CYPC(600900) 新浪财经·2025-05-08 12:29Core 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]