CYPC(600900) 天风证券·2024-11-01 02:20Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Views - The company achieved a revenue of 66.33 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 14.7%, and a net profit attributable to shareholders of 28.02 billion yuan, up 30.2% year-on-year [1]. - The total power generation for the first three quarters of 2024 was approximately 235.814 billion kWh, an increase of 15.97% year-on-year, driven by favorable water inflow conditions [2]. - The company maintained a stable electricity price, estimated at approximately 0.274 yuan per kWh in Q3 2024, which is a 5 cents increase compared to the same period last year, supporting revenue growth [2]. - Cost control measures and a reduction in financial expenses contributed to a significant increase in net profit, which rose by 31.8% to 16.66 billion yuan in Q3 2024 [2]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 31.52 billion yuan, a year-on-year increase of 17.3%, while operating costs only increased by 3.5%, leading to a gross margin improvement of nearly 4 percentage points to 70.9% [2]. - Financial expenses for the first three quarters totaled approximately 8.46 billion yuan, a decrease of 10.4% year-on-year, enhancing profit margins [2]. - The company adjusted its profit forecast for 2024-2026, expecting net profits of 34.02 billion yuan, 35.86 billion yuan, and 37.27 billion yuan respectively, with corresponding P/E ratios of 19.8x, 18.8x, and 18.1x [3]. Operational Insights - As of October 16, 2024, the water level at the Baihetan Hydropower Station reached 824.1 meters, with a total water storage of 3.139 billion cubic meters, ensuring power supply stability for the upcoming winter and spring [3]. - The company has shown excellent cost management capabilities, which are expected to continue supporting its financial performance in the coming years [3].