SCTE(SH:600674) Southwest Securities·2024-04-14 16:00Investment Rating - The report maintains a "Buy" rating for ChuanTou Energy (600674) [1] Core Views - The company reported a revenue of 1.48 billion yuan in 2023, a year-on-year increase of 4%, and a net profit attributable to shareholders of 4.4 billion yuan, up 25% year-on-year [2] - Investment income significantly contributed to the company's performance, with net investment income reaching 4.81 billion yuan, a 23% increase year-on-year [2] - The company has a high dividend payout ratio, distributing 0.40 yuan per share, which corresponds to a payout ratio of 44.3% [2] - In Q1 2024, the company achieved a revenue of 260 million yuan, a 3% increase year-on-year, and a net profit of 1.27 billion yuan, up 12% year-on-year [2] - The company expects net profits for 2024-2026 to be 4.93 billion, 5.33 billion, and 5.75 billion yuan, respectively, with corresponding PE ratios of 16.7, 15.5, and 14.3 [2][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1,482.36 million yuan with a growth rate of 4.36% and a net profit of 4,400.14 million yuan, reflecting a growth rate of 25.17% [3] - The projected revenues for 2024-2026 are 1,646.04 million, 1,823.24 million, and 2,028.28 million yuan, with growth rates of 11.04%, 10.77%, and 11.25% respectively [3] Investment Income - The investment income from Yalong River Company increased by 600 million yuan year-on-year, while the investment income from Dadu River Company and China Nuclear Huineng increased by 150 million yuan and 120 million yuan respectively [2] Dividend Policy - The company has consistently maintained a high dividend payout ratio over the past few years, with ratios of 53.0%, 57.1%, and 50.8% from 2020 to 2022 [2] Q1 2024 Performance - The company reported a Q1 2024 revenue of 260 million yuan, a 3% increase year-on-year, and a net profit of 1.27 billion yuan, a 12% increase year-on-year [2] - The hydropower generation increased by 12.8% year-on-year, while the on-grid electricity price was 0.283 yuan/kWh, a 0.4% increase year-on-year [2] Profit Forecast - The forecasted net profits for 2024-2026 are 4,907.41 million, 5,325.65 million, and 5,750.33 million yuan, with corresponding PE ratios of 16.7, 15.5, and 14.3 [3]