Investment Rating - The report maintains a rating of "Add" for the company [3] Core Views - The company achieved an operating revenue of 84.492 billion yuan in 2024, representing a year-on-year increase of 8.12%, and a net profit attributable to shareholders of 32.496 billion yuan, up 19.28% year-on-year [7] - In Q1 2025, the company reported an operating revenue of 17.015 billion yuan, a year-on-year increase of 8.68%, and a net profit attributable to shareholders of 5.181 billion yuan, up 30.56% year-on-year [7] - The favorable water conditions contributed to the increase in hydropower generation, with a total generation of 295.904 billion kWh in 2024, a year-on-year increase of 7.11% [7] - The company is actively developing pumped storage and renewable energy projects, with significant progress in various initiatives, including the Gansu Zhangye project and the Yunnan solar projects [7] - The company's profitability improved, with a gross margin of 59.13% and a net margin of 38.97% in 2024, reflecting effective cost reduction measures [7] Financial Performance Summary - The company plans to distribute a total dividend of 0.943 yuan per share for 2024, with a payout ratio of 71% [7] - The projected net profits for 2025-2027 are 34.638 billion yuan, 35.623 billion yuan, and 36.300 billion yuan, respectively, indicating growth rates of 7%, 3%, and 2% [7][8] - The current stock price corresponds to a PE ratio of 20.6x for 2025, 20.0x for 2026, and 19.7x for 2027 [7][8] Key Financial Metrics - The company reported a total market capitalization of 71.4 billion yuan and a circulating market capitalization of 70.05 billion yuan [3] - The return on equity (ROE) for the trailing twelve months (TTM) is 15.6% [3] - The debt-to-asset ratio stands at 59.6% [3]

业绩简评 4 月29 日晚间公司发布2024 年年报及2025 年一季报，2024 全年实现营收844.9 亿元，同比+8.1%（调整 后）；实现归母净利325.0亿元，同比+19.3%（调整后）。1Q25 实现营收170.2 亿元，同比+8.7%（调 整后）；实现归母净利51.8 亿元，同比+30.6%（调整后）。 2024 年计划现金分红约0.94 元/股，同比+0.12 元/股，现金分红比例达约71.0%，当前股价对应股息率约 3.2%。 受益于来水改善，24 年公司水电量价齐升、盈利能力提升。1）量： 24 年，乌东德/三峡水库来水分别同比偏丰9.2%/9.1%。受益于来水情况改善，24 全年公司境内水电完 成发电量2959 亿度、同比+7.1%。面对24 年汛末来水丰枯急转，公司科学发挥流域梯级电站联合调度 优势，梯级电站同比增发196.4 亿度、节水增发128.7 亿度；另通过"金下优先蓄，三峡适度蓄"的调度策 略，增利减损电量超20 亿度。2）价：受益于市场化电价上浮，公司24 年上网电价同比+1.5%，达285.5 元/MWh。3）利：水电以折旧费为主的成本结构使其盈利能力与发电量正相关，24 ...