长江电力，流动的“印钞机”

Core Viewpoint - Longjiang Power has demonstrated strong performance in a challenging A-share market, with its stock price rising by 15.66% in 2023, contrasting with the overall market decline [1][14]. Group 1: Stock Performance - Longjiang Power's stock price reached a historical high of 25.89 yuan per share as of April 15, 2023, with a year-to-date increase of 28.30% and a market capitalization of 633.5 billion yuan, making it the leading company in the A-share power sector [14][15]. - The company has shown resilience in stock performance over the years, with a consistent upward trend since its listing in November 2003 at an initial price of 4.3 yuan [14][15]. Group 2: Financial Performance - Longjiang Power achieved a gross profit margin of 61.24% in the domestic hydropower sector in 2022, with stable net profits over the past decade [15][18]. - The company reported a total revenue of approximately 78.06 billion yuan in 2023, with a profit of 32.369 billion yuan, reflecting an 8.75% increase year-on-year [18][19]. Group 3: Business Model and Market Position - Longjiang Power primarily engages in hydropower generation and operates six major hydropower stations, positioning it as one of the largest hydropower listed companies globally [16][18]. - The company benefits from a favorable business model where the initial investment in hydropower stations leads to long-term profitability, as water is a free resource for power generation [19][20]. Group 4: Industry Trends and Future Outlook - The demand for hydropower is increasing due to its renewable and pollution-free characteristics, especially under the dual carbon strategy, with plans to expand conventional hydropower capacity to 380 million kilowatts by 2025 [18][20]. - Despite concerns about reaching a performance ceiling due to limited new hydropower projects, factors such as electricity pricing reforms and operational efficiency may continue to support Longjiang Power's growth [20][21].