CYPC(SH:600900) Guotai Junan Securities·2024-04-30 09:32Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company is expected to maintain stable dividends, with a projected cash dividend of 20.1 billion (approximately 0.82 per share) for 2023, reflecting a dividend payout ratio of 73.7% [3][4]. - The company's revenue for 2023 is reported at 78.1 billion, a year-on-year increase of 50.0%, with a net profit of 27.2 billion, up 27.8% year-on-year [3][4]. - The first quarter of 2024 shows a revenue of 15.6 billion, a slight increase of 1.6% year-on-year, and a net profit of 3.97 billion, up 9.8% year-on-year, aligning with previous expectations [3][4]. - The report anticipates an improvement in water inflow in the second quarter of 2024, which may lead to a recovery in electricity generation [3][4]. Financial Summary - Revenue growth is projected at 88.4 billion for 2024, 92.3 billion for 2025, and 96.1 billion for 2026, with respective growth rates of 13% and 4% [4]. - The company's operating profit (EBIT) is expected to reach 53.6 billion in 2024, with a significant growth rate of 30% [4]. - The net profit attributable to shareholders is forecasted to be 34.9 billion in 2024, reflecting a growth rate of 28% [4]. - Earnings per share (EPS) are projected at 1.43 for 2024, 1.51 for 2025, and 1.60 for 2026 [3][4]. Profitability and Valuation Metrics - The operating profit margin is expected to improve to 60.6% in 2024, with a net asset return rate of 16.5% [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 22.89 in 2023 to 17.84 in 2024, indicating a favorable valuation [4]. - The dividend yield is expected to rise to 3.9% in 2024 and 4.2% in 2025 [4].