CGN NEW ENERGY-中广核新能源(01811) - 2024 - 年度财报

Financial Performance - In 2024, profit attributable to equity shareholders of the Company was US $248.0 million, a decrease of 7.3% over the previous year[50]. - Basic earnings per share of the Company was 5.78 US cents (equivalent to 45.09 HK cents per share)[50]. - Revenue decreased by 11.0% compared to 2023, totaling US$ 1,951 million[73][74]. - Profit attributable to equity shareholders decreased by 7.3% compared to 2023, amounting to US $248 million[76]. - Operating profit for the year was US$ 528.3 million, down from US $552.5 million in the previous year[146]. - The segment revenue for power plants in the PRC decreased by 0.3% to US$ 1,009,907,000 in 2024 from US $1,012,714,000 in 2023[196]. - The segment results for power plants in the PRC decreased by 4.7% to US$ 289,510,000 in 2024, primarily due to increased impairment losses[197]. - The segment revenue for power plants in Korea decreased by 21.0% to US $909,788,000 in 2024, attributed to declines in both weighted average tariff and power generation[197]. - Profit before taxation decreased to US$ 337,252,000 in 2024 from US $352,528,000 in 2023[196]. Installed Capacity and Generation - As of December 31, 2024, the attributable installed capacity of the Company's power plants was 10,452.4 MW, representing a year-on-year increase of 8.6%[50]. - The total installed capacity of the Company reached 19,077 MW in 2024, with a year-on-year increase of 14.6% in the installed capacity of the PRC, amounting to 3,348.6 GW[77]. - The newly commissioned attributable installed capacity of solar power was 786.0 MW, with a 200 MW/400 MWh storage project also newly commissioned in Jiangsu Province[60]. - The Group's attributable installed capacity of gas-fired power increased by 45.0 MW in 2024[160]. - The total electricity generated by the Group's consolidated power generation projects amounted to 19,149.7 GWh, remaining basically constant compared to last year[178]. - Power generation from PRC wind projects reached 10,095.8 GWh, representing a year-on-year decrease of 2.6%[179]. - Power generation from PRC solar projects reached 2,121.8 GWh, representing an increase of 22.4% from last year, mainly due to an increase in installed capacity[179]. - Power generation from PRC hydro projects reached 282.8 GWh, representing a year-on-year increase of 24.6% due to increased water inflow[181]. Awards and Recognition - The company received nine titles at the 10th Investor Relations Awards from the Hong Kong Investor Relations Association, including "Overall Best IR Company (Hong Kong Small Cap)" and "Best ESG" awards[32]. - The company was awarded the "Listed Companies with the Most Growth Potential" by "China Financial Market" magazine in July 2024[33]. - The Company received multiple awards in 2024, including the highest honor for "Best Investor Relations Company" in the small-cap category from the Hong Kong Investor Relations Association[57]. - The Shengsi 56 Offshore Wind Power Project in Zhejiang Province received two outstanding achievements in the "Excellent Achievements in Quality Management" awards[25]. - The Beiba Wind Power Project and Jiuquan Micro-grid Photovoltaic Project in Gansu Province were awarded multiple honors for "China Quality Innovation and Quality Improvement Achievements" by China Quality magazine[28]. - The Anqiu Taipingshan Phase I Wind Power Project in Shandong Province won three third-class honors in the "Power Industry Quality Management Group" by the Shandong Province Electricity Association[31]. Energy Transition and Policy - The Company is committed to supporting the "dual-carbon" goal and developing the new energy sector amid global energy transition challenges[55]. - The Company aims to support the "dual-carbon" goal by focusing on the new energy sector and implementing a work style of "Stringency, Prudence, Meticulosity and Pragmatism"[62]. - The NEA emphasized the need to enhance peak-shaving capacity and promote the construction of energy storage systems, including pumped storage and various new energy storage technologies[84]. - The NEA's action plan for 2024-2027 includes nine key actions aimed at constructing a novel power system, focusing on stability, high new energy output, and intelligent dispatching systems[92]. - The NDRC and NEA issued a plan to support electrolytic aluminum enterprises in expanding the use of non-fossil energy and to cease new self-owned coal-fired units[91]. - The State Council's "Action Plan for Energy Conservation and Carbon Reduction in 2024-2025" aims to increase non-fossil energy development, focusing on large-scale wind and photovoltaic bases in deserts and gobi regions[121]. Market and Regulatory Developments - The "Power Market Regulatory Measures" implemented in June 2024 focus on regulating market participants' compliance with safety obligations and preventing unfair competition in the wholesale power market[103]. - The National Development and Reform Commission (NDRC) issued the "Basic Rules for the Operation of Power Market," promoting a market-based mechanism for capacity cost recovery to ensure adequate long-term capacity in the power system[107]. - The NDRC's "Key Points on Energy Regulation Work for 2024" emphasizes energy security and the promotion of green and low-carbon transformation, tracking progress on major projects of the national "14th Five-Year Plan"[115]. - The NDRC's notice on supporting Inner Mongolia's green, low-carbon development highlights the need for aggressive new energy development and the establishment of large-scale wind and photovoltaic bases[117]. Operational Challenges - The operating profit from PRC wind projects decreased to US$ 344.7 million due to a year-on-year increase in grid curtailment[149]. - Revenue from PRC solar projects increased, attributed to a rise in installed capacity, but operating profit decreased to US $56.7 million due to higher operating expenses[150]. - The average utilization hours for PRC wind projects decreased to 2,216 hours in 2024 from 2,285 hours in 2023[188]. - The average utilization hours for PRC solar projects decreased to 1,171 hours in 2024 from 1,407 hours in 2023[188]. - The segment results for power plants in Korea increased by 1.7% to US$ 92,811,000 in 2024, mainly due to compensation income from a fuel cell project[197].