2024-04-22 11:41Financial Performance - The company's net profit attributable to shareholders reached RMB 6.355 billion, a year-on-year increase of 23.87%, with earnings per share of RMB 0.7398[12]. - Revenue for 2023 was RMB 37,638 million, a decrease of 5.5% compared to RMB 39,862 million in 2022[17]. - Net profit for 2023 was RMB 6,868 million, representing an increase of 12.1% from RMB 6,128 million in 2022[19]. - The total comprehensive income for 2023 was RMB 6,890 million, an increase from RMB 6,096 million in 2022, reflecting a growth of 12.9%[31]. - The company's operating revenue for 2023 was RMB 37.638 billion, a decrease of RMB 2.224 billion or 5.6% compared to RMB 39.862 billion in 2022[104]. - The net profit attributable to the company's equity holders for 2023 was RMB 6.355 billion, an increase of 23.9% from RMB 5.131 billion in 2022, primarily due to the profit increase in the wind, thermal, and photovoltaic segments[146]. - The wind power segment's revenue for 2023 was RMB 27.496 billion, a growth of 0.9% compared to RMB 27.248 billion in 2022, driven by increased installed capacity and sales volume[149]. - The thermal power segment's revenue for 2023 was RMB 8.418 billion, a decrease of 28.1% from RMB 11.716 billion in 2022, primarily due to reduced coal sales volume and average selling price[153]. - The photovoltaic segment's revenue surged by 114.3% to RMB 1.408 billion in 2023 from RMB 0.657 billion in 2022, mainly due to increased installed capacity and sales volume[160]. Operational Highlights - In 2023, the company achieved a development target of 22.75 GW and put into operation 4.51 GW, reaching a total installed capacity of 35.59 GW, maintaining its industry-leading position[11]. - The company generated a total electricity output of 61,353 GWh in 2023, compared to 58,308 GWh in 2022, representing an increase of 5.2%[26]. - The company’s installed capacity of wind power reached 27,754.39 MW as of December 31, 2023, representing a 5.97% increase from 26,191.84 MW in 2022[88]. - The total electricity generation for 2023 reached 76,225,816 MWh, a year-on-year increase of 7.92%[79]. - The company added a total installed capacity of 4,509.83 MW in 2023, including 1,562.55 MW from wind power[77]. - The company has expanded its operations to 31 provinces in China and several countries, contributing to global green energy development[33]. - The company reported a significant increase in renewable energy capacity, with a total of 59.53% of its operations focused on renewable energy sources[37]. Digital Transformation and Innovation - The company established a leading digital platform for renewable energy production, integrating over 42 GW of installed capacity and processing an average of 58 billion data points daily[13]. - The company is focusing on digital transformation and has built the largest digital platform for renewable energy production globally, managing over 58 billion data points daily[98]. - The company has implemented a digital construction management system, enhancing project management efficiency and safety measures[85]. - The company’s new energy generation simulation platform has completed modeling and simulation tasks for 10 large wind and solar power stations[89]. - The company is committed to digital transformation solutions, which have been awarded for their innovative contributions to the energy sector[51]. Sustainability and ESG Initiatives - The company has received multiple national-level ESG awards, reflecting its commitment to sustainable practices and corporate governance[13]. - The company is focusing on sustainable practices and aims to achieve carbon neutrality by 2030, aligning with global energy trends[36]. - Longyuan Power was selected for the "Central Enterprise ESG Pioneer 100 Index" with a four-and-a-half-star rating, ranking second in the power and heat production and supply industry[57]. - The company is actively participating in carbon market construction and completed the trading compliance work for the second compliance cycle of the national carbon market, achieving 100% compliance ahead of schedule for two consecutive cycles[93]. Market Expansion and Strategic Initiatives - The company is focusing on expanding its overseas markets, particularly in South Africa and Southeast Asia, while also advancing significant projects in Ningxia and Gansu[11]. - The company aims to enhance its management efficiency through shared resources and the integration of ESG principles into all project phases[8]. - The company plans to leverage the strategic opportunities presented by the rapid growth of the renewable energy sector in 2024, focusing on safety, scale development, digital empowerment, and technological innovation[14]. - The company aims to expand its market reach through strategic acquisitions and partnerships, particularly in the renewable energy sector[36]. - The company has developed a three-year overseas development plan focusing on five countries in Southeast Asia and South Africa, aiming for high-quality overseas development[94]. Financial Position and Investments - The total assets of the company at the end of the year amounted to RMB 229.915 billion, with net assets of RMB 82.026 billion and a net debt-to-equity ratio of 59.28%[12]. - The total liabilities for 2023 were RMB 147,889 million, an increase from RMB 143,816 million in 2022, indicating a rise of 2.4%[32]. - The net debt-to-equity ratio as of December 31, 2023, was 59.3%, up 3.1 percentage points from 56.2% on December 31, 2022, due to a higher increase in debt compared to equity[187]. - Capital expenditures for 2023 amounted to RMB 23.896 billion, a 33.1% increase from RMB 17.959 billion in 2022, with wind power project expenditures at RMB 10.469 billion and solar power project expenditures at RMB 12.014 billion[184]. Research and Development - The company has developed over ten new key technologies for the world's first floating wind-fish integration project and is exploring integrated pathways for green electricity, green ammonia, and green hydrogen[7]. - The company has increased its R&D investment intensity, with a focus on technology innovation to improve operational efficiency[98]. - The company successfully developed key formulas for the recycling and resource utilization of waste energy blades and completed the acceptance of six technology projects, including the research on digital key technologies for new energy engineering based on domestic BIM, resulting in 32 new invention patent applications[90]. Safety and Risk Management - The company has established a risk prevention mechanism and conducted 11 emergency drills in 2023 to enhance emergency response capabilities[78]. - The company has strengthened safety and environmental protection measures, implementing a three-year safety plan and enhancing risk management systems[78]. - Longyuan Power's achievements in safety culture were recognized with a best practice case award for its safety development practices[49].