CYPC(SH:600900) Shenwan Hongyuan Securities·2025-07-31 15:35Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported stable revenue growth, with a 5.02% increase in revenue to 36.587 billion yuan in the first half of 2025, and a 14.22% increase in net profit to 12.984 billion yuan, aligning with expectations [6] - The company plans to invest 26.6 billion yuan in the Gezhouba shipping expansion project, which aims to enhance the efficiency of hydropower generation and reduce vessel waiting times [6] - The company continues to offer attractive dividends, with a dividend yield of 3.39%, providing a strong cash flow capability and stability in dividend payments [6] Financial Data and Profit Forecast - Total revenue is projected to reach 89.766 billion yuan in 2025, with a year-on-year growth rate of 6.2% [5] - The net profit attributable to shareholders is expected to be 35.561 billion yuan in 2025, reflecting a 9.4% year-on-year growth [5] - Earnings per share are forecasted to be 1.45 yuan in 2025, with a projected PE ratio of 19 [5] - The company’s operating profit is expected to grow steadily, with a forecast of 44.053 billion yuan in 2025 [8]