研报掘金丨申万宏源研究：长江电力年度业绩平稳增长，维持“买入”评级

Core Viewpoint - Changjiang Power's annual performance shows steady growth, with a focus on dividend returns in the mid-year distribution [1] Financial Performance - In 2025, the company achieved a total profit of 41.324 billion yuan, an increase of 2.462 billion yuan year-on-year, representing a growth of 6.34% [1] - The company's performance met expectations, with a significant increase in power generation in the fourth quarter [1] Operational Highlights - The autumn flood ensured a strong start for power generation in 2026, with the water level of the Three Gorges at 170.76 meters as of January 13, 2026, an increase of 1.96 meters compared to last year [1] - The abundant water storage laid a solid foundation for power generation at the beginning of 2026 [1] Dividend and Investment Outlook - Based on the stock price as of January 13, 2026, and the projected earnings per share for 2025, the dividend yield for 2025 is expected to reach 3.58% [1] - Considering the scarcity of the company's hydropower assets and the anticipated decrease in financial costs and depreciation in 2026, the value of dividends is expected to be significant, maintaining a "buy" rating [1]