CYPC(SH:600900) Minsheng Securities·2024-08-31 13:10Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company has experienced significant growth in revenue and net profit due to abundant water supply and increased power generation, with a 12.38% year-on-year increase in revenue to 34.808 billion yuan and a 27.92% increase in net profit to 11.362 billion yuan for the first half of 2024 [1]. - The company is expanding its pumped storage capacity and has initiated the construction of a new pumped storage power station in Hunan, which will further enhance its operational scale [1]. - The acquisition of the Sapphire wind power project in Peru marks the company's first wind power project, indicating a strategic move to expand its international business [1]. Financial Summary - For the first half of 2024, the company reported a total revenue of 34.808 billion yuan, a 12.38% increase year-on-year, and a net profit attributable to shareholders of 11.362 billion yuan, reflecting a 27.92% increase [1]. - The company achieved a basic earnings per share (EPS) of 0.4644 yuan, up 27.92% year-on-year, with a gross profit margin of 52.38%, an increase of 4.90 percentage points [1]. - The projected net profits for 2024, 2025, and 2026 are estimated to be 34.941 billion yuan, 35.858 billion yuan, and 36.695 billion yuan respectively, with corresponding EPS of 1.43 yuan, 1.47 yuan, and 1.50 yuan [2][6].