CYPC(SH:600900) Soochow Securities·2025-09-01 10:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for the first half of 2025 reached 36.698 billion yuan, a year-on-year increase of 5.34%, while the net profit attributable to shareholders was 13.056 billion yuan, up 14.86% year-on-year, driven by increased power generation from six cascade power stations [7] - The company plans to optimize financial expenses, with a reduction in financial costs by 7.86 billion yuan year-on-year in the first half of 2025 [7] - Shareholders plan to increase their holdings, reflecting confidence in the company's future development, with a planned increase of no less than 4 billion yuan and no more than 8 billion yuan within 12 months [7] Financial Summary - Total revenue forecast for 2023A is 78.144 billion yuan, with a year-on-year growth of 13.48%, and for 2024A is 84.492 billion yuan, with a growth of 8.12% [1] - The net profit attributable to shareholders for 2023A is projected at 27.245 billion yuan, with a year-on-year increase of 14.83%, and for 2024A is 32.496 billion yuan, with a growth of 19.28% [1] - The latest diluted EPS for 2023A is 1.11 yuan per share, with a projected increase to 1.33 yuan in 2024A [1] - The company's P/E ratio is projected to be 24.96 for 2023A, decreasing to 20.92 for 2024A and further to 19.41 for 2025E [1] Operational Performance - The total power generation for the first half of 2025 was approximately 1,266.56 billion kWh, an increase of 5.01% year-on-year, with specific increases from various power stations [7] - The water inflow for the Wudongde reservoir was approximately 39.964 billion cubic meters, a 9.01% increase year-on-year, while the inflow for the Three Gorges reservoir was approximately 135.532 billion cubic meters, an 8.39% decrease year-on-year [7]