Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6]. Core Views - The company has shown significant improvement in profitability in Q3, with a year-on-year increase in net profit of 24.87% [4]. - The installed capacity continues to expand, with a total of 12,324.14 MW as of September 30, 2025, including 7,929.3 MW from thermal power and 1,856.93 MW from solar power [2][3]. - The company plans to increase its thermal power capacity by 7.64 million kW and renewable energy capacity by 6.42 million kW in 2025 [2]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 125.205 billion yuan, a decrease of 6.47% year-on-year, while the net profit attributable to the parent company was 6.777 billion yuan, down 26.27% [1]. - In Q3 alone, the company reported revenue of 47.551 billion yuan, a slight decline of 1.01% year-on-year, but net profit increased by 24.87% to 3.09 billion yuan [1][4]. - The average on-grid electricity price in Q3 was 376.36 yuan per thousand kWh, down 8.31% year-on-year [3]. Installed Capacity and Generation - The company added 2.7 GW of thermal power capacity in Q3, with a total of 12,324.14 MW of installed capacity, including 7,929.3 MW of thermal, 1,495.06 MW of hydro, 1,042.85 MW of wind, and 1,856.93 MW of solar [2]. - The total power generation in Q3 was 143.215 billion kWh, an increase of 7.57% year-on-year, with on-grid electricity increasing by 7.58% [3]. Cost Management and Profitability - The operating cost in Q3 was 39.212 billion yuan, a decrease of 3.88% year-on-year, attributed to lower coal prices and improved cost management [4]. - The company’s expense control improved, with a period expense ratio of 4.24%, down 0.37 percentage points year-on-year [4]. Future Earnings Forecast - The earnings forecast for the company has been raised, with expected net profits of 7.5 billion yuan, 7.8 billion yuan, and 8.2 billion yuan for 2025, 2026, and 2027 respectively [5].