CYPC(600900) 华龙证券·2024-11-04 12:30Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company has shown a robust performance with a year-on-year revenue increase of 14.65% and a net profit increase of 30.20% for the first three quarters of 2024 [1] - The increase in electricity generation, which rose by 15% year-on-year, has significantly contributed to revenue growth [1] - The company is expected to achieve its annual electricity generation target of 308.8 billion kWh [1] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 66.331 billion yuan and a net profit of 28.025 billion yuan [1] - In Q3 2024 alone, the company achieved revenues of 31.522 billion yuan, a 17.27% increase year-on-year, and a net profit of 16.663 billion yuan, up 31.81% year-on-year [1] - The total electricity generation for the first three quarters was approximately 235.814 billion kWh, reflecting a 15.97% increase year-on-year [1] Market Data - As of November 1, 2024, the company's stock price was 27.98 yuan, with a market capitalization of approximately 2,446.82 billion yuan [1] - The company has a gross profit margin of 70.93% and a net profit margin of 53.28% in Q3 2024, both showing improvements from the previous year [1] - Financial expenses were effectively managed, resulting in a decrease of 11% year-on-year, with a financial expense ratio of 8.91% [1] Earnings Forecast - The company is projected to achieve net profits of 33.852 billion yuan, 35.675 billion yuan, and 37.014 billion yuan for the years 2024, 2025, and 2026 respectively [2] - The corresponding price-to-earnings (P/E) ratios for these years are expected to be 20.2, 19.2, and 18.5 [2] Comparable Company Valuation - The company is compared with peers such as Huaneng Hydropower, Chuanwei Energy, and Guotou Power, with its current valuation slightly above the industry average [1][3]