600900.SH · A-shares
600900.SH CYPC: H1'26 hydro stable dividend
CYPC H1'26 revenue ¥42.86B (+3.8%), parent NI ¥17.82B (+5.6%); generation ~158 TWh. Hydrology and payout policy are core variables.
Cite a section with a deep link, e.g. /en/r/cypc-600900-research#thesis
Snapshot
- Price
- CNY 29.5
- Mkt cap
- CNY 720.0B
- Revenue
- CNY 85.7B
- H1 generation (TWh)
- CNY 158
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
CYPC H1'26 revenue ¥42.86B (+3.8%), parent NI ¥17.82B (+5.6%); generation ~158 TWh. Cascade hydro offers stable cash and high-dividend thesis; hydrology is the key swing factor.
Business
Model: cascade hydro operations. Flagships: Three Gorges–Gezhouba etc. Edge: low-cost clean power + stable dividend. Strategy: basin M&A/asset injection.
Value chain
Utility downstream. Upstream: hydrology; downstream: grid. Risks: low inflow, tariff regime.
Valuation
A-share ~¥29.5; high-dividend defensive allocation.
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| P/E（TTM 约） | 约 17x | 行情示意；以最新 EPS 为准 |
| P/B | 约 2.8x | 净资产口径随季报更新 |
| 盈利收益率 | 约 5.9% | 1/PE 近似 |
| 现价读法 | 约 29.5 CNY | 截至 2026-08-26 包内 KPI |
~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return):
Valuation & return · ~3y
Interactive chart available in the reader.
~3y share price (quarterly close, split-adjusted approx.):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ:
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
OCF and leverage per latest filings.
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 稳健 | 公用事业：现金流稳定、杠杆可控 |
| 经营现金流 | 见最新中报 | 发电量 / 电价驱动 |
| 资产负债率 | 中等 | 在建机组资本开支期需跟踪 |
| 分红 / 流动性 | 高股息配置逻辑 | payout 政策是核心 |
| 审计意见 | 无保留（常规预期） | 以最新年报为准 |
Operations
H1 generation 158 TWh; inflow vs long-run average is core tracker.
Key financial points
| Item | Value | YoY | Note |
|---|---|---|---|
| 2026H1 营收 | 428.6 亿 | +3.8% | 稳定 |
| 2026H1 归母 | 178.2 亿 | +5.6% | 分红基础 |
| H1 发电量 | ~1580 亿 kWh | 来水驱动 | vs 多年均值 |
| 2025 发电量 | 3097 亿 kWh | +3.97% | 参考 |
Competition
Market share vs peers (illustrative):
Peer comparison
| Company | Position | Margin | Strength | Weakness |
|---|---|---|---|---|
| 长江电力 600900 | 水电龙头 | GM ~57–58% | 梯级水电+稳定分红 | 来水波动、利率敏感 |
| 华能水电 600025 | 流域水电 | 相近偏高 | 澜沧江等资源 | 规模小于长电 |
| 国投电力 600886 | 水电+火电 | 低于纯水电 | 电源结构多元 | 火电拖累稳定性 |
| 川投能源 600674 | 水电参股为主 | — | 雅砻江等权益 | 并表发电运营弱于长电 |
Management
Core management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 | 见年报（三峡集团体系） | 披露任职 | 期间无重大披露变动（以公告为准） |
| 总经理 | 见年报 | 披露任职 | 期间无重大披露变动（以公告为准） |
| 财务负责人 | 见年报 | 披露任职 | 期间无重大披露变动（以公告为准） |
Stability: Central SOE control; stable management.
Outlook
Inflow/generation, market pricing, payout ratio, basin M&A.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
| Risk | Severity | Note |
|---|---|---|
| 需求/指引不及预期 | 高 | 来水偏枯、电价下行、资本开支、政策。 |
| 竞争加剧 | 中 | 同业扩产或降价挤压份额与毛利 |
| 供应链约束 | 中 | 关键零部件或产能瓶颈 |
| 估值与流动性 | 中 | 主题退潮或解禁带来回撤 |
| 政策与合规 | 低 | 出口管制、监管或审计关注 |
Tracking list
Verify on next earnings:
- Inflow / generation vs long-run average
- Tariff regime and market-traded power share
- Payout ratio and shareholder return policy
- Basin M&A / asset injection expectations
- H1'26 net income and OCF
References
- CNINFO 600900 — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=600900
- Annual / interim reports and IR
- Cross-links in body
Not investment advice; defer to latest company filings.
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