CYPC(SH:600900) Ge Long Hui A P P·2026-01-07 07:28Core Viewpoint - Changjiang Securities report indicates that Changjiang Electric's downstream water inflow improved significantly in the fourth quarter, leading to a stable annual performance outlook [1] Group 1: Performance Outlook - The company experienced rapid growth in electricity generation in the fourth quarter due to abundant downstream water inflow, resulting in a positive quarterly performance outlook [1] - For the entire year, the company's electricity generation is expected to show steady growth, with improved water inflow contributing to increased investment income [1] Group 2: Financial Projections - The company is projected to achieve a stable annual performance growth, with an expected dividend yield of 3.73% based on the initial "14th Five-Year Plan" average performance estimates for 2026-2027 [1] - Adjusted earnings forecasts predict the company's EPS for 2025, 2026, and 2027 to be 1.41 yuan, 1.44 yuan, and 1.47 yuan respectively, with corresponding PE ratios of 19.33 times, 18.95 times, and 18.58 times [1] Group 3: Investment Rating - The company maintains a "Buy" rating, reinforcing its long-term investment value as a stable dividend stock [1]