CHINA LONGYUAN(00916)2025-04-25 10:05Financial Performance - The company reported a profit of RMB 8.42 billion in 2024, a year-on-year increase of 20.2%[11]. - Revenue for 2023 is reported at RMB 39,862 million, a slight decrease from RMB 39,872 million in 2022[21]. - Net profit attributable to equity holders for 2023 is RMB 6,425 million, compared to RMB 7,432 million in 2022, reflecting a decline of approximately 13.6%[25]. - The company's operating revenue for 2024 was RMB 31.370 billion, a 5.9% increase from RMB 29.631 billion in 2023, driven by a 3.4% increase in wind power sales to RMB 28.666 billion and a 51.7% increase in solar power sales to RMB 2.441 billion[152]. - The group's operating profit for 2024 was RMB 12.615 billion, a 9.0% increase from RMB 11.571 billion in 2023, mainly due to higher sales volume and average selling prices in the wind division[176]. - Net profit for 2024 reached RMB 7.686 billion, reflecting a 14.5% increase from RMB 6.710 billion in 2023, driven by improved performance in the wind division[185]. Installed Capacity and Generation - In 2024, the company achieved a total installed capacity of 41.14 GW, with 30.41 GW from wind power, maintaining its industry-leading position[6]. - The total electricity generation for the year was 75.546 billion kWh, with an average wind power utilization of 2,190 hours, exceeding the industry average by 63 hours[11]. - The company secured new development indicators of 14.72 GW and added 7.48 GW of new installed capacity in 2024, setting a historical record for production scale[10]. - The total installed capacity for wind power reached 30,408.77 MW in 2023, with a significant increase from 28,667 MW in 2020[27]. - In 2024, the total installed capacity of renewable energy held by the company reached 41,143.20 MW, including 30,408.77 MW of wind power and 10,698.33 MW of solar power[131]. - The company's cumulative renewable energy generation in 2024 was 68,383,219 MWh, a year-on-year increase of 3.76%, with solar generation rising by 72.13%[121]. Operational Efficiency and Innovations - The company implemented a new operational inspection model, with long-cycle continuous operation units accounting for 60%, an increase of 14 percentage points year-on-year[7]. - The company has introduced a digital transformation plan, launching the "Longteng No. 1" smart management platform and achieving significant advancements in digital capabilities[13]. - The company is focusing on digital transformation with the launch of the "Longteng No. 1" smart management platform and the establishment of a comprehensive meteorological big data pool[145]. - The company has developed a smart production management system that has been recognized as an excellent case in equipment management within the power industry[63]. - The company is enhancing its marketing capabilities by analyzing market data to optimize trading strategies and improve risk management mechanisms[146]. Market Expansion and International Presence - The company has made significant progress in overseas market expansion, with projects in South Africa and Cambodia totaling 0.88 GW[10]. - The company has expanded its operations internationally, with projects in Canada, South Africa, and Ukraine, demonstrating its commitment to global renewable energy development[37]. - The company has established a presence in international markets with 100% ownership in subsidiaries like Longyuan Canada Renewable Energy and Longyuan South Africa Renewable Energy[50]. - The Canadian wind power project generated 239,880 MWh in 2024, while the South African project produced 784,509 MWh, demonstrating strong operational performance[139]. Sustainability and ESG Initiatives - The company aims to enhance its global competitiveness in the renewable energy sector, focusing on clean energy contributions and carbon neutrality goals[38]. - Longyuan Power was recognized as a "Pioneer 100" company in ESG by the State-owned Assets Supervision and Administration Commission, marking its continuous excellence in environmental, social, and governance performance[79]. - The company is committed to sustainability and aims to contribute to China's energy transition through its renewable energy initiatives[47]. - The company is committed to enhancing the utilization rate of renewable energy and reducing reliance on fossil fuels as part of its strategic goals[113]. - The company aims to integrate ESG indicators into project management to create exemplary projects in the power industry[129]. Challenges and Future Outlook - The average utilization hours for wind power in 2024 were 2,190 hours, a decrease of 156 hours from 2023, but still 63 hours above the industry average[121]. - The average wind speed in project areas decreased by 0.2 m/s in 2024, impacting wind generation performance[121]. - The company plans to enhance project construction management and implement new technologies to improve project profitability[129]. - Future outlook includes continued investment in renewable energy projects, with a focus on wind and solar power generation[54]. - The company is actively pursuing market expansion strategies, particularly in the renewable energy sector across various regions[54].