CYPC(600900) 财通证券·2024-11-03 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a 30% year-on-year increase in profit for the first three quarters of 2024, with a revenue of 66.33 billion yuan and a net profit attributable to shareholders of 28.03 billion yuan [4][9] - The company is expected to maintain strong performance despite anticipated lower water levels in the fourth quarter, supported by good reservoir conditions [15][17] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 87.10 billion yuan, 87.73 billion yuan, and 91.11 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 33.28 billion yuan, 34.64 billion yuan, and 37.31 billion yuan [2][17] - The company's earnings per share (EPS) is expected to be 1.36 yuan, 1.42 yuan, and 1.52 yuan for the years 2024, 2025, and 2026 respectively [2][17] - The price-to-earnings (PE) ratios are projected to be 20.57, 19.76, and 18.35 for the years 2024, 2025, and 2026 respectively [2][17] Operational Highlights - The company reported a 15.97% increase in total power generation for the first three quarters of 2024, driven by favorable water conditions [9][12] - The gross profit margin reached a record high of 70.93% in the third quarter of 2024, reflecting improved operational efficiency [12][14] - The company is actively managing its debt, reducing financial costs by 9.77 billion yuan year-on-year in the first three quarters of 2024 [12][14] Project Development - The company is progressing with its renewable energy projects, managing 21 operational sites with a total installed capacity of 2.648 million kW [15] - The company is advancing seven pumped storage projects, with the Guanghanping project recently entering the construction phase [15]