CH ENERGY ENG(601868)2024-04-29 14:29Revenue and Profit Growth - Revenue for the first quarter of 2024 increased by 10.04% year-over-year to RMB 97.403 billion[5] - Net profit attributable to shareholders of the company rose by 31.71% year-over-year to RMB 1.124 billion[5] - Revenue for Q1 2024 reached RMB 97.404 billion, up 10.04% year-on-year[15] - Net profit attributable to shareholders was RMB 1.481 billion, a 31.71% increase compared to the same period last year[15] - Total revenue for Q1 2024 reached 97.4 billion yuan, a 10% increase compared to 88.5 billion yuan in Q1 2023[26] - Net profit attributable to parent company shareholders was 1.48 billion yuan, up 31.7% from 1.12 billion yuan in Q1 2023[27] - Revenue for the first quarter of 2024 was RMB 97,403,938 thousand, a 10.04% increase compared to the same period last year[42] - Net profit attributable to shareholders of the listed company was RMB 1,480,915 thousand, a 31.71% increase year-on-year[42] - Revenue reached RMB 97.404 billion, up 10.04% year-on-year[52] - Net profit attributable to shareholders was RMB 1.481 billion, a 31.71% increase year-on-year[52] - Total revenue for Q1 2024 reached 97,403,938 thousand yuan, compared to 88,515,648 thousand yuan in Q1 2023[63] - Net profit attributable to parent company owners was 31,310,223 thousand yuan in Q1 2024, up from 29,848,343 thousand yuan in Q1 2023[62] - Net profit attributable to parent company shareholders reached 1,480,915 thousand yuan, an increase of 31.7% compared to the same period last year[64] Earnings Per Share and Return on Equity - Basic earnings per share (EPS) increased by 36.00% year-over-year to RMB 0.025[5] - The weighted average return on equity (ROE) increased by 0.258 percentage points to 1.372%[5] - Basic earnings per share increased to 0.034 yuan, a 36% rise from 0.025 yuan in the same period last year[28] - Net profit attributable to shareholders increased by 31.71%, with basic and diluted earnings per share both rising by 36%[45] - Basic earnings per share were 0.034 yuan, representing a 36% increase compared to the same period last year[65] - The company's weighted average return on equity (ROE) for the first quarter of 2024 was 1.372%, an increase of 0.258 percentage points compared to the same period last year[42] Assets and Liabilities - Total assets grew by 4.13% compared to the end of the previous year, reaching RMB 815.466 billion[5] - Short-term borrowings increased by 43.23% due to expanded business scale and financing needs[8] - The company issued new bonds, leading to a 400.00% increase in bonds payable[8] - The company's total assets as of Q1 2024 were RMB 815.47 billion, with current assets of RMB 454.51 billion and non-current assets of RMB 360.96 billion[22] - The company's accounts receivable increased to RMB 88.94 billion in Q1 2024, up from RMB 78.22 billion in the previous period[22] - The company's contract assets grew to RMB 125.26 billion in Q1 2024, compared to RMB 113.22 billion previously[22] - The company's short-term borrowings rose to RMB 50.15 billion in Q1 2024, up from RMB 35.01 billion in the prior period[22] - The company's accounts payable remained stable at RMB 201.63 billion in Q1 2024, slightly down from RMB 203.33 billion previously[22] - The company's development expenditure increased to RMB 201.31 million in Q1 2024, up from RMB 183.21 million in the previous period[22] - Total liabilities decreased by 4.7% to 624.5 billion yuan compared to 594.9 billion yuan at the end of 2023[24] - Contract liabilities increased by 7.5% to 75.3 billion yuan from 70.1 billion yuan at the end of 2023[24] - Long-term borrowings rose by 8.1% to 170.7 billion yuan compared to 157.9 billion yuan at the end of 2023[24] - Total equity increased by 1.4% to 190.96 billion yuan from 188.25 billion yuan at the end of 2023[25] - Total assets as of March 31, 2024 were 100,180,171 thousand RMB, compared to 98,644,442 thousand RMB as of December 31, 2023[33] - Long-term equity investments as of March 31, 2024 were 96,100,159 thousand RMB, up from 94,016,499 thousand RMB as of December 31, 2023[31] - Total liabilities as of March 31, 2024 were 14,225,019 thousand RMB, compared to 12,475,192 thousand RMB as of December 31, 2023[32] - Shareholders' equity as of March 31, 2024 was 85,955,152 thousand RMB, down from 86,169,250 thousand RMB as of December 31, 2023[33] - Total assets increased to 815,466,108 thousand yuan in Q1 2024, up from 783,156,193 thousand yuan in the same period last year[60][62] - Contract assets grew to 125,256,903 thousand yuan in Q1 2024, compared to 113,216,189 thousand yuan in Q1 2023[60] - Long-term loans increased to 170,720,978 thousand yuan in Q1 2024, up from 157,944,145 thousand yuan in Q1 2023[61] - Total liabilities rose to 624,502,768 thousand yuan in Q1 2024, compared to 594,903,314 thousand yuan in Q1 2023[61] - Fixed assets increased to 62,276,381 thousand yuan in Q1 2024, up from 57,580,226 thousand yuan in Q1 2023[60] - Intangible assets grew to 84,508,950 thousand yuan in Q1 2024, compared to 82,464,208 thousand yuan in Q1 2023[60] - Short-term borrowings rose to 50,153,301 thousand yuan in Q1 2024, up from 35,014,887 thousand yuan in Q1 2023[60] - Contract liabilities increased to 75,319,820 thousand yuan in Q1 2024, compared to 70,089,061 thousand yuan in Q1 2023[61] - Total assets increased to 100,180,171 thousand yuan from 98,644,442 thousand yuan at the end of 2023[68][69] - Total liabilities increased to 14,225,019 thousand yuan from 12,475,192 thousand yuan at the end of 2023[69] - Short-term borrowings increased to 4,000,000 thousand yuan from 3,500,000 thousand yuan at the end of 2023[69] - Total equity decreased slightly to 85,955,152 thousand yuan from 86,169,250 thousand yuan at the end of 2023[70] Cash Flow and Financial Activities - Operating cash flow for Q1 2024 was -16,193,463 thousand RMB, compared to -15,450,458 thousand RMB in Q1 2023[30] - Cash received from sales of goods and services in Q1 2024 was 91,551,174 thousand RMB, up from 76,738,159 thousand RMB in Q1 2023[29] - Cash paid for goods and services in Q1 2024 was 94,895,671 thousand RMB, compared to 83,889,271 thousand RMB in Q1 2023[29] - Net cash flow from financing activities in Q1 2024 was 25,050,193 thousand RMB, up from 19,945,298 thousand RMB in Q1 2023[30] - Cash and cash equivalents at the end of Q1 2024 were 56,010,736 thousand RMB, down from 62,845,888 thousand RMB at the end of Q1 2023[30] - Cash received from tax refunds in Q1 2024 was 168,044 thousand RMB, up from 125,785 thousand RMB in Q1 2023[29] - Operating cash flow for the first quarter of 2024 was negative RMB 16,193,463 thousand, compared to negative RMB 15,450,431 thousand in the same period last year[42] - Net cash flow from financing activities was RMB 1,466,816 thousand, compared to negative RMB 1,709,732 thousand in the same period last year[37] - Net cash flow from investment activities was negative RMB 685,835 thousand, compared to positive RMB 1,617,091 thousand in the same period last year[37] - The company's cash and cash equivalents at the end of the first quarter of 2024 were RMB 856,463 thousand, compared to RMB 699,883 thousand at the end of the same period last year[37] - Operating cash flow was negative at -16,193,463 thousand yuan, a 4.8% decrease compared to the previous year[66] - Investment cash flow was negative at -20,774,987 thousand yuan, a significant increase in outflow compared to -5,526,382 thousand yuan in the same period last year[67] - Financing cash flow showed a positive net increase of 25,050,193 thousand yuan, up 25.6% year-over-year[67] - Sales revenue from goods and services reached 91,551,174 thousand yuan, a 19.3% increase compared to the previous year[66] - Cash and cash equivalents at the end of the period stood at 56,010,736 thousand yuan, a decrease of 10.8% from the beginning of the period[67] - Total assets under construction increased significantly, with 16,185,213 thousand yuan spent on fixed assets, intangible assets, and other long-term assets[67] - Operating cash flow was -292,023 thousand yuan, compared to -181,125 thousand yuan in the same period last year[73] - Investment income received in cash was 39,597 thousand, compared to 68,506 thousand in the previous period[74] - Cash received from other investment-related activities was 3,086,000 thousand[74] - Total cash inflows from investment activities were 3,154,506 thousand[74] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 4,772 thousand, compared to 14,829 thousand in the previous period[74] - Cash paid for investments was 720,660 thousand, compared to 892,585 thousand in the previous period[74] - Total cash outflows from investment activities were 1,537,415 thousand[74] - Net cash flow from financing activities was 1,466,816 thousand, compared to -1,709,732 thousand in the previous period[74] - Net increase in cash and cash equivalents was 488,928 thousand, compared to -275,342 thousand in the previous period[74] - Ending cash and cash equivalents balance was 856,463 thousand, compared to 699,883 thousand in the previous period[74] Shareholders and Equity - The number of ordinary shareholders at the end of the reporting period was 390,583[10] - The largest shareholder, China Energy Engineering Group Co., Ltd., holds 44.86% of the shares[10] - The total number of ordinary shareholders at the end of the reporting period was 390,583[47] - China Energy Engineering Group holds 44.86% of the company's shares, with 18,700,652,122 shares[47] - HKSCC Nominees Limited holds 20.24% of the company's shares, totaling 8,438,039,751 shares[47] - China Guoxin Holdings owns 4.87% of the company's shares, amounting to 2,029,378,794 shares[47] - China Securities Finance Corporation holds 1.47% of the company's shares, totaling 613,374,538 shares[47] Contracts and Business Performance - The company achieved a new contract value of RMB 367.76 billion in Q1 2024, a year-on-year increase of 23.5%[15] - Domestic new contract value in Q1 2024 was RMB 275.93 billion, up 25% year-on-year[15] - Overseas new contract value reached RMB 91.83 billion, a 19.4% increase year-on-year, with a 25.1% growth in contracts from Belt and Road countries[15] - Newly signed contracts amounted to RMB 367.76 billion, a year-on-year increase of 23.5%[52] - Domestic newly signed contracts totaled RMB 275.93 billion, up 25% year-on-year[52] - Overseas newly signed contracts reached RMB 91.83 billion, a 19.4% increase year-on-year[52] New Energy and Innovation - The company's new energy and integrated smart energy business generated RMB 29.61 billion in revenue, accounting for 30.4% of total revenue, with a 34.5% year-on-year growth[17] - Investment in new energy reached RMB 4.7 billion, a 60.4% increase year-on-year[17] - The company obtained 552 patent authorizations in Q1 2024, a 23.5% increase year-on-year[16] - The 300MW compressed air energy storage demonstration project in Hubei Yingcheng successfully connected to the grid, setting multiple world records[16] - Revenue from new energy and integrated smart energy was RMB 29.61 billion, up 34.5% year-on-year, accounting for 30.4% of total revenue[54] - Investment in new energy increased by 60.4% year-on-year to RMB 4.7 billion[54] - The company obtained 552 patent authorizations, a 23.5% increase year-on-year[53] Strategic Projects and Investments - The company has completed the integration of financial systems for 8 subsidiaries and 6 unified systems, and established a financial data platform to achieve data sharing and synchronization[18] - The company is advancing the "East Data West Computing" project, with the Qingyang project progressing smoothly and the Zhongwei project starting construction[18] - The company has launched the first highway-integrated photovoltaic, energy storage, and charging demonstration project in Shandong, which was selected as a national green energy transition case[19] - The company plans to raise up to RMB 14.85 billion through a private placement of A-shares to fund projects including the Hami "solar (thermal) storage" multi-energy complementary green power demonstration project and the Qingyang "East Data West Computing" smart zero-carbon big data industrial park[21] - The company plans to raise up to RMB 14.85 billion through a private placement of A shares[57] Miscellaneous Financial Metrics - Non-recurring gains and losses amounted to RMB 363.692 million, including government subsidies of RMB 115.693 million[7] - Operating profit grew by 22.5% to 3.05 billion yuan compared to 2.49 billion yuan in Q1 2023[27] - Total comprehensive income reached 2.28 billion yuan, a 15.7% increase from 1.97 billion yuan in Q1 2023[28] - Interest expenses increased by 33.7% to 1.67 billion yuan compared to 1.25 billion yuan in Q1 2023[26] - Non-recurring gains and losses amounted to 363,692 thousand yuan, including 340,360 thousand yuan from the disposal of non-current assets and 115,693 thousand yuan from government subsidies[43][44] - Transactional financial assets surged by 882.31%, driven by the acquisition of fixed-income financial assets for liquidity management[45] - The company's net profit for the first quarter of 2024 was negative RMB 130,436 thousand, compared to negative RMB 47,794 thousand in the same period last year[34] - The company's total comprehensive income for the first quarter of 2024 was negative RMB 130,436 thousand, compared to negative RMB 47,794 thousand in the same period last year[35] - The company's total profit reached 3,096,186 thousand yuan, a 23% increase compared to the same period last year[64] - Net profit for the first quarter of 2024 was -130,436 thousand yuan, compared to -47,794 thousand yuan in the same period last year[71][72] - Financial expenses increased to 44,139 thousand yuan from 14,238 thousand yuan in the same period last year[71] - Revenue for the first quarter of 2024 was 2,564 thousand yuan, a decrease from 3,721 thousand yuan in the same period last year[71]