CYPC(600900) 国信证券·2024-12-27 11:08Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][25]. Core Insights - The company's performance in Q3 2024 exceeded expectations, with total revenue of 66.33 billion yuan, a year-on-year increase of 14.65%, and a net profit attributable to shareholders of 28.03 billion yuan, up 30.2% year-on-year [3][19]. - The company has announced its first-ever interim dividend, distributing 2.10 yuan per 10 shares, totaling 5.138 billion yuan, which reflects its commitment to enhancing shareholder value [25]. - The company maintains its profit forecast for 2024-2026, expecting net profits of 34.2 billion, 36.3 billion, and 38 billion yuan, with growth rates of 25.5%, 6.3%, and 4.8% respectively [25]. Financial Performance - In Q3 2024, the company achieved a revenue of 31.52 billion yuan, representing a 17.3% year-on-year growth, and a net profit of 16.66 billion yuan, up 31.8% year-on-year [3][19]. - The total power generation from the company's six hydropower stations reached approximately 235.81 billion kWh in the first three quarters of 2024, an increase of 15.97% year-on-year [20][21]. - The company reported a significant decrease in financial expenses, attributed to debt restructuring in a low-interest environment, and a stable increase in investment income [11][38]. Valuation Metrics - The current stock price corresponds to a PE ratio of 21.3 for 2024, 20.1 for 2025, and 19.2 for 2026, with a reasonable valuation range of 31.1 to 31.8 yuan per share, indicating a premium of 4.3% to 6.7% over the current price [25][27]. - The company's gross margin and net margin improved, with gross margin at 61.2% and net margin at 41.8% for the first three quarters of 2023 [11][19].