CYPC(SH:600900) Yin He Zheng Quan·2025-07-31 08:47Investment Rating - The report assigns a "Neutral" rating for the company, indicating a relative performance within the range of -5% to 5% compared to the benchmark index [14]. Core Insights - The company is projected to achieve a revenue of 84,491.87 million yuan in 2024, with a growth rate of 8.12%. However, the growth rate is expected to decline significantly in the following years, with only 0.74% growth anticipated by 2026 [2][10]. - The net profit attributable to the parent company is forecasted to be 32,496.17 million yuan in 2024, reflecting a profit growth rate of 19.28%. This growth rate is also expected to slow down, reaching only 2.98% by 2027 [2][10]. - The gross profit margin is expected to improve from 59.13% in 2024 to 62.56% in 2027, indicating a positive trend in profitability [2][10]. Financial Summary Income Statement - Revenue is projected to grow from 84,491.87 million yuan in 2024 to 87,118.15 million yuan in 2027, with a peak growth rate of 8.12% in 2024 [2][10]. - The operating profit is expected to increase from 39,645.36 million yuan in 2024 to 44,833.14 million yuan in 2027 [10]. - The net profit is forecasted to rise from 32,496.17 million yuan in 2024 to 36,830.74 million yuan in 2027 [10]. Balance Sheet - Total assets are projected to remain stable, with a slight increase from 566,071.98 million yuan in 2024 to 567,724.45 million yuan in 2027 [9]. - The total liabilities are expected to decrease from 344,116.09 million yuan in 2024 to 314,053.34 million yuan in 2027, indicating improved financial health [9]. Cash Flow Statement - Operating cash flow is expected to grow from 59,648.47 million yuan in 2024 to 62,408.32 million yuan in 2027 [9]. - The net cash increase is projected to be negative in the first two years, with a slight positive cash flow expected in 2026 and 2027 [9]. Market Data - As of July 30, 2025, the closing price of the stock is 28.70 yuan, with a market capitalization of 689 billion yuan [4]. - The company has a total share capital of 2,446,822,000 shares, with 2,400,726,000 shares in circulation [4]. Key Financial Ratios - The Price-to-Earnings (P/E) ratio is projected to decrease from 21.61 in 2024 to 19.07 in 2027, indicating a potential undervaluation over time [10]. - The Return on Equity (ROE) is expected to remain stable around 15% over the forecast period [10].