SG NDR Key Takeaways

Research evidence excerpt

SG NDR Key Takeaways

Update

July 14, 2026 05:34 PM GMT

Morgan Stanley Asia Limited+MChina Yangtze Power Co. | Asia Pacific Eva Hou

Equity Analyst

SG NDR Key Takeaways Eva.Hou@morganstanley.comTom Li +852 2848-6964

Tom.Li1@morganstanley.com +852 2239-1059

CYPC remains positioned as a high-quality defensive utility with

strong cash-flow generation, declining financing costs, and

increasing strategic value within a more renewable-intensive

electricity system.

China Yangtze Power Co. (600900.SS, 600900 CG)

Key Takeaways China Utilities | China

CYPC's high proportion of long-term contracted electricity sales limits short-term Stock Rating Overweight

Industry View Attractive

price volatility.

Price target Rmb34.79

Up/downside to price target (%) 22

Hydropower’s flexibility (30GW daily peak-shaving capacity) and environmental

Shr price, close (Jul 14, 2026) Rmb28.55

value should become increasingly important as China’s power system evolves. 52-Week Range Rmb30.79-25.38

Sh out, dil, curr (mn) 24,468

CYPC will maintain the >70% dividend payout ratio. Mkt cap, curr (mn) Rmb698,568

EV, curr (mn) Rmb1,002,586

Capex during the 15th FYP will be concentrated on pumped-storage projects, Avg daily trading value (mn) Rmb2,775

expansion of existing hydropower assets, and selective strategic investments. Fiscal Year Ending 12/24 12/25e 12/26e 12/27e

EPS (Rmb)** 1.33 1.52 1.61 1.66

After funding dividends and capex, CYPC intends to use excess cash to reduce

EPS (Rmb)§ 1.38 1.41 1.50 1.54

debt and optimize its liability structure. Revenue, net (Rmb mn) 84,492 90,458 92,841 94,402

EBITDA (Rmb mn) 64,175 69,499 71,351 72,563

ModelWare net inc 32,496 37,140 39,445 40,530

Hydro tariff in the LT = Energy value + capacity value + green value: Market-based (Rmb mn)

P/E 22.2 17.9 17.7 17.2