CYPC(600900) 中国银河·2025-01-21 09:26Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - Short-term performance fluctuations do not alter the long-term investment value of the company [1] - The company achieved a revenue of 84.198 billion yuan in 2024, representing a year-on-year growth of 7.75%, and a net profit attributable to shareholders of 32.525 billion yuan, reflecting a year-on-year increase of 19.36% [4] - The report highlights that the abundant water supply in 2024 positively impacted the company's power generation, which increased by 7.11% to 2,959.04 billion kWh [4] - The report anticipates that the company will achieve net profits of 32.5 billion, 33.7 billion, and 35.2 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21.79x, 21.03x, and 20.15x [4] Financial Forecast Summary - Revenue Forecast: - 2023A: 78.112 billion yuan - 2024E: 84.198 billion yuan (growth of 7.79%) - 2025E: 85.477 billion yuan (growth of 1.52%) - 2026E: 86.089 billion yuan (growth of 0.72%) [2][6] - Net Profit Forecast: - 2023A: 27.239 billion yuan - 2024E: 32.526 billion yuan (growth of 19.41%) - 2025E: 33.706 billion yuan (growth of 3.63%) - 2026E: 35.178 billion yuan (growth of 4.37%) [2][6] - Key Financial Ratios: - Gross Margin: 57.83% in 2023A, 57.96% in 2024E, 57.49% in 2025E, 57.84% in 2026E - Net Profit Margin: 34.87% in 2023A, 38.63% in 2024E, 39.43% in 2025E, 40.86% in 2026E [6] - Debt and Equity: - Total Assets: 571.943 billion yuan in 2023A, projected to grow to 587.130 billion yuan by 2026E - Total Liabilities: 359.644 billion yuan in 2023A, projected to decrease to 347.741 billion yuan by 2026E [5]