Minsheng securities gave China Yangtze Power Co.Ltd(600900) recommended rating. Comments on the 2021 annual report and the first quarterly report of 2022: the “4 + 2 + n” expectation of improved incoming water is gradually being fulfilled

Minsheng securities released a research report on April 30, saying that it gave China Yangtze Power Co.Ltd(600900) ( China Yangtze Power Co.Ltd(600900) .sh, latest price: 22.72 yuan) a recommended rating. The reasons for rating mainly include: 1) the improvement of incoming water meets the expectation and the profitability of existing assets is repaired; 2) The third injection is the third injection of Baitiao power station and Baitiao power station; 3) Boosted by three factors, the development of new energy is expected to exceed expectations. Risk tips: 1) the water from the basin is dry; 2) Declining demand suppresses electricity consumption; 3) Market transaction price fluctuation; 4) Fiscal and tax policy adjustments.