Dongwu Securities: Maintains a "Buy" rating on Yangtze Power, Benchmark Space Opens as Government Bond Yields Decline

East China Securities Research Report pointed out that the power generation of Yangtze Power in the first half of 2025 is stable, with abundant water supply in Wudongde and insufficient water supply in the Three Gorges. As of July 10, 2025, according to the commitment of a dividend ratio not lower than 70%, the current stock price corresponds to a 2025 dividend yield of 3.35%, with a yield spread of 1.71% compared to the ten-year government bond yield. Considering the return of the yield spread, the dividend benchmark of Yangtze Power has opened up. The company strives to achieve a power generation of 300 billion kilowatt-hours in 2025, maintaining forecasted net profit attributable to the parent company of 35.028/36.715/37.087 billion yuan for the years 2025-2027, with a year-on-year growth of 7.8%/4.8%/1.0%; maintaining a "buy" rating.