CYPC(SH:600900) Soochow Securities·2026-01-15 11:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2025 is projected to be 85.882 billion yuan, representing a year-on-year growth of 1.64%. The net profit attributable to shareholders is expected to be 34.167 billion yuan, with a year-on-year increase of 5.14%, aligning with market expectations. The growth is primarily driven by an increase in electricity sales from six hydropower stations and a reduction in financial costs [1][7] - The company emphasizes shareholder returns with a proposed cash dividend of 0.21 yuan per share for the first nine months of 2025, amounting to a total cash dividend of 5.138 billion yuan, which represents an 18% payout ratio [7] - The report highlights that the ten-year government bond yield remains low, creating a favorable environment for dividend-paying stocks like the company. The expected dividend yield for 2026 is 3.83%, with a spread of 1.98% over the ten-year bond yield, indicating potential for dividend growth [7] Financial Summary - The total revenue forecast for 2023 is 78.144 billion yuan, increasing to 87.609 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 1.64% [1][8] - The net profit attributable to shareholders is projected to grow from 27.245 billion yuan in 2023 to 36.431 billion yuan in 2027, reflecting a CAGR of 5.14% [1][8] - The earnings per share (EPS) is expected to rise from 1.11 yuan in 2023 to 1.49 yuan in 2027, indicating a steady increase in profitability [1][8] - The price-to-earnings (P/E) ratio is forecasted to decrease from 24.09 in 2023 to 18.01 in 2027, suggesting an improving valuation over time [1][8]