龙源电力(00916) - 2024 - 中期财报

Financial Performance - For the six months ended June 30, 2024, the company reported consolidated operating revenue of RMB 18.883 billion, a decrease of 4.9% compared to RMB 19.860 billion for the same period in 2023[4]. - The company's profit before tax for the same period was RMB 5.681 billion, down 18.9% from RMB 7.002 billion in 2023[4]. - Net profit attributable to equity holders of the company was RMB 4.020 billion, a decrease of 21.6% from RMB 5.127 billion in the previous year[4]. - Basic earnings per share for the period were RMB 0.4767, down from RMB 0.6001 in 2023[4]. - In the first half of 2024, the company achieved a net profit of RMB 4.692 billion, a decrease of 19.6% compared to RMB 5.837 billion in the same period of 2023[45]. - The net profit attributable to the company's equity holders for the first half of 2024 was RMB 4.02 billion, a decrease of 21.6% compared to RMB 5.12 billion in the same period of 2023[77][78]. - Operating profit for the first half of 2024 was RMB 7.145 billion, a decline of 17.1% from RMB 8.623 billion in the same period of 2023[66]. Assets and Liabilities - As of June 30, 2024, the company's total assets amounted to RMB 242.628 billion, an increase from RMB 230.644 billion at the end of 2023[13]. - The total liabilities of the company were RMB 158.033 billion, compared to RMB 148.422 billion at the end of 2023, resulting in a debt-to-equity ratio of 97%[13]. - The company's current assets amounted to RMB 49.092 billion, an increase of RMB 4.036 billion (3.0%) from RMB 45.056 billion as of December 31, 2023[116]. - The company's current liabilities as of June 30, 2024, were RMB 80.011 billion, up RMB 8.754 billion (12.3%) from RMB 71.257 billion as of December 31, 2023[119]. - The net current liabilities increased to RMB 30.919 billion as of June 30, 2024, from RMB 26.201 billion as of December 31, 2023, reflecting an increase of RMB 4.718 billion (18.0%)[119]. Power Generation and Capacity - The total electricity generation for the first half of 2024 reached 40,081,845 MWh, a year-on-year increase of 0.84%, with wind power generation at 31,584,604 MWh, down 4.60%[20]. - The installed capacity of power generation in the country reached 3.07 billion kilowatts, an increase of 14.1% year-on-year, with wind power capacity growing by 19.9%[14]. - The company added 47 new projects with a total installed capacity of 2,286.73 MW, including 7 wind power projects (595.00 MW) and 40 solar projects (1,691.73 MW)[18]. - As of June 30, 2024, the company's total installed capacity was 37,880.40 MW, with wind power capacity at 28,349.39 MW and photovoltaic capacity at 7,656.01 MW[28]. - The total power generation from thermal power holdings was 4,907,935 MWh, a decrease of 2.39% compared to the same period in 2023[25]. Revenue Segments - The wind power segment's revenue was RMB 13.781 billion, down 9.4% from RMB 15.215 billion year-on-year, primarily due to a decrease in average utilization hours and selling prices[46]. - The photovoltaic segment saw a significant increase in revenue to RMB 0.945 billion, up 98.9% from RMB 0.475 billion in the previous year, driven by increased installed capacity and generation[46]. - The thermal power segment's revenue for the first half of 2024 was RMB 4.05 billion, a decline of 1.3% from RMB 4.10 billion in the same period of 2023[85]. Costs and Expenses - Operating expenses rose to RMB 12.363 billion, an increase of 3.9% from RMB 11.902 billion in the same period last year[52]. - Depreciation and amortization expenses increased by 5.6% to RMB 5.588 billion, primarily due to new projects being capitalized[54]. - Employee costs rose by 8.1% to RMB 2.358 billion, influenced by increased staffing due to growth in photovoltaic and wind projects[58]. - The company recorded a reversal of credit impairment losses of RMB 27 million in the first half of 2024, compared to a provision of RMB 6 million in the same period of 2023[63]. Environmental and Social Responsibility - The company invested RMB 3.18 million in paid assistance and RMB 18 million in free assistance for rural revitalization efforts in Shanxi Province, with a total of RMB 924,000 disbursed for the first batch of assistance projects[172]. - The company has implemented a waste-free enterprise initiative, focusing on the comprehensive utilization of ash, slag, and desulfurization gypsum as building materials and concrete admixtures[164]. - The company has established an emergency response plan for environmental incidents, including dynamic assessments of ecological risks and adequate reserves of emergency materials[165]. - The company’s two thermal power enterprises achieved ultra-low emissions operation, controlling the emissions concentrations of smoke dust, sulfur dioxide, and nitrogen oxides to below 3, 15, and 25 mg/m³ respectively[170]. Strategic Initiatives - The company aims to enhance its compliance and regulatory framework to support the sustainable development of clean energy projects[15]. - The company is focusing on expanding its green electricity trading mechanisms to address the growing demand for renewable energy[15]. - The company is committed to digital transformation and innovation as part of its strategic development goals for 2024[18]. - The company is actively pursuing project acquisitions with a focus on high-quality, large-scale projects with good creditworthiness[26]. Governance and Management - The company has fully complied with the corporate governance code as per the listing rules from January 1 to June 30, 2024[176]. - The audit committee reviewed and confirmed the interim performance announcement for the six months ended June 30, 2024[179]. - The company has appointed three independent non-executive directors with appropriate professional qualifications[178]. - The company has no significant legal disputes as of June 30, 2024[194].