CYPC(SH:600900) Soochow Securities·2025-08-15 07:28Investment Rating - The report maintains a "Buy" rating for Changjiang Electric Power [1] Core Views - The company plans to maintain a minimum dividend payout ratio of 70% from 2026 to 2030, ensuring a stable return for shareholders [8] - The company's revenue and net profit are expected to grow steadily, driven by increased power generation from its hydropower stations [8] - The decline in the ten-year government bond yield opens up more room for dividend yields, enhancing the attractiveness of Changjiang Electric Power as a dividend stock [8] Financial Forecasts - Total revenue is projected to reach 78,144 million yuan in 2023, increasing to 87,633 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 2.4% from 2024 to 2027 [1] - Net profit attributable to shareholders is expected to grow from 27,245 million yuan in 2023 to 37,087 million yuan in 2027, reflecting a CAGR of about 7.8% from 2024 to 2025 [1] - The earnings per share (EPS) is forecasted to increase from 1.11 yuan in 2023 to 1.52 yuan in 2027, indicating a positive growth trend [1] Market Data - The closing price of the stock is currently at 27.66 yuan, with a market capitalization of approximately 676.79 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 24.84 in 2023 to 18.25 in 2027, suggesting an improving valuation over time [1] Operational Performance - In the first half of 2025, the company achieved a total revenue of 36,587 million yuan, a year-on-year increase of 5.02%, and a net profit of 12,984 million yuan, up 14.22% year-on-year [8] - The total power generation from the company's six hydropower stations reached approximately 1,266.56 billion kWh in the first half of 2025, marking a 5.01% increase compared to the previous year [8]