CYPC(600900)2025-04-09 03:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in electricity generation, with a 9.35% year-on-year increase in total power generation in Q1 2025, supported by favorable water inflow conditions [8] - The decline in the ten-year government bond yield to 1.66% opens up space for dividend benchmarks for the company, with a current dividend yield of 3.20% [8] - The company is expected to achieve a net profit of 32.52 billion yuan in 2024, reflecting a year-on-year growth of 19.39% [8] Financial Summary - Total revenue is projected to grow from 78.11 billion yuan in 2023 to 85.88 billion yuan in 2026, with a compound annual growth rate of approximately 2.5% [1] - The net profit attributable to the parent company is forecasted to increase from 27.24 billion yuan in 2023 to 35.43 billion yuan in 2026 [1] - The earnings per share (EPS) is expected to rise from 1.11 yuan in 2023 to 1.45 yuan in 2026 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 26.10 in 2023 to 20.06 in 2026, indicating a more attractive valuation over time [1]