CYPC(600900) 华福证券·2025-01-21 09:54Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [6][20]. Core Views - 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 32.520 billion yuan, up 19.36% year-on-year [3][5]. - The company reported its highest performance since its listing in 2003, with a total profit of 38.866 billion yuan in 2024, an increase of 19.87% year-on-year [5]. - The company has implemented its first interim dividend, distributing 0.21 yuan per share, which amounts to approximately 5.138 billion yuan in total [6]. Financial Performance Summary - Revenue (in million yuan): 2022A: 52,060; 2023A: 78,112; 2024E: 84,198; 2025E: 87,249; 2026E: 89,579 [8]. - Net Profit (in million yuan): 2022A: 21,309; 2023A: 27,239; 2024E: 32,520; 2025E: 35,137; 2026E: 37,920 [8]. - EPS (in yuan): 2022A: 0.87; 2023A: 1.11; 2024E: 1.33; 2025E: 1.44; 2026E: 1.55 [8]. - The company’s P/E ratios are projected to be 21.8 for 2024, 20.2 for 2025, and 18.7 for 2026 [6][8]. Operational Highlights - The company’s six hydropower stations achieved a total generation of 295.904 billion kWh in 2024, marking a 7.11% increase year-on-year [5]. - The report notes that the company’s performance is closely linked to the water flow in the Yangtze River, with 2024 experiencing abundant water flow overall, although Q4 saw a decline [5].