CYPC(SH:600900) Xin Lang Cai Jing·2025-11-08 00:33Core Insights - The company reported a revenue of 29.044 billion yuan for Q3 2025, a year-on-year decrease of 7.78%, and a net profit attributable to shareholders of 15.137 billion yuan, down 9.13% year-on-year [1][3] Revenue and Water Supply Impact - The water inflow for the Wudongde Reservoir was approximately 83.489 billion cubic meters, a decrease of 6.04% compared to the same period last year, while the Three Gorges Reservoir saw an inflow of about 298.88 billion cubic meters, down 4.54% year-on-year [2] - The total power generation from the company's six domestic hydropower stations was approximately 235.126 billion kWh, remaining stable compared to the previous year, but Q3 generation was about 108.47 billion kWh, a decrease of 5.84% year-on-year [2] Cost Management and Profitability - The company managed to reduce costs, resulting in a gross profit of 20.478 billion yuan for Q3, a decline of 8.36%, closely aligned with the revenue drop [3] - Financial expenses decreased by 18.03% to 2.298 billion yuan, while investment income rose by 19.95% to 1.648 billion yuan [3] Future Outlook and Shareholder Returns - The onset of autumn floods in September has led to increased water inflow, with the average outflow from the Three Gorges Reservoir in October rising by 141.47% year-on-year [3] - The company announced a profit distribution plan for 2026-2030, committing to a cash dividend of no less than 70% of the net profit attributable to shareholders [3] - The expected dividend yield is projected to reach 3.52% based on the anticipated performance for 2026-2027, indicating strong long-term investment value [4] Investment Recommendations - The company adjusted its earnings forecast, expecting EPS of 1.38 yuan, 1.44 yuan, and 1.47 yuan for 2025-2027, with corresponding PE ratios of 20.64, 19.74, and 19.43 [4] - The company maintains a "buy" rating based on the latest financial data [4]