中国电力(02380) - 2024 - 中期业绩

Financial Summary and Performance Highlights Financial Summary The Group reported RMB 26.47 billion in revenue and RMB 4.59 billion in profit for the period, with strong growth in power generation, electricity sales, and basic earnings per share Key Financial Indicators for H1 2024 | Indicator | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue (Thousand Yuan) | 26,471,527 | 21,317,030 | +24.18% | | Profit for the Period (Thousand Yuan) | 4,591,763 | 2,549,571 | +80.10% | | Profit Attributable to Equity Holders of the Group (Thousand Yuan) | 2,802,197 | 1,849,653 | +51.50% | | Basic Earnings Per Share (Yuan) | 0.21 | 0.14 | +50.00% | | Total Power Generation (MWh) | 66,842,047 | 50,442,852 | +32.51% | | Total Electricity Sales (MWh) | 64,344,154 | 48,259,373 | +33.33% | Performance Highlights Profit growth was driven by all segments, with clean energy, hydropower (turning profitable), and thermal power (due to lower coal costs) showing significant increases - Clean energy generation is a key driver of profit growth, with wind power and photovoltaic power segments' profits increasing by 34.87% and 46.47% year-on-year, respectively[5] - The hydropower segment turned losses into profits due to abundant rainfall, with profit significantly increasing by 621.90% year-on-year[5] - The thermal power segment's profit increased by 97.23% year-on-year due to reduced fuel costs from lower average coal procurement prices[5] Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statement of Profit or Loss Revenue reached RMB 26.47 billion, with operating profit surging 66.7% to RMB 7.47 billion and profit for the period increasing 80.1% to RMB 4.59 billion Summary of Consolidated Statement of Profit or Loss | Indicator | H1 2024 (RMB Thousand) | H1 2023 (RMB Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 26,471,527 | 21,317,030 | +24.2% | | Fuel Costs | (7,922,234) | (8,473,766) | -6.5% | | Operating Profit | 7,466,308 | 4,478,416 | +66.7% | | Profit Before Tax | 5,468,812 | 2,979,659 | +83.5% | | Profit for the Period | 4,591,763 | 2,549,571 | +80.1% | | Profit Attributable to Ordinary Equity Holders of the Company | 2,569,879 | 1,679,854 | +53.0% | Interim Condensed Consolidated Statement of Comprehensive Income Total comprehensive income for the period significantly increased to RMB 5.01 billion, driven by strong profit growth and fair value gains on equity instruments - Total comprehensive income for the period was RMB 5,009,325 thousand, a year-on-year increase of 82.8%, primarily due to the strong growth in profit for the period[7] - Other comprehensive income was RMB 417,562 thousand, a year-on-year increase of 119.3%, mainly from increased fair value gains on equity instruments at fair value through other comprehensive income[7] Interim Condensed Consolidated Statement of Financial Position As of June 30, 2024, total assets grew to RMB 325.58 billion, total liabilities to RMB 225.31 billion, and total equity to RMB 100.27 billion, reflecting business expansion Summary of Statement of Financial Position | Indicator | As of June 30, 2024 (RMB Thousand) | As of December 31, 2023 (RMB Thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 325,580,796 | 305,806,779 | +6.5% | | Total Liabilities | 225,309,682 | 210,786,067 | +6.9% | | Total Equity | 100,271,114 | 95,020,712 | +5.5% | - Non-current assets increased from RMB 260.16 billion to RMB 272.75 billion, primarily driven by an increase in property, plant and equipment[9] - Net current liabilities expanded from RMB 29.53 billion to RMB 33.83 billion, indicating increased liquidity pressure[11] Interim Condensed Consolidated Statement of Cash Flows Net cash from operating activities increased to RMB 5.42 billion, while investing activities used RMB 14.06 billion, and financing activities generated RMB 9.16 billion, leading to a net cash increase of RMB 0.53 billion Summary of Cash Flow Statement | Indicator | H1 2024 (RMB Thousand) | H1 2023 (RMB Thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 5,422,743 | 3,248,977 | | Net Cash Used in Investing Activities | (14,055,098) | (7,526,899) | | Net Cash Generated from Financing Activities | 9,160,067 | 8,183,082 | | Net Increase in Cash and Cash Equivalents | 527,712 | 3,905,160 | Notes to the Interim Condensed Consolidated Financial Information Revenue and Segment Information Electricity sales to grid companies account for 94% of revenue; thermal power is the largest revenue source, while wind and PV power show rapid revenue and profit growth, collectively contributing over RMB 3 billion in profit H1 2024 Revenue by Segment (RMB Thousand) | Segment | Revenue | Year-on-Year Change | | :--- | :--- | :--- | | Thermal Power | 11,642,580 | -0.6% | | Hydropower | 2,688,047 | +81.3% | | Wind Power | 5,872,111 | +47.6% | | Photovoltaic Power | 4,740,803 | +88.3% | | Energy Storage | 1,527,986 | -6.1% | H1 2024 Profit for the Period by Segment (RMB Thousand) | Segment | Profit for the Period | Year-on-Year Change | | :--- | :--- | :--- | | Thermal Power | 1,107,884 | +97.2% | | Hydropower | 766,476 | +621.9% (Turned Loss to Profit) | | Wind Power | 1,960,215 | +34.9% | | Photovoltaic Power | 1,135,216 | +46.5% | | Energy Storage | 40,063 | +14.2% | Dividends The Board resolved not to declare an interim dividend for H1 2024 but declared a special dividend post-period to celebrate the 20th listing anniversary - The Board resolved not to declare an interim dividend for the six months ended June 30, 2024[57] - On August 22, 2024, the Board resolved to declare a special dividend of RMB 0.05 per ordinary share[80] Assets Held for Sale The Company plans to sell its 11% equity in Pingwei Power Generation, classifying related assets (RMB 3.8 billion) and liabilities (RMB 2.19 billion) as held for sale - The Company intends to sell an 11% equity interest in Anhui Huainan Pingwei Power Generation Co., Ltd., with related assets and liabilities classified as held for sale[66] Assets and Liabilities Held for Sale (RMB Thousand) | Item | Amount | | :--- | :--- | | Assets Classified as Held for Sale | 3,802,048 | | Liabilities Classified as Held for Sale | 2,187,532 | Business Review and Outlook Operating Performance Overview H1 2024 saw strong performance driven by economic recovery and electricity consumption growth, with clean energy assets contributing significantly and profit attributable to ordinary equity holders increasing 53.0% - Clean energy companies acquired in September 2023 contributed net profit of RMB 628 million during the reporting period[82] - As of June 30, 2024, the Group's consolidated installed capacity was 48,327.8 MW, with clean energy accounting for 77.07%, a significant year-on-year increase of 10.71 percentage points[84] - Profit attributable to ordinary equity holders of the Company was RMB 2,569,879,000, a year-on-year increase of 53.0%; basic earnings per share was RMB 0.21[83] Business Segment Performance Total electricity sales grew 33.33%, with hydropower, wind, and PV power sales surging over 50%; clean energy on-grid tariffs declined due to grid-parity projects, while energy storage profit grew despite revenue decline H1 2024 Electricity Sales Volume | Category | Electricity Sales (MWh) | Year-on-Year Change | | :--- | :--- | :--- | | Total Electricity Sales | 64,344,154 | +33.33% | | Hydropower | 10,675,021 | +89.85% | | Wind Power | 13,147,946 | +57.54% | | Photovoltaic Power | 11,830,577 | +96.67% | | Coal Power | 26,805,724 | +0.39% | - Average on-grid tariffs for wind power and photovoltaic power decreased to RMB 446.62/MWh and RMB 400.72/MWh, respectively, mainly due to the commissioning or integration of grid-parity projects[97][98] - Energy storage business revenue decreased by 6.1% year-on-year, but net profit increased by 14.19% year-on-year, mainly due to cost control and optimized procurement models[99][100] Financial Position Analysis The Group maintains a stable financial position with 24.18% revenue growth, controlled operating costs, increased finance costs due to expansion, a 64% gearing ratio, and ample undrawn financing facilities - The average unit fuel cost for thermal power business was RMB 274/MWh, a year-on-year decrease of 8.01%, mainly due to lower coal prices and optimized procurement structure[107] - Finance costs increased by 29.63% year-on-year to RMB 2.58 billion, primarily due to increased borrowings from clean energy acquisitions in the second half of last year[114] - As of June 30, 2024, the gearing ratio (net debt/total capital) was approximately 64%, remaining stable. The Group had undrawn financing facilities of RMB 45.25 billion[125][138] - Capital expenditure in the first half was RMB 11.50 billion, with approximately 85% (RMB 9.78 billion) invested in the clean energy segment[132] Outlook The Group aims to become a "world-class clean energy supplier" by optimizing assets, ensuring energy security, and fostering new productive forces, further demonstrating confidence with a special dividend for its 20th listing anniversary - The Group will continue to promote high-quality transformation and development, striving to become a "world-class clean energy supplier"[146] - To celebrate its 20th listing anniversary, the Board declared a special dividend of RMB 0.05 per ordinary share to thank shareholders and demonstrate confidence in the future[146][147] Other Corporate Information Corporate Governance The Company maintains high corporate governance standards, complying with the Corporate Governance Code and its internal model code for directors' securities transactions - For the six months ended June 30, 2024, the Company complied with all applicable provisions of the Corporate Governance Code[152] - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[149]