CYPC(600900) 申万宏源·2024-11-03 03:41Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [5]. Core Insights - The company reported a revenue of 66.33 billion yuan for the first nine months of 2024, a year-on-year increase of 14.65%, and a net profit attributable to shareholders of 28.03 billion yuan, up 30.20% year-on-year [5][6]. - The significant increase in performance is attributed to improved water inflow during the flood season, leading to higher electricity generation and potential increases in electricity prices [6]. - The company benefits from a declining interest rate environment, which has reduced financial costs and improved investment returns, further enhancing overall performance [8]. Summary by Sections Market Data - Closing price as of October 31, 2024: 27.58 yuan - Market capitalization: 662.12 billion yuan - Dividend yield: 2.97% [2]. Financial Performance - For Q3 2024, the company achieved a revenue of 31.52 billion yuan, a 17.27% increase year-on-year, and a net profit of 16.66 billion yuan, up 31.81% year-on-year [5][6]. - The total revenue for 2024 is projected to be 83.71 billion yuan, with a year-on-year growth rate of 7.2% [10]. Operational Metrics - The total power generation for Q3 2024 was 115.20 billion kWh, a 15.05% increase year-on-year, supported by improved water inflow from major reservoirs [6]. - The company’s debt has decreased significantly, with total liabilities down by 23.14 billion yuan to 347.53 billion yuan as of September 30, 2024 [8]. Profitability Forecast - The projected net profit for 2024-2026 is 33.25 billion yuan, 35.12 billion yuan, and 37.56 billion yuan respectively, with a commitment to a cash dividend payout ratio of no less than 70% [8].