CYPC(600900) 长江证券·2025-01-10 13:33Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - Despite the impact of water scarcity, the company's power generation in Q4 is expected to be 60.09 billion kWh, a year-on-year decrease of 17.60%. However, the overall annual power generation is projected to grow by 7.11% year-on-year, supported by the transfer of equity and related debts from Hubei Qingneng Group, which will alleviate Q4 performance pressure. The company is expected to achieve steady annual performance growth [2][5] - The expected dividend yield, compared to the yield on ten-year government bonds, has reached the 94th percentile since 2023, indicating a strong investment value as a stable dividend stock [2][5] - The company is expected to have EPS of 1.32, 1.33, and 1.46 for 2024-2026, with corresponding PE ratios of 21.82, 21.67, and 19.72, respectively, reinforcing the "Buy" rating [10][11] Summary by Sections Company Overview - The company reported a total power generation of approximately 295.90 billion kWh for 2024, representing a year-on-year increase of 7.11% [5] Financial Performance - The company's total revenue for 2023 is projected at 78.11 billion yuan, with a steady increase expected in subsequent years [13] - The net profit for 2024 is estimated at 33.03 billion yuan, with EPS expected to rise to 1.32 yuan [13] Market Position - The company is positioned as a leading player in the hydropower sector, benefiting from favorable water conditions and a strong dividend policy [10][11]