CH ENERGY ENG(601868)2025-03-28 14:20Financial Performance - The company achieved operating revenue of RMB 436.71 billion in 2024, a year-on-year increase of 7.56%[36]. - The net profit attributable to shareholders reached RMB 8.40 billion, reflecting a growth of 5.13% compared to the previous year[36]. - The net cash flow from operating activities was RMB 11.03 billion, up 16.25% year-on-year[36]. - The total assets of the company increased to RMB 869.00 billion, representing a growth of 10.96% from the previous year[36]. - The company’s basic earnings per share rose to RMB 0.19, a 5.56% increase from the previous year[37]. - The weighted average return on equity decreased to 7.74%, down 0.14 percentage points from the previous year[37]. - The company reported a decline in net profit after deducting non-recurring gains and losses, which was RMB 6.53 billion, down 8.89% year-on-year[36]. - The company’s total revenue for 2024 is projected to be RMB 436.712 billion, an increase from RMB 406.032 billion in 2023, representing a growth of approximately 7.5%[159]. - The net profit for 2024 is expected to reach RMB 11.824 billion, up from RMB 11.256 billion in 2023, indicating a growth of about 5.1%[160]. - The company reported a gross profit of RMB 54.182 billion for 2024, compared to RMB 51.305 billion in 2023, reflecting an increase of approximately 5.8%[160]. - The total assets of the company for 2024 are RMB 869.005 billion, a rise from RMB 783.156 billion in 2023, marking an increase of about 10.9%[163]. Dividends and Capital Management - The company plans to distribute a cash dividend of RMB 0.262 per share, totaling RMB 1.092 billion for the fiscal year 2024[5]. - The total cash dividend for the year, including the interim distribution, amounts to RMB 1.613 billion[5]. - The company has not implemented a capital reserve transfer to increase share capital for the fiscal year 2024[5]. - The company plans to implement a mid-term dividend scheme for 2024, enhancing predictability and investor confidence[57]. - The company plans to adjust the fundraising amount for a specific issuance of A-shares to no more than RMB 9 billion, which will be invested in multiple renewable energy projects[183]. Audit and Compliance - The company has received a standard unqualified audit opinion from Tianjian Accounting Firm[4]. - There are no non-operating fund occupations by controlling shareholders or related parties[7]. - The company has not violated decision-making procedures for external guarantees[8]. - The financial report is prepared in accordance with Chinese accounting standards[9]. - The report includes a detailed description of the risks faced by the company in the "Management Discussion and Analysis" section[8]. Business Operations and Strategy - The company achieved a new contract value of RMB 1.4 trillion, with a year-on-year growth of 9.8%[17]. - Operating revenue increased by 7.6% year-on-year, reflecting strong business performance[17]. - Total profit rose by 8.0% compared to the previous year, indicating improved profitability[17]. - The company is advancing the construction of the world's first 300 MW compressed air energy storage power station, enhancing its technological leadership[17]. - Significant projects such as the "Hualong One" nuclear power plant and major hydropower projects in Pakistan and Uzbekistan have been successfully launched[16]. - The company aims to enhance its international business through a "four-step" strategy, promoting high-quality cooperation along the Belt and Road Initiative[20]. - The company is committed to deepening reforms and optimizing management systems to improve operational efficiency[19]. - The company will implement a comprehensive budget control and financial digital empowerment strategy to enhance value management[20]. - The company is focused on enhancing its core competitiveness and organizational capabilities while promoting deep integration of various networks[26]. - The company is actively involved in the hydrogen energy sector, with 74 signed projects in 2024, totaling over RMB 470 billion in investment[60]. - The company is committed to integrating new energy, new infrastructure, new industries, and new materials to drive high-quality development[26]. Research and Development - The company has established 4 academician expert workstations, 14 post-doctoral research stations, and holds 11,310 effective patents[25]. - The company received 1,841 patent authorizations in 2024, including 673 invention patents, marking a 57% year-on-year increase[48]. - Research and development expenses grew by 7.72% to RMB 13.98 billion, indicating ongoing investment in innovation[102]. - Total R&D investment reached RMB 14.118 billion, representing 3.23% of operating revenue[115]. - The company employed 25,317 R&D personnel, making up 21.37% of the total workforce[116]. Market Presence and Expansion - The company operates in over 140 countries and regions, with more than 200 overseas branches[24]. - The company has been ranked among the Global Fortune 500 for 11 consecutive years and is positioned among the top in various engineering design and contracting rankings globally[24]. - The company’s market presence expanded, establishing one core market exceeding RMB 100 billion and five core markets exceeding RMB 50 billion[46]. - The company's overseas new contract value in 2024 increased by 14.5% year-on-year, with new contracts in Saudi Arabia and the Philippines exceeding RMB 20 billion each, and contracts in Australia and Indonesia exceeding RMB 10 billion each[47]. - The company has established six overseas regional headquarters and 256 branches, covering over 140 countries and regions[97]. Infrastructure and Construction - The company has undertaken significant projects such as the Three Gorges Project and the South-to-North Water Diversion Project, showcasing its capabilities in large-scale infrastructure[25]. - The company completed the construction of 41 major national water network projects, with total water conservancy investment reaching RMB 1.3529 trillion, a year-on-year increase of 12.8%[63]. - The company participated in the construction of over 3,000 kilometers of highways, contributing to the transportation infrastructure[65]. - The company’s highway operation mileage reached 1,320.7 kilometers by the end of 2024, enhancing its transportation infrastructure capabilities[87]. - The company is focusing on integrating energy and transportation infrastructure to enhance resource utilization efficiency[168]. Governance and Management - The board of directors has implemented a comprehensive governance system to enhance decision-making efficiency and risk management[188]. - The company is committed to improving its governance framework in line with new regulations and has revised several internal policies to strengthen its governance[186]. - The company aims to maintain gender diversity on the board, with one female director appointed as of August 16, 2024[198]. - The board's diversity policy considers various factors, including gender, age, and professional experience, to enhance governance and operational efficiency[197]. - The nomination committee will review the board's diversity composition annually to ensure effective implementation of the diversity policy[199]. Future Outlook - The company aims to accelerate the development of new energy industries and digital transformation, focusing on strategic emerging industries[165]. - The company plans to sign new contracts worth RMB 1.5 trillion and expects revenue of RMB 458.5 billion in 2025[175]. - The company anticipates that the domestic hydrogen energy industry will reach a market value of RMB 1 trillion by 2025, highlighting significant growth potential[164]. - The company expects to see an average annual increase of over 20 million kilowatts in new installed capacity in the renewable energy sector over the next two years[163]. - The company is committed to implementing green building standards across all new constructions by 2025[170].