CYPC(600900) 华夏时报·2025-05-13 05:43Core Viewpoint - The dividend policy of China Yangtze Power Co., Ltd. has attracted investor attention, with rumors suggesting uncertainty about the management's commitment to a 70% dividend payout ratio in the company's articles of association [2][4]. Dividend Policy - China Yangtze Power has been recognized as a "cash cow" due to its stable and substantial dividend performance, having distributed over 200 billion yuan in dividends since its A-share market debut in 2003 [3]. - For the 2024 fiscal year, the company plans to distribute a total cash dividend of 230.74 billion yuan, with a payout ratio of 71.00% of the net profit attributable to shareholders [3]. - The 2024 dividend payout ratio is lower than the previous two years, where the ratios were 94.29% in 2022 and 73.66% in 2023 [3]. Financial Performance - In 2024, the company reported revenue of 844.92 billion yuan, an increase of 8.12% year-on-year, and a net profit of 324.96 billion yuan, up 19.28% [8]. - The first quarter of 2025 continued this growth trend, with revenue of 170.15 billion yuan, a year-on-year increase of 8.68%, and a net profit of 51.81 billion yuan, up 30.56% [8]. - Despite revenue growth, the net cash flow from operating activities decreased by 7.88% in 2024, raising concerns about cash flow sustainability [8][9]. Operational Insights - The company primarily engages in hydropower generation, with a total installed capacity of 71.795 million kilowatts, making it the largest publicly listed hydropower company globally [6]. - The company has also been expanding into pumped storage and renewable energy projects, with significant progress in various initiatives [6]. - The increase in power generation is closely linked to favorable water inflow conditions, with notable increases in water inflow at key reservoirs [7]. Debt and Investment Concerns - As of the first quarter of 2025, the company's debt-to-asset ratio stood at 59.65%, with total liabilities amounting to 336.464 billion yuan [8]. - The company faces questions regarding its short-term debt repayment capabilities, especially given its significant long-term equity investments totaling 74.573 billion yuan [9].