CYPC(SH:600900) Changjiang Securities·2025-07-31 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a strong performance for the first half of 2025, achieving operating revenue of 36.587 billion yuan, a year-on-year increase of 5.02%, and a net profit attributable to shareholders of 12.984 billion yuan, up 14.22% year-on-year, which aligns with expectations [2][6]. - The company has approved a proposal to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping expansion project, which is expected to enhance operational efficiency and support the company's long-term growth [2][6]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved operating revenue of 36.587 billion yuan, a 5.02% increase year-on-year, and a net profit of 12.984 billion yuan, reflecting a 14.22% growth compared to the previous year [2][6]. - The performance was supported by favorable water inflow conditions, with the Wudongde reservoir's inflow increasing by 9.01% and the Three Gorges reservoir's inflow rising by 8.39% year-on-year [12]. Project Development - The board approved the investment in the Gezhouba shipping expansion project, which aims to enhance navigation capacity and support the company's high-quality development [12]. - The project involves the construction of new locks and the expansion of navigation channels, with a total construction period of 91 months [12]. Dividend and Valuation - The company maintains a long-term commitment to a minimum dividend payout ratio of 70%, positioning itself as a strong dividend stock [12]. - The expected dividend yield compared to the ten-year government bond yield has reached the 98.60th percentile for 2023, indicating a favorable investment value [12]. - Earnings per share (EPS) estimates for 2025-2027 are projected at 1.38 yuan, 1.45 yuan, and 1.46 yuan, with corresponding price-to-earnings (PE) ratios of 20.24, 19.22, and 19.06 [12].