CYPC(SH:600900) Southwest Securities·2024-05-07 11:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 78.1 billion yuan in 2023, a year-on-year increase of 13.4% (adjusted), and a net profit attributable to shareholders of 27.2 billion yuan, up 14.8% (adjusted) [2] - The company experienced a decrease in electricity generation due to lower water inflow, but the injection of the Wudongde and Baihetan hydropower stations has brought new momentum [2][3] - The average on-grid electricity price for the company in 2023 was 281.3 yuan per megawatt-hour, an increase of 11.56 yuan per megawatt-hour year-on-year [2] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 15.6 billion yuan, a year-on-year increase of 1.6%, and a net profit of 3.97 billion yuan, up 9.8% [2] - The company's gross margin was 57.8% and net margin was 35.8% in 2023, a decrease of 5.79 percentage points year-on-year [2] - The company plans to distribute a cash dividend of 0.82 yuan per share, with a payout ratio of 73.7% [2] Profit Forecast - The company is expected to achieve net profits of 32.8 billion, 36.5 billion, and 39.0 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.34, 1.49, and 1.59 yuan [3][4] - Revenue growth rates are projected at 4.25%, 7.65%, and 7.50% for the years 2024, 2025, and 2026, respectively [4] Operational Metrics - The company’s total assets were reported at 568.7 billion yuan, with a total market capitalization of 631.0 billion yuan [6] - The company’s return on equity (ROE) is projected to be 14.73%, 15.22%, and 15.14% for the years 2024, 2025, and 2026, respectively [4]