CYPC(600900) 新浪财经·2025-05-06 12:27Core 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].