龙源电力(00916) - 2023 - 中期财报

Financial Performance - The company reported consolidated operating revenue of RMB 19.847 billion for the six months ended June 30, 2023, a decrease of 8.4% compared to RMB 21.662 billion for the same period in 2022[2]. - The pre-tax profit increased by 10.9% to RMB 6.999 billion, up from RMB 6.309 billion in the previous year[14]. - Net profit attributable to equity holders of the company rose by 18.3% to RMB 5.124 billion, compared to RMB 4.332 billion in the same period last year[14]. - Basic earnings per share increased to RMB 0.5997, up from RMB 0.5052 in the previous year, reflecting a growth of 18.6%[14]. - The total comprehensive income for the period was RMB 5.838 billion, compared to RMB 5.240 billion in the same period last year[14]. - In the first half of 2023, the company achieved a net profit of RMB 5.834 billion, an increase of 13.5% compared to RMB 5.140 billion in the same period of 2022[83]. - The profit attributable to equity holders of the company reached RMB 51.24 billion, up 18.3% from RMB 43.32 billion in the first half of 2022[136]. Revenue Segments - The wind power segment's sales revenue in the first half of 2023 was RMB 15.215 billion, up 6.4% from RMB 14.294 billion in the same period of 2022[84]. - The coal sales revenue from the thermal power segment in the first half of 2023 was RMB 1.507 billion, a significant decrease of 64.4% from RMB 4.237 billion in the same period of 2022[88]. - The photovoltaic power generation segment's sales revenue increased by 47.4% to RMB 460 million in the first half of 2023, compared to RMB 312 million in the same period of 2022[88]. - The wind power segment's revenue for the first half of 2023 was RMB 152.15 billion, a growth of 6.4% from RMB 143.06 billion in the same period of 2022[140]. - The thermal power segment's revenue decreased by 40.9% to RMB 41.03 billion, down from RMB 69.47 billion in the same period of 2022[148]. - The photovoltaic segment's revenue surged by 47.8% to RMB 4.61 billion, compared to RMB 3.12 billion in the first half of 2022[156]. Capacity and Generation - The total installed capacity of power generation in the country reached 2.71 billion kilowatts, a year-on-year increase of 10.8%[22]. - Non-fossil energy generation capacity grew by 18.6% to 1.39 billion kilowatts, accounting for 51.5% of the total installed capacity, an increase of 3.4 percentage points year-on-year[22]. - Wind power generation capacity increased by 13.7% to 390 million kilowatts, while solar power capacity surged by 39.8% to 470 million kilowatts[22]. - The total electricity generation for the first half of 2023 reached 39,746,820 MWh, representing a year-on-year increase of 9.48%, with wind power generation increasing by 9.57% to 33,108,421 MWh[35]. - The company launched 36 new projects in the first half of 2023, with a total installed capacity of 515.41 MW, including 125.20 MW from wind and 390.21 MW from solar[52]. - The installed capacity of the company as of June 30, 2023, was 31,623.25 MW, with wind power accounting for 26,317.04 MW and solar power for 3,431.21 MW[52]. Costs and Expenses - Operating expenses for the first half of 2023 were RMB 11.896 billion, a decrease of 15.5% from RMB 14.079 billion in the same period of 2022[93]. - The company's depreciation and amortization expenses were RMB 5.285 billion, an increase of 6.4% compared to RMB 4.967 billion in the same period of 2022[96]. - Employee costs rose to RMB 2.182 billion in the first half of 2023, an increase of 18.1% from RMB 1.847 billion in the first half of 2022[106]. - Material costs decreased to RMB 0.058 billion in the first half of 2023, down 43.1% from RMB 0.102 billion in the first half of 2022[108]. - Maintenance costs were RMB 0.313 billion in the first half of 2023, a decrease of 11.6% from RMB 0.354 billion in the first half of 2022[112]. - Administrative expenses slightly increased to RMB 0.332 billion in the first half of 2023, up 0.3% from RMB 0.331 billion in the first half of 2022[116]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 2,333.40 billion, an increase of RMB 101.18 billion from RMB 2,232.22 billion at the end of 2022[170]. - Total liabilities increased to RMB 1,491.72 billion, up RMB 56.95 billion from RMB 1,434.77 billion at the end of 2022[170]. - The equity attributable to equity holders of the company rose to RMB 723.97 billion, an increase of RMB 39.48 billion from RMB 684.49 billion at the end of 2022[170]. - The company's current assets amounted to RMB 569.27 billion, an increase of RMB 40.62 billion from RMB 528.65 billion as of December 31, 2022[178]. - The company's current liabilities decreased to RMB 713.89 billion as of June 30, 2023, from RMB 740.27 billion as of December 31, 2022[182]. - The net current liabilities decreased to RMB 144.62 billion as of June 30, 2023, from RMB 211.62 billion as of December 31, 2022[182]. Strategic Initiatives - The company is committed to enhancing safety management and has implemented a "100-day attack" action plan to improve production safety, resulting in a 23.80% increase in the number of long-running units compared to the previous year[37]. - The company is focused on digital transformation and innovation as part of its strategy to become a world-class renewable energy company[35]. - The company is actively participating in carbon market construction, issuing approximately 1.72 million green certificates to achieve 100% green electricity usage for its headquarters and training base[70]. - The company is focusing on the development of emerging technologies such as energy storage, hydrogen, and ammonia energy[50]. - The company is advancing the integration of floating wind and fishery projects, with the foundational structure ready for installation[62]. - The company is focusing on strategic planning for international cooperation, with ongoing projects in South Africa, Brunei, and Singapore[68]. Financing and Investments - The company issued 11 short-term financing bonds in the first half of 2023, successfully raising over RMB 30 billion in low-cost bank loans[65]. - The company's capital expenditures for the first half of 2023 were RMB 92.86 billion, a 40.6% increase from RMB 66.04 billion in the same period of 2022[195]. - The company's capital expenditures for wind power projects were RMB 36.72 billion, while expenditures for other renewable energy projects were RMB 53.82 billion[196]. - The company did not have any significant investments in the first half of 2023[200].