长江电力、中国海油和中国核电比较

Core Viewpoints - Long-term investment in companies like Yangtze Power, China Nuclear Power, and China National Offshore Oil Corporation (CNOOC) is considered reliable, with varying risk and return profiles among them [1][2][3]. Yangtze Power - Current stock price is 27, with a price-to-book ratio of 3.14 and a TTM price-to-earnings ratio of 19.56. The return on equity (ROE) is approximately 15% starting this year, with a long-term growth rate of around 5% and a dividend yield of 3%, expected to maintain above 3.5% in the following years [1]. - The expected annualized return for long-term holding is around 8%, with risks primarily from war and management's investment decisions [1]. China Nuclear Power - Current stock price is 9.75, with a price-to-book ratio of 1.92 and a TTM price-to-earnings ratio of 18. The ROE is around 11-12%, with a long-term growth rate of about 10% and a dividend yield of 2% [2]. - The company is entering a significant investment phase, with new units expected to be operational from 2027, which may lead to a substantial increase in net profit over the next decade [2][3]. - Risks include long-term electricity price declines and rising interest rates, which could severely impact profitability due to high debt levels [3]. China National Offshore Oil Corporation (CNOOC) - Current stock price is 26.1, with a price-to-book ratio of 1.73 and a TTM price-to-earnings ratio of 8.7. The ROE fluctuates between 5-25%, with a dividend yield of 4.9% and a payout ratio of 45% [3][4]. - CNOOC's profitability is highly sensitive to oil price fluctuations, with a cost per barrel around 30 USD and significant profit margins expected at oil prices above 80 USD [4]. - The company is projected to maintain profits above 100 billion over the long term, with potential for higher returns during periods of low oil prices [4]. Overall Investment Outlook - Yangtze Power is viewed as the most stable investment with an expected annualized return of 8%. China Nuclear Power may offer a higher return of around 15% if interest rates remain low, while CNOOC is expected to achieve over 10% annualized returns but with higher volatility [4].