CYPC(SH:600900) CMS·2025-08-15 04:05Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company has announced a shareholder dividend return plan for 2026-2030, committing to a cash dividend of no less than 70% of the annual net profit attributable to shareholders [6][7] - The investment in the Gezhouba shipping expansion project, totaling 26.6 billion, is expected to have limited short-term impact on the company's performance and dividends, while contributing to long-term development and significant social benefits [6][7] - The company's revenue performance is stable, with expected revenue of 36.587 billion in H1 2025, reflecting a year-on-year growth of 5.02%, and a net profit of 12.984 billion, up 14.22% year-on-year [6][7] - The company is actively pursuing the development of pumped storage and renewable energy projects, which are anticipated to open new growth avenues [6][7] - Profit forecasts for 2025-2027 indicate net profits of 34.638 billion, 35.623 billion, and 36.300 billion respectively, with corresponding PE ratios of 19.5x, 19.0x, and 18.6x [6][7] Financial Data and Valuation - Total revenue for 2023 is projected at 78.112 billion, with a year-on-year growth of 50%, and a net profit of 27.239 billion, reflecting a 28% increase [2][9] - The company’s total assets are estimated to be 571.943 billion in 2023, with a debt-to-asset ratio of 62.9% [7][10] - The report highlights a stable cash flow from operating activities, with 64.719 billion expected in 2023 [8][10]