CYPC(SH:600900) Soochow Securities·2024-11-01 19:37Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 66.33 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 14.65%. The net profit attributable to the parent company was 28.02 billion yuan, up 30.20% year-on-year [2][3] - Improved water inflow and rising electricity prices contributed to the revenue growth, with the company’s total power generation reaching approximately 235.81 billion kWh, a year-on-year increase of 15.97% [3] - The company’s financial expenses continued to decrease, with a reduction of 340 million yuan in the third quarter [3] Summary by Sections Revenue and Profitability - Total revenue for 2024 is projected to be 87.23 billion yuan, with a year-on-year growth of 11.67% [1] - The net profit attributable to the parent company is forecasted to be 34.35 billion yuan in 2024, reflecting a year-on-year increase of 26.10% [1] Electricity Pricing and Market Dynamics - The company’s market-based electricity trading volume increased to 37.76% in 2023, up from 7.6% in 2022 [4] - The average on-grid electricity price for the company was 281.28 yuan per MWh in 2023, an increase of 11.56 yuan per MWh compared to 2022 [4] Financial Metrics - The report forecasts earnings per share (EPS) of 1.40 yuan for 2024, with a price-to-earnings (P/E) ratio of 19.65 [1] - The company is expected to maintain a dividend payout ratio of no less than 70%, resulting in a projected dividend yield of 3.6% for 2024 [4]