CHINA LONGYUAN(HK:00916)2021-04-27 00:01Financial Performance - The company generated 43.683 billion kWh of wind power, an increase of 7.2% year-on-year, and achieved a pre-tax profit of RMB 6.922 billion, a growth of 7.3% compared to the previous year[8][11]. - The total operating revenue for 2020 was RMB 28.667 billion, reflecting a year-on-year increase of 4.1%[11]. - The net profit attributable to shareholders was RMB 5.025 billion, marking a 10.0% increase year-on-year, with earnings per share at RMB 0.5881[11]. - The company's total assets reached RMB 175.286 billion, with net assets of RMB 66.449 billion and a net debt-to-equity ratio of 56.37%[11]. - Revenue for 2020 reached RMB 28,667.18 million, an increase from RMB 27,540.63 million in 2019, representing a growth of approximately 4.1%[30]. - Net profit attributable to equity holders of the company for 2020 was RMB 5,024.98 million, up from RMB 4,566.79 million in 2019, reflecting a growth of about 10%[30]. - The company achieved a net profit of RMB 5.685 billion, an increase of 6.9% compared to RMB 5.320 billion in 2019[158]. - The company's operating revenue for 2020 was RMB 28.667 billion, up 4.1% from RMB 27.541 billion in 2019, primarily driven by a 7.5% increase in sales from the wind power segment[159]. Installed Capacity and Growth - In 2020, China Longyuan Power Group achieved a total installed capacity of 24,681 MW, with wind power capacity reaching 22,303 MW, maintaining its leading position among global wind power operators[13]. - The company added 51,590 MW of new resource reserves and completed the commissioning of 2,524 MW of new energy installations, setting a historical record[7][10]. - The total installed capacity of the group as of December 31, 2020, was 24,681 MW, with wind power accounting for 22,303 MW, thermal power for 1,875 MW, and other renewable energy for 503 MW[151]. - The company reported a total installed capacity of 690.00 MW for Longyuan Jingbian Wind Power Co., Ltd.[80]. - The company has a total of 1,215.00 MW capacity in Jiangyin, highlighting its commitment to large-scale energy projects[56]. - The company has a total of 945.20 MW capacity in Chifeng, indicating strong regional development[46]. Strategic Partnerships and Collaborations - Longyuan Power established strategic partnerships with Goldwind Technology, Envision Energy, and Sungrow Power, focusing on domestic and international new energy project development[7]. - The company launched a strategic cooperation framework agreement with Goldwind Technology to enhance collaboration in various fields, including strategic synergy and mutual benefits[124]. - The company signed a strategic cooperation agreement with Sungrow Power Supply to integrate efforts in photovoltaic power station development and market management[126]. - The company signed a strategic cooperation agreement with the State Grid General Institute to strengthen collaboration in energy development and technology innovation[128]. Digital Transformation and Technological Advancements - The company is advancing its digital transformation, having completed data collection for wind power units and established a new operational management model[14]. - The company has established a cybersecurity laboratory, the first of its kind in the renewable energy sector, to support cybersecurity research and protection efforts[125]. - The company is collaborating with Huawei and other partners to leverage advanced technologies in digital transformation and clean energy development[128]. - The company has established a three-step goal for digital transformation: solidifying data foundations, achieving predictive maintenance, and ensuring reliable grid integration[143]. Environmental and Social Responsibility - The company donated a total of 2.37 million Rand in funds and anti-epidemic materials to the Northern Cape Province in South Africa[124]. - The company achieved a cumulative release of 4.84 million fish fry and 90 million jellyfish seedlings as part of its annual ecological restoration efforts[125]. - The group planted 530,000 trees and 4.49 million shrubs, restoring over 841 hectares of ecology across 18 provinces[151]. Market Expansion and Future Outlook - The company plans to continue expanding its renewable energy projects across China and internationally, focusing on wind, solar, and other clean energy sources[32]. - The company is focused on expanding its renewable energy footprint, with projects in South Africa, Ukraine, and various locations in China[56]. - The company is actively pursuing new energy development, with a notable capacity of 244.00 MW from its solar technology initiatives[62]. - The company is positioned for future growth with ongoing investments in new technologies and market expansion strategies[62]. Operational Efficiency and Management - The average utilization hours for wind power increased to 2,239 hours, up by 50 hours compared to 2019, despite a year-on-year decrease in average wind speed[144]. - Non-planned downtime for equipment decreased by 86% compared to the beginning of the year, and the number of grid connection line faults decreased by 29% year-on-year[143]. - The company implemented a series of management measures to strengthen power limitation control, maintaining a low level of power limitation throughout the year[144]. - The company focused on digital transformation in production, establishing a digital sharing platform and achieving full data collection of equipment[143]. Challenges and Risks - The company is facing increased investment risks due to ecological protection regulations that may lead to the clearance of existing compliant projects[141]. - The increase in maintenance costs and impairment provisions in the wind power segment affected profit growth despite revenue increases[194].