Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown a significant recovery in its equipment manufacturing and power plant engineering businesses, with a notable increase in revenue in Q3 2025 [2][4] - The company is expected to enter a new growth phase with its hydrogen energy and flexible coal power transformation projects nearing commercialization [3][4] Summary by Sections Financial Performance - In Q3 2025, the company achieved total revenue of 22.45 billion yuan, a substantial increase of 52.33% year-on-year, while the net profit attributable to shareholders was 0.59 billion yuan, a decrease of 29.92% year-on-year [1] - For the first three quarters of 2025, the company reported a net profit of 3.44 billion yuan, down 28.46% year-on-year, primarily due to high base effects from significant asset disposals in the previous year [1][4] - The company's non-recurring net profit for the first three quarters was 3.08 billion yuan, reflecting a year-on-year growth of 34.85%, indicating improved profitability in core operations [1] Business Segments - The equipment manufacturing segment continued its strong growth trajectory, with revenue growth exceeding 20% in the first half of 2025, driven by demand for efficient boiler equipment and overseas market expansion [2] - The traditional power plant engineering business has shown signs of recovery, contributing positively to Q3 revenue growth [2] Future Outlook - The company is poised to realize new growth drivers from its hydrogen energy projects, with the first batch of large-scale electrolyzers successfully delivered for a hydrogen energy industrial park project [3] - The flexible transformation of coal power projects is also progressing, with successful field tests completed, indicating potential for future project orders [3][4] Valuation Metrics - The report projects the company's net profit attributable to shareholders for 2025-2027 to be 7.19 billion, 8.03 billion, and 9.07 billion yuan respectively, with corresponding EPS of 0.75, 0.84, and 0.95 yuan per share [4]

Core Viewpoint - The company announced its profit distribution plan for the first three quarters of 2025, proposing a cash dividend of 1 RMB per 10 shares, which represents 27.47% of the net profit attributable to shareholders for the period [8][9][31]. Financial Data - As of September 30, 2025, the company's undistributed profits amounted to approximately 2.65 billion RMB [9]. - The total number of shares after deducting shares in the repurchase account is 945,974,679, leading to a total cash dividend of approximately 94.60 million RMB [9][31]. Board Meeting and Decisions - The ninth board meeting was held on October 28, 2025, where the profit distribution plan was approved unanimously with 9 votes in favor [11][23]. - The board also approved the appointment of Tang Lin as the new financial officer following the resignation of Zhou Jianwei, who will remain as deputy general manager [14][26]. Investment Project - The company plans to invest in the construction of the Huaguang Environmental Energy Innovation Center, with an estimated total investment of 691.84 million RMB, where 20% will be funded by the company and 80% through bank financing [29][34]. - The project aims to meet the needs of approximately 1,200 employees for research and office space, enhancing operational efficiency and supporting technological innovation [41]. Compliance and Governance - The company confirmed that all announcements and reports are accurate and complete, with board members taking legal responsibility for the information provided [1][2]. - The board's decisions regarding the profit distribution and management appointments comply with relevant laws and regulations [16][27].