CYPC(SH:600900) Soochow Securities·2024-05-04 10:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met expectations, with total revenue reaching 78.112 billion yuan, a year-on-year increase of 50.04% (adjusted to 13.43%), and a net profit attributable to shareholders of 27.239 billion yuan, up 27.83% (adjusted to 14.81%) [2][3] - The first quarter of 2024 saw revenue of 15.641 billion yuan, a year-on-year increase of 1.58%, and a net profit of 3.967 billion yuan, up 9.8% [3][9] - The company plans to distribute a dividend of 8.20 yuan per 10 shares (including tax), with a payout ratio of 73.66% [3][9] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a total revenue of 78.112 billion yuan, with a net profit of 27.239 billion yuan, and a non-recurring net profit of 27.508 billion yuan, reflecting a growth of 28.59% [3][10] - The first quarter of 2024 showed a total revenue of 15.641 billion yuan and a net profit of 3.967 billion yuan, with a significant increase in net profit growth compared to revenue growth due to a decrease in financial expenses and an increase in investment income [3][10] Market Dynamics - The company is encouraged by market-oriented trading and increased water storage, anticipating a rise in both volume and price [3][13] - The total available water volume for the company's six cascade reservoirs reached 41 billion cubic meters, with a significant increase in usable water volume and energy storage compared to the previous year [3][13] - The proportion of market-oriented trading in the company's electricity sales increased to 37.76% in 2023, up from 7.6% in 2022 [3][13] Profit Forecast and Valuation - The profit forecast for the company is maintained at 34.350 billion yuan for 2024, 36.135 billion yuan for 2025, and a new estimate of 37.656 billion yuan for 2026, with expected year-on-year growth rates of 26.1%, 5.2%, and 4.2% respectively [3][14] - The current price-to-earnings ratio is projected at 18.4 for 2024, 17.5 for 2025, and 16.8 for 2026 [3][14]