96%赞成难掩3.1%反对声浪，长江电力266亿投资引争议

Core Viewpoint - The company, Yangtze Power, has approved a significant investment of approximately 26.6 billion yuan for the construction of the Gezhouba shipping capacity expansion project, despite facing considerable shareholder opposition and potential impacts on future dividends [1][5]. Group 1: Project Details - The project received 96% approval at the shareholder meeting, but faced 5.72 billion shares in opposition and 1.55 billion shares in abstention [1]. - The project involves the construction of a new two-line single-level lock and the expansion of navigation channels, aimed at addressing the increasing shipping capacity needs on the Yangtze River [2]. - The project is expected to increase the annual power generation from the Gezhouba reservoir from approximately 15.8 billion kWh to 18 billion kWh, contributing to the overall efficiency of the Yangtze River's navigation and shipping operations [2][3]. Group 2: Financial Implications - The investment amount represents 82% of the company's projected net profit for 2024, which is estimated at 32.5 billion yuan [2]. - The project is anticipated to generate an additional revenue of 630 million yuan annually, offsetting the expected annual depreciation of 600 million yuan from the new infrastructure [3][4]. - The company has a strong cash flow position, with operational cash flow projected at 59.6 billion yuan and free cash flow at 45.2 billion yuan for 2024, allowing it to maintain a high dividend payout ratio [5][6]. Group 3: Dividend Concerns - The company has a history of high dividend payouts, with a cash dividend of 23.1 billion yuan planned for 2024, representing 71% of its net profit [5]. - Concerns have been raised regarding the potential impact of the new project on future dividend payments, with estimates suggesting a possible decrease in dividend yield from 3.4% to 3% by 2026 [5]. - The company has committed to maintaining a dividend payout of no less than 70% of its net profit for the years 2026 to 2030, despite the new investment [5].