CYPC(600900) 新浪财经·2025-05-06 04:31Core 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].