CYPC(SH:600900) Shenwan Hongyuan Securities·2025-09-03 10:12Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 36.698 billion yuan for the first half of 2025, representing a year-on-year growth of 5.34%, and a net profit attributable to shareholders of 13.056 billion yuan, up 14.86% year-on-year, which is in line with expectations [7] - The controlling shareholder, China Three Gorges Corporation, plans to increase its stake in the company through the secondary market within the next 12 months, with an investment amount between 4 billion and 8 billion yuan, indicating confidence in the company's long-term development [7] - The company has a strong dividend policy, having committed to a cash dividend of no less than 0.65 yuan per share from 2016 to 2020, and maintaining a payout ratio of no less than 70% of net profit from 2021 to 2025, with dividends consistently exceeding these commitments [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 89.766 billion yuan, with a year-on-year growth rate of 6.2% [6] - The net profit attributable to shareholders is projected to be 35.561 billion yuan in 2025, reflecting a growth rate of 9.4% [6] - The earnings per share (EPS) is expected to be 1.45 yuan in 2025, with a gross margin of 60.1% [6] - The company's return on equity (ROE) is forecasted to be 16.0% in 2025, with a price-to-earnings (PE) ratio of 19 [6]