CYPC(SH:600900)2024-05-06 01:02Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company benefits from a decrease in interest rates, which enhances its overall profitability. The financial expenses have decreased, contributing to a significant increase in net profit [6]. - The company reported a net profit of 27.239 billion yuan for 2023, a year-on-year increase of 14.81%, aligning with expectations. The proposed dividend per share (DPS) for 2023 is 0.82 yuan, with a payout ratio of 73.66% [6]. - In Q1 2024, the company achieved a net profit of 3.967 billion yuan, a year-on-year growth of 9.8%, exceeding expectations [6]. Financial Summary - Total revenue for 2023 was 78.112 billion yuan, with a year-on-year growth rate of 13.4%. The forecast for total revenue in 2024 is 83.709 billion yuan, representing a growth rate of 7.2% [6][8]. - The gross profit margin for 2023 was 57.8%, with projections for 2024 indicating a margin of 59.1% [6]. - The return on equity (ROE) for 2023 was 13.5%, with an expected increase to 15.5% in 2024 [6]. Operational Insights - The company’s total power generation in 2023 was 2,762.63 billion kWh, a year-on-year increase of 5.34%, primarily due to the full operation of the Baihetan power station [6]. - The average on-grid electricity price for the company in 2023 was 0.2813 yuan/kWh, an increase of 0.016 yuan/kWh compared to the previous year [6]. - The company’s hydropower generation in Q1 2024 was 527.47 billion kWh, reflecting a year-on-year decrease of 5.13% due to lower water inflow [6].