龙源电力(00916) - 2021 - 中期财报

Financial Performance - The company reported a consolidated operating revenue of RMB 17.877 billion for the six months ended June 30, 2021, representing a 25.7% increase from RMB 14.218 billion in the same period of 2020[25]. - The profit before tax was RMB 6.375 billion, up 38.8% from RMB 4.594 billion year-on-year[25]. - Net profit attributable to equity holders of the company was RMB 4.540 billion, a 36.3% increase compared to RMB 3.331 billion in the same period last year[25]. - Basic earnings per share increased to RMB 0.5500 from RMB 0.3994, reflecting a rise of RMB 0.1506[25]. - In the first half of 2021, the company achieved a net profit of RMB 5.249 billion, a 39.0% increase from RMB 3.776 billion in the same period of 2020[55]. - The company's operating revenue for the first half of 2021 was RMB 17.877 billion, up 25.7% from RMB 14.218 billion in the same period of 2020[56]. - The wind power segment's sales revenue was RMB 12.738 billion, a 20.2% increase from RMB 10.601 billion in the same period of 2020[56]. - The thermal power segment's operating income reached RMB 4.826 billion, a significant increase of 44.9% from RMB 3.330 billion in the same period of 2020[94]. - The total comprehensive income for the six months ended June 30, 2021, was RMB 5,250,807 thousand, an increase of 51.0% compared to RMB 3,479,309 thousand for the same period in 2020[158]. Assets and Liabilities - The total assets of the company amounted to RMB 180.235 billion, with total liabilities of RMB 109.733 billion[26]. - As of June 30, 2021, the company's net asset per share was RMB 7.60, up from RMB 7.18 at the end of 2020[26]. - The equity attributable to equity holders was RMB 61.042 billion, an increase of RMB 3.354 billion from RMB 57.688 billion as of December 31, 2020[100]. - Current assets were RMB 33.425 billion, an increase of RMB 2.241 billion from RMB 31.184 billion as of December 31, 2020[103]. - The current ratio improved to 0.64 from 0.59 as of December 31, 2020, due to an increase in current assets and a slight decrease in current liabilities[107]. - Total liabilities reached RMB 109.733 billion, up by RMB 0.896 billion from RMB 108.837 billion as of December 31, 2020[100]. - The company's total equity increased to RMB 70,502,341 thousand as of June 30, 2021, compared to RMB 66,448,974 thousand as of December 31, 2020, marking a growth of 6.1%[161]. Renewable Energy Development - The total installed capacity of wind power reached 290 million kW, a year-on-year increase of 34.7%[27]. - The company plans to continue expanding its renewable energy capacity in response to the growing demand for electricity and the shift towards green energy[27]. - The Chinese government aims for renewable energy to account for over 50% of total installed power capacity by the end of the 14th Five-Year Plan[29]. - The guaranteed grid connection scale for renewable energy projects in 2021 is set to be no less than 90 million kW[31]. - The government plans to ensure that the proportion of photovoltaic installation on rooftops of government buildings reaches at least 50%[31]. - The new energy consumption is expected to account for about two-thirds of the increase in total electricity consumption in society[29]. - The market for wind and solar energy is entering a stage of parity, reducing reliance on fiscal subsidies[29]. - The company plans to strengthen its position in the renewable energy sector, focusing on solar and wind power development during the 14th Five-Year Plan[45]. Operational Efficiency - The company has completed 645 renewable energy generation subsidy projects in the 12th batch, with an approved capacity of 3,949.01 MW, including 21 centralized wind power projects with a capacity of 1,320 MW[37]. - The average utilization hours for wind power in the first half of 2021 were 1,297 hours, an increase of 110 hours compared to the same period in 2020, attributed to improved wind resources and equipment management[40]. - The average capacity factor for wind power in the first half of 2021 was 30%, compared to 27% in the same period of 2020, indicating improved efficiency[43]. - The company is focusing on digital transformation and has achieved over 95% data collection rate for equipment, enhancing operational stability and management efficiency[39]. - The company has established a fault warning mechanism to identify potential defects in equipment and improve generation performance[39]. Financial Management - The company's operating expenses for the first half of 2021 were RMB 10.322 billion, a 24.3% increase from RMB 8.303 billion in the same period of 2020[62]. - The financial expenses for the first half of 2021 were RMB 1.659 billion, a decrease of 4.2% from RMB 1.732 billion in the same period of 2020[83]. - The company successfully issued RMB 10.30 billion in renewable energy price subsidy asset-backed securities in the first half of 2021, enhancing its financial position[51]. - The company maintained a leading position in the industry by optimizing financing channels and reducing capital costs[50]. - The company reported an increase in foreign exchange gains of RMB 0.015 billion in the first half of 2021 compared to the same period in 2020[83]. Governance and Compliance - The company has complied with the corporate governance code and has established a modern governance structure with effective checks and balances among shareholders, the board, and senior management[124]. - The audit committee has reviewed and confirmed the interim results announcement for the six months ended June 30, 2021, in accordance with international accounting standards[130]. - The company emphasizes the importance of party leadership in state-owned enterprises and is committed to deepening party education and strict governance[122]. - The company has adopted a board diversity policy to enhance its strategic goals and sustainable development[127]. - The company has undergone several changes in its board and management structure, indicating a focus on governance and leadership effectiveness[144][145]. Market Position and Strategy - The company plans to merge with Pingzhuang Energy, involving the issuance of 345,574,165 A-shares at an adjusted price of RMB 11.30 per share[149]. - The merger and asset sale are expected to enhance the company's competitive advantage and align with national renewable energy development strategies[150]. - The company aims to strengthen its market position and reduce competition through resource integration as part of its strategic initiatives[150]. - The company is focused on maximizing revenue and profit by exploring potential in production operations and capital management to meet its annual profit goals[121].