长江电力(600900)：来水改善叠加费用压降 经营业绩稳步增厚

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, driven by favorable water conditions and increased electricity generation [1][2][3]. 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][2]. - For Q1 2025, the company reported operating revenue of 17.015 billion yuan, a growth of 8.68%, and a net profit attributable to shareholders of 5.181 billion yuan, an increase of 30.56% [1][4]. Electricity Generation - The total electricity generation from the company's six domestic hydropower stations in 2024 was approximately 295.904 billion kWh, representing a 7.11% increase compared to the previous year [1][3]. - In Q1 2025, the company generated 57.679 billion kWh of electricity, a year-on-year growth of 9.35% [4][5]. Cost Management - The company experienced a decrease in financial expenses due to reduced interest-bearing liabilities and lower financing costs, with financial expenses for 2024 amounting to 11.131 billion yuan, down 11.38% year-on-year [3][5]. - The expense ratios for 2024 were as follows: sales expense ratio at 0.22%, management expense ratio at 1.85%, R&D expense ratio at 1.05%, and financial expense ratio at 13.17% [1][3]. Investment and Dividends - The company achieved investment income of 5.258 billion yuan in 2024, an increase of 10.68% year-on-year [3]. - The cash dividend for 2024 was 0.943 yuan per share, with a total cash dividend amounting to 23.074 billion yuan, resulting in a payout ratio of 71% [3]. Future Outlook - The company is advancing its pumped storage projects, which are expected to enhance cash flow and support steady growth in operating performance [7]. - Forecasted net profits for 2025 to 2027 are 36.254 billion yuan, 37.728 billion yuan, and 38.987 billion yuan, respectively, with EPS projected at 1.48 yuan, 1.54 yuan, and 1.59 yuan [7].