Gelonghui, June 24 | Haitong Securities Research Report indicates that Sichuan Investment Energy (600674.SH) is a hydropower leader in Sichuan Province and enjoys a favorable time and location for large hydropower investments. The company mainly operates several hydropower stations such as the Uchitianwan River in Sichuan Province, shares in hydropower resources in the Yalong River (48%) and Dadu River (20%) basins, and participates in investment businesses such as optical fiber cables. According to the company's official website, the Yalong River Water Scenery Base is planned to install 78 million kilowatts in the basic phase, including 39 million kilowatts of hydroelectricity+ savings and 39 million kilowatts of scenery. Focus on the increase in scenery (due to low water consumption pressure in Sichuan, profits are generally good). It is estimated that the Yalong River will contribute 47/49/5.3 billion investment income in 24-26 (assuming that incoming water from the Yalong River gradually recovers). In addition, the company is actively expanding new energy power generation and regulation capacity building. In 2023, the photovoltaic power generation capacity was YOY +173%, and obtained the right to develop a 1.2 million kilowatt Pingshan pumped energy storage project. The bank gave the company 19-21 times PE in 24 years, corresponding to a reasonable value range of 20.14-22.26 yuan. For the first time, coverage gave it a “superior to the market” rating.