CYPC(SH:600900) Changjiang Securities·2024-05-16 06:02Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6] Core Views - The company's power generation volume increased by 5.34% year-on-year in 2023, leading to a revenue growth of 13.43% to 78.112 billion yuan, primarily driven by the higher electricity price from the newly operational Baihetan Power Station [5][6] - The company's net profit attributable to shareholders reached 27.239 billion yuan in 2023, reflecting a year-on-year growth of 14.81% [5][6] - In Q1 2024, despite a 5.13% decrease in power generation volume, revenue still grew by 1.58% due to an increase in settlement electricity prices [5][6] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 78.112 billion yuan, a 13.43% increase year-on-year, and a net profit of 27.239 billion yuan, up 14.81% [5][6] - For Q1 2024, the company reported revenue of 15.641 billion yuan, a 1.58% increase year-on-year, and a net profit of 3.967 billion yuan, reflecting a 9.80% growth [5][6] Operational Insights - The total water inflow for the upstream Wudongde Reservoir was approximately 102.908 billion cubic meters, down 5.46% year-on-year, while the Three Gorges Reservoir saw an inflow of about 342.846 billion cubic meters, up 0.71% year-on-year [5][6] - The company's market-based electricity sales accounted for 37.76% of total sales, an increase of 3.8 percentage points year-on-year [5][6] Cost and Profitability - The company's financial expenses rose by 31.05% year-on-year to 12.556 billion yuan, while R&D expenses surged by 779.95% to 0.789 billion yuan, impacting profit growth [5][6] - The gross profit margin for the company was 57.83%, an increase of 0.7 percentage points year-on-year [5][6] Future Outlook - The company expects EPS for 2024-2026 to be 1.34 yuan, 1.37 yuan, and 1.46 yuan respectively, with corresponding PE ratios of 19.08, 18.57, and 17.45 [6]