CYPC(600900) 申万宏源·2025-01-21 11:38Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 841.98 billion yuan for 2024, representing a year-on-year growth of 7.75%, and a net profit attributable to shareholders of 325.20 billion yuan, up 19.36% year-on-year [7] - The company's total power generation for 2024 was 2959.04 billion kWh, a year-on-year increase of 7.11%, although the fourth quarter saw a decline in generation due to reduced water levels [7] - The ongoing interest rate reduction cycle is expected to decrease financial costs, enhancing the company's performance [7] - The company has achieved its water storage targets for 2024, ensuring stable long-term power generation capacity despite short-term fluctuations in water levels [7] - The company maintains a commitment to a cash dividend payout ratio of no less than 70%, with a current dividend yield of 3.21% based on the closing price [7] Financial Data and Profit Forecast - Total revenue projections for 2024-2026 are adjusted to 325.20 billion, 345.19 billion, and 360.76 billion yuan respectively [7] - The company's earnings per share (EPS) for 2024 is projected at 1.33 yuan, with a price-to-earnings (PE) ratio of 22 [6][7] - The company's gross profit margin is expected to remain stable around 59% for the coming years [6]