CYPC(SH:600900) Shenwan Hongyuan Securities·2025-08-15 05:13Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has committed to a cash dividend of no less than 70% of the net profit attributable to shareholders for the years 2026 to 2030, extending its dividend commitment for another five years [7] - The company has consistently exceeded its dividend commitments in the past, demonstrating strong shareholder return capabilities [7] - The operating cash flow for 2024 is projected to be approximately 60 billion, indicating sufficient funds for dividends and capital expenditures after covering interest expenses [7] - The company benefits from a declining LPR and interest rate environment, which significantly optimizes debt costs [7] - The company's six-level cascade scheduling enhances the stability of its power generation [7] - The company’s dividend yield of 3.41% is attractive compared to the 10-year government bond yield, indicating strong long-term investment value [7] - The profit forecast for 2025-2027 remains unchanged, with expected net profits of 35.56 billion, 38.70 billion, and 41.29 billion respectively, corresponding to PE ratios of 19, 17, and 16 [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 84.49 billion in 2024 to 95.40 billion in 2027, with a compound annual growth rate of approximately 6.2% [6] - The net profit attributable to shareholders is expected to increase from 32.50 billion in 2024 to 41.29 billion in 2027, reflecting a growth rate of 9.4% in 2025 and 8.8% in 2026 [6] - The company’s gross margin is projected to improve from 59.1% in 2024 to 61.6% in 2027 [6]