CYPC(SH:600900) Soochow Securities·2025-05-01 11:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in power generation, with financial expenses continuously improving. In 2024, the company achieved a total revenue of 84.49 billion yuan, a year-on-year increase of 8.12%, and a net profit attributable to shareholders of 32.50 billion yuan, a year-on-year increase of 19.28% [8][10] - The company aims to achieve a power generation target of 300 billion kWh in 2025, supported by favorable water resource conditions and improved market pricing [15] Summary by Relevant Sections Financial Performance - In 2024, the company reported total revenue of 84.49 billion yuan, up 8.12% year-on-year, and a net profit of 32.50 billion yuan, up 19.28% year-on-year. The first quarter of 2025 saw revenue of 17.02 billion yuan, a growth of 8.68%, and a net profit of 5.18 billion yuan, a growth of 30.56% [9][10] - The company's total installed hydropower capacity is 71.795 million kW, accounting for 16.45% of the national hydropower capacity. The six major hydropower stations generated 295.90 billion kWh in 2024, a year-on-year increase of 7.11% [10][12] Market Dynamics - The company has increased its market-based trading volume to 38.6% in 2024, up from 37.8% in 2023, with an average on-grid electricity price of 285.52 yuan/MWh, an increase of 4.24 yuan/MWh year-on-year [13][14] - The company is actively engaging in market-oriented pricing mechanisms, which are expected to enhance its competitive advantage in the clean energy sector [13] Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with net profit estimates for 2025, 2026, and 2027 set at 35.03 billion yuan, 36.72 billion yuan, and 37.09 billion yuan respectively, reflecting year-on-year growth rates of 7.8%, 4.8%, and 1.0% [15] - The current price-to-earnings ratio (P/E) is projected at 20.6 for 2025, with a dividend yield of 3.4% based on a 70% payout ratio [15]