CYPC(SH:600900) Tianfeng Securities·2025-05-06 04:05Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4][15]. Core Views - The company has shown significant growth in revenue and net profit, with 2024 revenue reaching 844.9 billion yuan, a year-on-year increase of 8.1%, and a net profit of 324.96 billion yuan, up 19.28% [1][2]. - In Q1 2025, the company reported revenue of 170.15 billion yuan, a growth of 8.7%, and a net profit of 51.81 billion yuan, reflecting a substantial increase of 30.56% year-on-year [1][3]. - The reduction in financial expenses and growth in investment income have contributed to profit growth that outpaces electricity sales growth [2][3]. Financial Performance Summary - The company achieved a total revenue of 78,111.57 million yuan in 2023, projected to grow to 84,491.87 million yuan in 2024, and further to 86,028.17 million yuan in 2025, with growth rates of 50.04%, 8.17%, and 1.82% respectively [9][10]. - The net profit attributable to the parent company is expected to rise from 27,238.97 million yuan in 2023 to 32,496.17 million yuan in 2024, and 34,327.61 million yuan in 2025, with growth rates of 27.83%, 19.30%, and 5.64% respectively [9][10]. - The company plans to distribute a cash dividend of 0.943 yuan per share for 2024, an increase of 0.123 yuan per share from 2023, totaling 230.7 billion yuan, which is 71% of the annual net profit [3][9]. Operational Highlights - The company’s total electricity generation in 2024 is estimated to be approximately 2,959 billion kWh, a year-on-year increase of 7%, with significant contributions from major power stations [8]. - The average electricity price for 2024 is estimated at 0.252 yuan per kWh, slightly up from 0.250 yuan per kWh in 2023 [8]. - The company has made progress in reducing costs and increasing efficiency, achieving a 14.3 billion yuan reduction in financial expenses in 2024 [8].