CYPC(600900) 东吴证券·2025-01-10 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's total electricity generation in 2024 is approximately 295.9 billion kWh, representing a year-on-year increase of 7.11% [7] - In Q4 2024, the total electricity generation decreased by 17.60% year-on-year, with specific plants showing varied performance [7] - Financial expenses have continued to decrease, enhancing the company's profits [7] - The decline in the ten-year government bond yield opens up space for dividend benchmarks for the company [7] - The profit forecast for 2024-2026 has been adjusted downwards due to lower-than-expected water inflow, with net profit estimates of 32.86 billion, 34.18 billion, and 35.43 billion yuan respectively [7] Financial Performance Summary - Total revenue for 2022 was 68.86 billion yuan, with a projected increase to 78.11 billion yuan in 2023, reflecting a year-on-year growth of 13.43% [1] - The net profit attributable to the parent company for 2022 was 23.73 billion yuan, expected to rise to 27.24 billion yuan in 2023, showing a growth of 14.81% [1] - The latest diluted EPS for 2022 was 0.97 yuan, projected to increase to 1.11 yuan in 2023 [1] - The P/E ratio is projected to decrease from 29.69 in 2022 to 25.86 in 2023 [1] Market Data Summary - The closing price of the stock is 28.79 yuan, with a market capitalization of approximately 704.44 billion yuan [5] - The price-to-book ratio is 3.35 [5] - The company has a total of 24,468.22 million shares outstanding [6]