CYPC(600900) 国泰君安·2024-06-03 23:31Investment Rating - The report maintains a rating of "Accumulate" for Changjiang Electric Power (600900) with a target price of 32.89 CNY, up from the previous forecast of 30.03 CNY [6][7]. Core Views - The report highlights that improved water inflow in Q2 is expected to drive performance growth. In the context of declining investor required returns, the company is poised to benefit from both numerator and denominator aspects, making it a suitable time for valuation restructuring [6][7]. Financial Summary - For the fiscal year 2022, the company reported a revenue of 68,863 million CNY, which is projected to increase to 78,112 million CNY in 2023, and further to 88,423 million CNY in 2024, reflecting a growth rate of 13.4% [6][9]. - Net profit attributable to the parent company is expected to rise from 23,726 million CNY in 2022 to 27,239 million CNY in 2023, and to 34,951 million CNY in 2024, indicating a significant growth of 28.3% in 2024 [6][9]. - The earnings per share (EPS) are projected to be 1.11 CNY in 2023 and 1.43 CNY in 2024, with a net asset return rate (ROE) increasing from 10.4% in 2022 to 13.5% in 2023 and 16.5% in 2024 [6][9]. Market Performance - The stock price has shown an absolute increase of 28% over the past 12 months, with a relative index increase of 32% [5]. - The current stock price is 27.43 CNY, with a market capitalization of 671,163 million CNY [3][6]. Dividend Policy - The report anticipates a stable dividend payout, with a projected dividend per share (DPS) of 1.00 CNY in 2024, corresponding to a dividend yield of 3.0% based on the target price [7][9].