According to the Guoxin Securities Research Report, dry incoming water dragged down the performance of Yangtze River Electric Power in the third quarter, and the Three Gorges Reservoir completed the 2026 water storage task. Net profit attributable to mother for the first three quarters of 2026 was 26.344 billion yuan, a year-on-year decrease of 6.56%. Net profit attributable to mother for the third quarter was 11.588 billion yuan, a year-on-year decrease of 23.44%. Financial expenses continued to fall, effectively hedging operating pressure, and cash flow performance remained steady. In the third quarter, incoming water changed from plentiful to dry, and Liukou's power generation declined year on year. The decline in the Three Gorges Power Station was particularly obvious. Looking at power substations, the power generation capacity of the Wudongde, Baihetan, Xiluodu, and Xiangjiaba power stations decreased by 10.46%, 8.45%, 3.18%, and 5.97%, respectively; the power generation capacity of the Three Gorges and Gezhouba power stations was 253.19 and 5.356 billion kilowatt-hours, respectively, down 29.23% and 17.04% year on year. Considering the uncertainty of incoming water and the factors that some electricity may suppress the comprehensive electricity price, the profit forecast was slightly lowered. The current stock price corresponds to PE = 22/20/19x, maintaining the “superior to the market” rating.

According to the Guoxin Securities Research Report, dry incoming water dragged down the performance of Yangtze River Electric Power in the third quarter, and the Three Gorges Reservoir completed the 2026 water storage task. Net profit attributable to mother for the first three quarters of 2026 was 26.344 billion yuan, a year-on-year decrease of 6.56%. Net profit attributable to mother for the third quarter was 11.588 billion yuan, a year-on-year decrease of 23.44%. Financial expenses continued to fall, effectively hedging operating pressure, and cash flow performance remained steady. In the third quarter, incoming water changed from abundant to dry, and Liukou's power generation declined year on year. The decline in the Three Gorges Power Station was particularly obvious. Looking at power substations, the power generation capacity of the Wudongde, Baihetan, Xiluodu, and Xiangjiaba power stations decreased by 10.46%, 8.45%, 3.18%, and 5.97%, respectively; the power generation capacity of the Three Gorges and Gezhouba power stations was 253.19 and 5.356 billion kilowatt-hours, respectively, down 29.23% and 17.04% year on year. Considering the uncertainty of incoming water and the factors that some electricity may suppress the comprehensive electricity price, the profit forecast was slightly lowered. The current stock price corresponds to PE = 22/20/19x, maintaining a “superior to the market” rating.