GGEP(SH:600236) Xin Lang Cai Jing·2025-12-28 10:29Group 1 - The company plans to construct a 1000-ton navigation structure at the Longtan Hydropower Station with a total investment of approximately 5.35 billion yuan, of which the company will contribute 2.43 billion yuan and the remaining funds will be raised by Guizhou Province [1] - The construction period is set for 69 months, with an average annual capital expenditure of 190 million yuan, and the project is expected to start by the end of December 2025 and complete water debugging by September 2031 [1] - The company has an average operating cash flow of 5.18 billion yuan and an average investment cash flow of 3.03 billion yuan over the past five years, indicating that the financial impact of the new project will be minimal [1] Group 2 - The commencement of the navigation project will not affect the company's operational decisions and is expected to promote economic development in the southwestern region [2] - The company had previously planned for a 500-ton navigation project when it acquired Longtan Company in 2015, and the new 1000-ton project does not significantly increase the company's financial burden [2] - The construction of the navigation structure is anticipated to improve investment conditions along the river and optimize the transportation system in Guizhou Province [2] Group 3 - In the first three quarters, the company's hydropower generation reached 28.2 billion kWh, a year-on-year increase of 22%, contributing to a 12% growth in net profit attributable to shareholders [3] - The company maintains a dividend policy with a payout of 0.2 yuan per share from 2022 to 2024, with dividend ratios of 49.13%, 128.59%, and 71% respectively, indicating a strong commitment to shareholder returns [3] - The projected net profits for 2025-2027 are estimated at 2.8 billion, 3.0 billion, and 3.2 billion yuan, with corresponding PE ratios of 21, 19, and 18 times, suggesting long-term investment value in the hydropower sector [3]