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长江电力(600900):财务费用压降显著,25年Q1增速亮眼

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4][15]. Core Views - The company reported a significant reduction in financial expenses and an increase in investment income, leading to profit growth that outpaced electricity sales growth [2][3]. - In Q1 2025, the company achieved a revenue of 17.015 billion yuan, representing a year-on-year growth of 8.7%, and a net profit of 5.181 billion yuan, reflecting a year-on-year increase of 30.56% [1][3]. Financial Performance Summary - For 2024, the company achieved an operating revenue of 84.49 billion yuan, a year-on-year increase of 8.1%, and a net profit attributable to the parent company of 32.496 billion yuan, up 19.28% [1][3]. - The company plans to distribute a cash dividend of 0.943 yuan per share for 2024, which is an increase of 0.123 yuan per share compared to 2023, totaling 23.07 billion yuan, accounting for 71% of the annual net profit [3]. - The company expects to achieve net profits of 34.33 billion yuan, 36.18 billion yuan, and 37.68 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 21, 20, and 19.2 [3][9]. Revenue and Profit Growth - The company’s revenue growth rates are projected to be 1.82%, 1.77%, and 1.27% for 2025, 2026, and 2027 respectively, while net profit growth rates are expected to be 5.64%, 5.39%, and 4.14% for the same years [3][10]. - The company’s EBITDA for 2024 is projected to be 71.38 billion yuan, with a slight decrease expected in the following years [3][10]. Market Position and Valuation - The company has a total market capitalization of approximately 721.81 billion yuan, with a P/B ratio of 3.43 and an EV/EBITDA ratio of 14.23 for 2024 [5][10]. - The company’s earnings per share (EPS) are projected to be 1.40 yuan for 2025, with a corresponding P/E ratio of 21.03 [3][10].