国投电力：引入社保提高分红，彰显长期优异价值

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company plans to issue 550 million A-shares at a price of 12.72 CNY per share to the National Social Security Fund, raising up to 7 billion CNY. The funds will be allocated to two major hydroelectric projects, both with an internal rate of return of 8%, which will alleviate financial pressure and optimize the company's debt and financial expenses [5][6] - The introduction of the social security fund as a strategic investor is expected to attract more long-term capital, providing solid support for the company's long-term value [5] - The company has committed to increasing its dividend payout from 50% to 55% over the next three years, reflecting its emphasis on shareholder returns [6] Summary by Sections Event Description - The company announced the introduction of strategic investor National Social Security Fund and signed a conditional strategic cooperation agreement. The funds raised will be used for the Mengdigou and Kala hydroelectric projects, with total investments of 34.722 billion CNY and 17.121 billion CNY respectively [5][6] Financial Performance - The company reported a net profit of 3.744 billion CNY for the first half of the year, a year-on-year increase of 12.19%. The expected dividend yield for 2024, based on the new 55% payout ratio, is projected to be 3.53% [6] - The company’s earnings per share (EPS) for 2024-2026 are estimated to be 0.99 CNY, 1.08 CNY, and 1.18 CNY, with corresponding price-to-earnings (PE) ratios of 15.49, 14.25, and 13.10 [6] Investment Suggestion - The report maintains a "Buy" rating based on the company's strong financial performance and commitment to shareholder returns, alongside the expected growth from ongoing projects [5][6]