Investment Rating - The report maintains a "Buy" rating for WanNeng Electric Power [3] Core Views - The quarterly electricity performance has contributed to revenue growth, and the "winter peak" is expected to support electricity prices next year [2] - The company has successfully managed costs, leading to stable overall performance despite a slight decline in revenue [2] - Future growth is anticipated from ongoing projects and the tight power supply-demand situation in Anhui province [2] Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved revenue of 21.773 billion yuan, a year-on-year decrease of 3.41%, while net profit attributable to shareholders was 1.906 billion yuan, an increase of 20.43% [1] - In Q3 alone, revenue reached 8.587 billion yuan, up 0.56% year-on-year and 26.93% quarter-on-quarter, with net profit of 824 million yuan, reflecting a year-on-year increase of 60.95% [1][2] Growth Potential - The company is expected to see continued growth from its ongoing projects, including the Xinjiang Yingma Power Plant and Qianyingzi Phase II Power Plant, which are set to contribute to profits [2] - The company’s shareholder, Anhui Energy Group, is actively exploring new projects, which may further enhance future growth [2] Earnings Forecast - The report adjusts the net profit forecasts for 2025-2027 to 2.229 billion, 2.296 billion, and 2.378 billion yuan, respectively, with corresponding P/E ratios of 7.99, 7.76, and 7.49 times based on the closing price on October 24, 2025 [2][4]