CYPC(600900) 民生证券·2025-01-21 11:23Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Insights - The company achieved record high performance in 2024, with total revenue reaching 84.198 billion yuan, a year-on-year increase of 7.75%. The net profit attributable to shareholders was 32.520 billion yuan, up 19.36% year-on-year [3]. - The increase in profitability is attributed to a significant rise in electricity generation from six hydropower stations, with a notable improvement in gross margin and net margin [4][5]. - The company has implemented a mid-term dividend distribution, emphasizing shareholder returns, with a cash dividend of 2.1 yuan per 10 shares, totaling 5.138 billion yuan [6]. Financial Performance Summary - In 2024, the company reported total revenue of 84.198 billion yuan, operating profit of 39.648 billion yuan, and total profit of 38.866 billion yuan, reflecting a growth of 19.87% year-on-year [3]. - The gross margin for the first three quarters of 2024 was 61.19%, an increase of 3.3 percentage points year-on-year, while the net margin was 42.78%, up 4.93 percentage points [4]. - The total electricity generation in 2024 was approximately 295.904 billion kWh, a year-on-year increase of 7.11%, with specific stations showing significant growth [5]. - The company forecasts net profits of 32.455 billion yuan, 34.770 billion yuan, and 35.996 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.33 yuan, 1.42 yuan, and 1.47 yuan [7].