业绩增长稳健，蓄能高位电量提升可期

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 16.98 CNY and a reasonable value of 17.86 CNY [1][2]. Core Insights - The company achieved a robust performance with a net profit of 4.4 billion CNY in 2023, reflecting a year-on-year growth of 25.2%. The first quarter of 2024 also showed a net profit increase of 12.1% [5][21]. - Investment income reached 4.813 billion CNY in 2023, up 22.9% year-on-year, primarily driven by contributions from Yalong River Hydropower and other investments [5][11]. - The Yalong River Hydropower's revenue increased by 10.2% in 2023, with net profit rising by 17.6%, despite a 4.8% decline in power generation due to lower water levels [11][21]. Summary by Sections 1. Yalong River Hydropower Performance - The Yalong River Hydropower segment showed stable performance with a net profit growth of 12.1% in Q1 2024 [5][21]. - The average on-grid electricity price increased by 11.1% in 2023, which helped mitigate the impact of reduced power generation [11][21]. 2. Water Supply and Electricity Price Trends - The company faced a decline in electricity generation due to lower water supply, but the increase in electricity prices exceeded expectations [21]. 3. Future Production Peaks - The Dadu River project is expected to reach a peak in production, while Yalong River is advancing its wind and solar integration projects [21]. 4. Investment Income Growth - The company reported a steady increase in investment income, maintaining a "Buy" rating based on strong performance and future growth potential [1][5]. 5. Financial Metrics - The company’s total liabilities reached 21.76 billion CNY in 2023, with an asset-liability ratio of 36.1% [13][16]. - The operating cash flow remained stable at 5.96 billion CNY, with significant capital expenditures planned for future projects [16][21]. 6. Dividend Policy - The company proposed a dividend of 0.4 CNY per share for 2023, maintaining a dividend payout ratio of 44.3% [19][21].