CYPC(600900) 东吴证券·2025-01-21 09:54Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a net profit of 32.52 billion yuan for 2024, an increase of 19.36% year-on-year, driven by increased power generation from its six hydropower stations [7] - The fourth quarter of 2024 saw a decline in net profit to 4.495 billion yuan, down 21.35% year-on-year, primarily due to weaker water inflow and a 17.60% decrease in power generation [7] - The average yield of the ten-year government bond decreased to 1.67%, creating a favorable environment for dividend benchmark assets like the company [7] Financial Performance Summary - Total revenue for 2024 is projected at 84.17 billion yuan, with a year-on-year growth of 7.75% [1] - The company's net profit for 2024 is adjusted to 32.52 billion yuan, with expected growth rates of 19.39% for 2025 and 3.63% for 2026 [7] - Earnings per share (EPS) for 2024 is estimated at 1.33 yuan, with a price-to-earnings (P/E) ratio of 21.94 [1][7] Revenue and Profit Forecast - The company forecasts total revenues of 85.24 billion yuan for 2025 and 85.88 billion yuan for 2026, with corresponding net profits of 34.18 billion yuan and 35.43 billion yuan [1][8] - The projected net profit growth rates for 2025 and 2026 are 5.11% and 3.63%, respectively [7] Market Data - The closing price of the company's stock is 28.97 yuan, with a market capitalization of approximately 708.84 billion yuan [5] - The company has a price-to-book (P/B) ratio of 3.37 and a net asset value per share of 8.60 yuan [5][6]