本报讯 （记者贺王娟）10月15日晚间，中节能风力发电股份有限公司（以下简称"节能风电"）披露 2025年第三季度发电量完成情况公告。公告显示，截至2025年9月30日，公司累计完成发电量934855万 千瓦时，较上年同期增长1.72%。 具体来看，前三季度节能风电陆上风电完成发电量879084万千瓦时，同比增长1.91%；海上风电完成发 电量55771万千瓦时，同比下滑1.13%；第三季度陆上风电完成发电量240238万千瓦时，同比下滑 9.7%，海上风电完成发电量18376万千瓦时，同比增长27.03%。 （编辑 李波） ...

Investment Rating - The investment rating for the company is "Add" (maintained) [3] Core Views - The company's performance in the first half of 2025 was impacted by unfavorable wind conditions and power restrictions, leading to a decline in electricity generation and an increase in income tax expenses [6][8] - The company reported a revenue of 794 million yuan, a year-on-year decrease of 2.95%, and a net profit attributable to shareholders of 314 million yuan, down 8.07% year-on-year [6][8] - The second quarter saw a significant drop in revenue to 280 million yuan, a year-on-year decline of 20.58%, and a net profit of 63 million yuan, down 51.11% year-on-year [6][8] - Despite a slight increase in wind power generation in the Fujian region, the overall electricity generation and grid-connected electricity fell by 0.89% and 0.71% respectively due to adverse weather and power restrictions [6][8] - The company anticipates a recovery in electricity generation in the third quarter due to frequent typhoons in Fujian [6][8] Financial Data and Valuation - The company’s total revenue is projected to grow from 1,732 million yuan in 2023 to 2,612 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 22% [2][9] - The net profit attributable to shareholders is expected to remain stable at 650 million yuan in 2025, with growth projected at 12.5% and 11.8% for 2026 and 2027 respectively [2][9] - The company's price-to-earnings (PE) ratio is projected to be 15.8x in 2025, decreasing to 12.6x by 2027 [2][9] - The company’s return on equity (ROE) is expected to be 9.0% in the trailing twelve months (TTM) [3] Performance Metrics - The gross margin for the first half of 2025 was 57.51%, a decrease of 1.15 percentage points year-on-year, while the net margin was 41.71%, down 2.71 percentage points year-on-year [6][8] - The company’s major shareholder, Fujian Investment Development Group, holds a 64.14% stake [3]