CYPC(SH:600900) Haitong Securities International·2026-01-16 11:25Group 1 - Investment Rating: Rated 'Outperform' with a target price of RMB 31.68 based on a 22x PE for 2026 [4][10] - Core View: The company is expected to have strong performance in 2025 with total revenue of RMB 85.90 billion, up 1.65% YoY, and net profit of RMB 34.20 billion, up 5.14% YoY, driven by increased electricity sales and reduced finance expenses [12][11] - High water inflow and storage in Q4 2025 ensure power generation in H1 2026, with total power generation of six domestic stations reaching approximately 307.20 billion kWh, a 3.82% YoY increase [11][10] Group 2 - Financial Highlights: The company projects EPS for 2025-27 at RMB 1.40/1.44/1.53, with a net profit margin expected to remain strong [4][10] - Cash Dividend Policy: The company plans to distribute at least 70% of net profit as cash dividends from 2026 to 2030, with a projected dividend per share of RMB 0.9775 for 2025, yielding 3.6% based on the closing price [13][12] - Financial Metrics: The company’s net profit attributable to shareholders is projected to grow steadily, with a net profit margin of 40.3% expected by 2025 [3][12]