Core Insights - The company reported a revenue of 84.492 billion yuan for 2024, an increase of 8.12% year-on-year, and a net profit attributable to shareholders of 32.496 billion yuan, reflecting a growth of 19.28% year-on-year [1] - For Q1 2025, the company achieved a revenue of 17.015 billion yuan, up 8.68% year-on-year, and a net profit attributable to shareholders of 5.181 billion yuan, which is a 30.56% increase year-on-year [1] - The company plans to distribute a cash dividend of 0.943 yuan per share for 2024, a 15% increase from the previous year, with a dividend payout ratio of 71% of net profit [1] Financial Performance - In 2024, the company's total power generation reached approximately 295.904 billion kWh, a year-on-year increase of 7.11%, driven by favorable water conditions [2] - The average on-grid electricity price for 2024 was 285.52 yuan/MWh, an increase of 1.51% year-on-year [2] - The gross profit margin for the power generation business improved to 62.5%, up 1.54 percentage points year-on-year, aided by a reduction in financial expenses by 11.38% to 11.131 billion yuan [2] Q1 2025 Performance - In Q1 2025, the company experienced a 9.35% year-on-year increase in power generation to 57.679 billion kWh, supported by abundant water supply [3] - The revenue per kWh for Q1 2025 was estimated at 0.295 yuan, a slight decrease of 0.62% year-on-year [3] - Financial expenses for Q1 2025 were 2.481 billion yuan, down 13.1% year-on-year, contributing positively to performance growth [3] Future Outlook - For 2025, the company aims to achieve an annual power generation of 300 billion kWh, contingent on favorable water conditions [4] - The projected dividend yield for 2025 is estimated at 3.31%, with a significant spread over the ten-year government bond yield, indicating strong investment value [4] - The company is expected to achieve net profits of 34.1 billion, 35.8 billion, and 36.8 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 21.12x, 20.15x, and 19.57x [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 32.496 billion yuan in 2024, representing a year-on-year growth of 19.28%. The proposed cash dividend per share is 0.943 yuan (including tax), which accounts for 71% of the net profit attributable to shareholders, resulting in a dividend yield of 3.20% based on the closing price on April 29 [2][6]. - In the first quarter of 2025, the company achieved a net profit attributable to shareholders of 5.181 billion yuan, a year-on-year increase of 30.56%, driven by strong growth in electricity generation and continuous cost optimization [2][6]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 84.492 billion yuan, an increase of 8.12% year-on-year, and a total power generation of approximately 295.904 billion kWh, up 7.11% year-on-year. The average on-grid electricity price for the year was 285.52 yuan per MWh, an increase of 4.24 yuan per MWh compared to the previous year [6][10]. - The company’s gross profit margin for 2024 reached 59.13%, an increase of 1.31 percentage points year-on-year, while financial expenses decreased by 11.38% to 11.131 billion yuan [10][14]. - For the first quarter of 2025, the company achieved revenue of 17.015 billion yuan, a year-on-year increase of 8.68%, with a gross profit margin of 52.98%, up 4.86 percentage points year-on-year [10][14]. Water Supply and Generation Capacity - The water supply conditions improved significantly, with the total water supply from the Wudongde Reservoir in 2024 being approximately 1,123.69 million cubic meters, a year-on-year increase of 9.19%, and from the Three Gorges Reservoir at approximately 3,740.95 million cubic meters, also up 9.11% year-on-year [10][14]. - In the first quarter of 2025, the total water supply from the Wudongde Reservoir was approximately 167.05 million cubic meters, a year-on-year increase of 12.50%, contributing to a power generation of 57.679 billion kWh, up 9.35% year-on-year [10][14]. Future Earnings Projections - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.36 yuan, 1.46 yuan, and 1.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21.59, 20.20, and 20.01 [10][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The overall performance of the company is stable as expected, with a financial cost reduction exceeding market expectations [5] - The company reported a net profit attributable to shareholders of 32.496 billion yuan for 2024, representing a year-on-year growth of 19.28% [8] - The company achieved a total power generation of approximately 295.904 billion kWh in 2024, a year-on-year increase of 7.11% [8] - Financial expenses decreased by 1.425 billion yuan in 2024, surpassing market expectations, while investment income grew steadily [8] - The company announced a record high dividend amount, maintaining a payout ratio of 71% [8] - The report emphasizes the long-term investment value of hydropower, highlighting its stability and low correlation with market volatility [8] Financial Performance and Forecast - Revenue for 2023 is projected at 78.112 billion yuan, with a year-on-year growth rate of 50.04% [7] - The net profit attributable to shareholders for 2025 is estimated at 34.169 billion yuan, with a growth rate of 5.15% [7] - The company’s earnings per share (EPS) for 2025 is expected to be 1.40 yuan [7] - The return on equity (ROE) for 2025 is projected at 15.29% [7] - The price-to-earnings (P/E) ratio for 2025 is estimated at 21.02 [7]

Group 1 - The management of Changjiang Electric Power indicated that the plan for a 70% dividend may not be incorporated into the company's articles of association [1] - The company has a 10-year dividend commitment established in 2016, which will expire at the end of 2025 [1] - The company has not provided clear guidance on future dividend plans, but maintains a commitment to high dividend payouts [1] Group 2 - The company representative stated that the dividend ratio may potentially exceed 70% in the future [1] - The company has consistently maintained a dividend ratio of no less than 70% in recent years [1]

Investment Rating - The report maintains a rating of "Add" for the company [3] Core Views - The company achieved an operating revenue of 84.492 billion yuan in 2024, representing a year-on-year increase of 8.12%, and a net profit attributable to shareholders of 32.496 billion yuan, up 19.28% year-on-year [7] - In Q1 2025, the company reported an operating revenue of 17.015 billion yuan, a year-on-year increase of 8.68%, and a net profit attributable to shareholders of 5.181 billion yuan, up 30.56% year-on-year [7] - The favorable water conditions contributed to the increase in hydropower generation, with a total generation of 295.904 billion kWh in 2024, a year-on-year increase of 7.11% [7] - The company is actively developing pumped storage and renewable energy projects, with significant progress in various initiatives, including the Gansu Zhangye project and the Yunnan solar projects [7] - The company's profitability improved, with a gross margin of 59.13% and a net margin of 38.97% in 2024, reflecting effective cost reduction measures [7] Financial Performance Summary - The company plans to distribute a total dividend of 0.943 yuan per share for 2024, with a payout ratio of 71% [7] - The projected net profits for 2025-2027 are 34.638 billion yuan, 35.623 billion yuan, and 36.300 billion yuan, respectively, indicating growth rates of 7%, 3%, and 2% [7][8] - The current stock price corresponds to a PE ratio of 20.6x for 2025, 20.0x for 2026, and 19.7x for 2027 [7][8] Key Financial Metrics - The company reported a total market capitalization of 71.4 billion yuan and a circulating market capitalization of 70.05 billion yuan [3] - The return on equity (ROE) for the trailing twelve months (TTM) is 15.6% [3] - The debt-to-asset ratio stands at 59.6% [3]

Core Viewpoint - Yangtze Power, the world's largest publicly listed hydropower company, reported significant growth in its operating performance for the first quarter of 2025, with a revenue of approximately 17 billion yuan and a net profit attributable to shareholders of 5.18 billion yuan, marking a year-on-year increase of over 30% [1][5]. Financial Performance - In Q1 2025, Yangtze Power achieved an operating revenue of approximately 17 billion yuan, representing an 8.68% year-on-year increase [1][5]. - The net profit attributable to shareholders reached 5.18 billion yuan, reflecting a year-on-year growth of 30.56%, the highest growth rate since Q1 2016 [5]. - The company's operating cash flow net amount was 11.85 billion yuan [1][8]. - Financial expenses decreased to 2.48 billion yuan in Q1 2025, continuing a trend of reduction for two consecutive quarters [2][8]. Operational Highlights - The total power generation from the six hydropower stations owned by Yangtze Power was approximately 57.68 billion kWh in Q1 2025, an increase of 9.35% compared to the same period last year [6]. - The Baihetan Hydropower Station saw a significant increase in generation, producing 12.57 billion kWh, a year-on-year growth of 17.10% [6]. - The company reported favorable water inflow conditions, with the total inflow for the Wudongde Reservoir at approximately 16.71 billion cubic meters, a 12.50% increase year-on-year [6]. Dividend Policy - Yangtze Power plans to distribute cash dividends of 23.07 billion yuan for the year 2024, with a dividend payout ratio of 71% [4][10]. - Since its listing in 2003, the company has accumulated profits of 310.04 billion yuan and distributed cash dividends totaling 205.94 billion yuan, with an average dividend payout ratio of 66.42% [4][11]. Market Performance - In 2024, Yangtze Power's stock price reached a new high, with a year-end price of 29.55 yuan per share, reflecting a 26.61% increase for the year [3][10]. - The company's market capitalization remained above 700 billion yuan, peaking at 789.8 billion yuan [3][10]. Strategic Initiatives - Yangtze Power is actively pursuing a diversified business model, focusing on "large hydropower +", "pumped storage +", and "smart integrated energy +" to create new growth points [9][10]. - The company is also investing in renewable energy projects and has made significant progress in green and low-carbon transformation initiatives [10].

Core Viewpoint - The company reported strong financial performance for Q1 2024 and Q1 2025, driven by favorable water conditions and increased electricity generation [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 84.492 billion yuan, a year-on-year increase of 8.12%, and a net profit attributable to shareholders of 32.496 billion yuan, up 19.28% [1]. - For Q1 2025, the company reported operating revenue of 17.015 billion yuan, reflecting a year-on-year growth of 8.68%, and a net profit of 5.181 billion yuan, which is a 30.56% increase [1]. Electricity Generation - The company’s total electricity generation from its six domestic hydropower stations reached 295.904 billion kWh in 2024, marking a 7.11% increase year-on-year, achieving a historical high [1]. - In Q1 2025, total electricity generation was 57.679 billion kWh, representing a year-on-year growth of 9.35% [1]. - The company forecasts that with favorable water conditions, it can achieve an annual electricity generation of 300 billion kWh in 2025 [1]. Market Dynamics - The proportion of market-based electricity transactions increased, with 2024 market-based electricity volume reaching 113.67 billion kWh, a year-on-year increase of 9.55%, accounting for 38.6% of total electricity generation [2]. - The average on-grid electricity price for hydropower in 2024 was 285.52 yuan/MWh, up 1.51% from 281.28 yuan/MWh in 2023 [2]. Cost Management and Dividends - Financial expenses decreased to 11.131 billion yuan in 2024, down by 1.429 billion yuan year-on-year, contributing positively to performance [3]. - The company maintained a high dividend payout ratio above 70%, with a dividend yield of 3.19% at the end of 2024, indicating strong investment value [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of 34.6 billion yuan, 36.9 billion yuan, and 38.4 billion yuan for 2025-2027, with year-on-year growth rates of 6.42%, 6.69%, and 4.15% respectively [3]. - The price-to-earnings (PE) ratios for April 30, 2025, are estimated at 20.87, 19.56, and 18.78 for the respective years [3].

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit driven by increased power generation and reduced financial costs [2][4]. Financial Performance - In 2024, the company achieved operating revenue of 84.49 billion yuan, a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 32.496 billion yuan, up 19.28% [2]. - For Q1 2025, the company reported operating revenue of 17.015 billion yuan, a growth of 8.7%, and a net profit of 5.181 billion yuan, reflecting a 30.56% increase [2]. Power Generation - The total power generation for 2024 was approximately 295.9 billion kWh, a 7% increase compared to the previous year, with significant contributions from various power stations [2]. - In Q1 2025, total power generation was about 57.679 billion kWh, representing a year-on-year growth of 9.35% [4]. Cost Management - The company successfully reduced financial costs by 1.433 billion yuan in 2024, with total financial expenses amounting to 11.131 billion yuan [3]. - In Q1 2025, financial expenses continued to decrease by 13% compared to the previous year [5]. Investment and Projects - The company reported an investment income of 5.258 billion yuan in 2024, an increase of 11% [3]. - Ongoing projects include the completion of the equity reform and commencement of construction for the Hunan Youxian project, as well as obtaining administrative approval for the Gansu Zhangye project [3]. Dividend Policy - The proposed cash dividend for 2024 is 0.943 yuan per share, an increase of 0.123 yuan per share from 2023, totaling 23.07 billion yuan, which represents 71% of the annual net profit attributable to shareholders [6]. Profit Forecast and Valuation - The company adjusted its profit expectations for 2025-2027, forecasting net profits of 34.33 billion yuan, 36.18 billion yuan, and 37.68 billion yuan respectively, with corresponding P/E ratios of 21, 20, and 19.2 [7].

财务费用压降显著，25 年 Q1 增速亮眼 事件 近期，公司发布 2024 年年度报告以及 2025 年一季报。 2024 年公司实现营业收入 844.9 亿元，同比增长 8.1%；实现归母净利润 324.96 亿元，同比增长 19.28%； 2025 年 Q1 公司实现营业收入 170.15 亿元，同比增长 8.7%；实现归母净利 润 51.81 亿元，同比增长 30.56%。 公司报告 | 年报点评报告 长江电力（600900） 证券研究报告 2024 年：财务费用压降+投资收益增长带动利润增速高于电量增速 2025 年 Q1：财务费用持续压降带动业绩增长 年度分红金额稳步增长 公司 2024 年分红预案拟派发现金股利 0.943 元/股，相较于 2023 年度分红 提升 0.123 元/股，共分派现金股利 230.7 亿元，占全年归母净利润的 71%。 按照 2025 年 4 月 30 日收盘价计算，对应股息率 3.2%。 盈利预测与估值：由于来水具有一定不确定性，调整盈利预期，我们预计 2025-2027 年公司可实现归母净利润 343.3/361.8/376.8 亿元（25/26 年前 值 358. ...

公司报告 | 年报点评报告 长江电力（600900） 证券研究报告 财务费用压降显著，25 年 Q1 增速亮眼 事件 近期，公司发布 2024 年年度报告以及 2025 年一季报。 2024 年公司实现营业收入 844.9 亿元，同比增长 8.1%；实现归母净利润 324.96 亿元，同比增长 19.28%； 2025 年 Q1 公司实现营业收入 170.15 亿元，同比增长 8.7%；实现归母净利 润 51.81 亿元，同比增长 30.56%。 2024 年：财务费用压降+投资收益增长带动利润增速高于电量增速 2025 年 Q1：财务费用持续压降带动业绩增长 年度分红金额稳步增长 公司 2024 年分红预案拟派发现金股利 0.943 元/股，相较于 2023 年度分红 提升 0.123 元/股，共分派现金股利 230.7 亿元，占全年归母净利润的 71%。 按照 2025 年 4 月 30 日收盘价计算，对应股息率 3.2%。 盈利预测与估值：由于来水具有一定不确定性，调整盈利预期，我们预计 2025-2027 年公司可实现归母净利润 343.3/361.8/376.8 亿元（25/26 年前 值 358. ...