Zhongyuan Securities research report points out that SCTE's net profit attributable to the parent company in 2024 is expected to be 4.508 billion yuan, a year-on-year increase of 2.45%; the net profit attributable to the parent company in the first quarter of 2025 is expected to be 1.479 billion yuan, a year-on-year increase of 16.16%. The company's investment income is stable, benefiting from the increase in hydropower generation and the steady rise in hydropower electricity prices. In the first quarter of 2025, China's hydropower generation continues to grow, with the company's Yalong River and Dadu River basin construction projects progressing steadily, the second phase of the Laba Mountain wind power project commencing power generation, and the construction of the Dofu pumped storage and Lianghekou mixed pumped storage projects starting successively. Additionally, the company acquired 87% equity in the Hubei Yuan'an pumped storage power station. Furthermore, the company's cash dividend per share is relatively stable, and the controlling shareholder plans to increase its holdings in the company. Considering the company's valuation level and industry development prospects, it initiates coverage and gives the company a "buy" investment rating