603.84万港 元。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company's revenue for the first half of 2025 reached 4.357 billion yuan, a year-on-year increase of 17.33%, with a net profit attributable to shareholders of 559 million yuan, up 52.62% year-on-year [1] - The decline in coal prices has significantly improved the company's cost structure, leading to a substantial increase in profitability in Q2 2025 [2] - The company is progressing well with new projects, indicating considerable potential for future installed capacity growth [3] - The adjustment of capacity pricing in Guangdong province is expected to stabilize the profitability of thermal power generation [4] Revenue and Profitability - In Q2 2025, the company's revenue was 2.377 billion yuan, a 49.81% increase year-on-year, with a net profit of 259 million yuan, reflecting a 60.51% year-on-year growth [1][2] - The average coal price in Qinhuangdao for Q2 was approximately 632 yuan per ton, down about 217 yuan per ton year-on-year, contributing to improved margins [2] Project Development - As of the end of 2024, the company had a total installed capacity of 3.47 million kilowatts, with ongoing expansion projects that could significantly increase this capacity in the future [3] Financial Forecasts - The adjusted net profit forecasts for 2025, 2026, and 2027 are 962.22 million yuan, 1.08052 billion yuan, and 1.12285 billion yuan, respectively, with year-on-year growth rates of 36.38%, 12.29%, and 3.92% [4] - The report projects a price-to-earnings ratio (P/E) of 10.63 for 2025, 9.46 for 2026, and 9.11 for 2027 [4]