SDIC Power(SH:600886)2021-04-28 16:00Financial Performance - The company's operating revenue for 2020 was approximately ¥39.32 billion, a decrease of 7.34% compared to ¥42.43 billion in 2019[23]. - Net profit attributable to shareholders was approximately ¥5.52 billion, an increase of 15.99% from ¥4.76 billion in 2019[23]. - Basic earnings per share for 2020 was ¥0.7770, reflecting a growth of 15.88% compared to ¥0.6705 in 2019[24]. - The weighted average return on equity increased to 13.78%, up by 2.12 percentage points from 11.66% in 2019[24]. - The total assets at the end of 2020 were approximately ¥228.91 billion, an increase of 1.86% from ¥224.72 billion at the end of 2019[23]. - The net cash flow from operating activities for 2020 was approximately ¥20.74 billion, a slight increase of 1.91% from ¥20.35 billion in 2019[23]. - The company’s net assets attributable to shareholders increased to approximately ¥47.23 billion, a growth of 16.95% from ¥40.38 billion at the end of 2019[23]. - The company's total assets reached CNY 228.91 billion, an increase of CNY 4.19 billion from the beginning of the year[56]. - The asset-liability ratio at the end of the reporting period was 63.92%, a decrease of 2.97 percentage points from the previous year[56]. - The company’s R&D expenses increased by 9.21% to CNY 378.65 million[58]. - The gross profit margin for the electricity segment improved by 5.67 percentage points to 45.57%[60]. Dividend Policy - The board of directors proposed a cash dividend of RMB 0.28 per share, totaling approximately RMB 1,950,444,537.16, which accounts for 35.36% of the net profit attributable to shareholders for the year[5]. - The company distributed a cash dividend of 2.80 CNY per 10 shares, with a payout ratio of 35.36% of the net profit attributable to ordinary shareholders[124]. - The company has a cash dividend policy that mandates a minimum of 30% of the average distributable profit over the last three years to be distributed as cash dividends[121]. Risk Management - The company emphasizes the importance of risk management in its future development strategy, highlighting potential risks that could impact operations[7]. - The company maintains that there are no non-operational fund occupations by controlling shareholders or related parties, ensuring financial integrity[7]. - The company faces dual risks from policy adjustments and market competition affecting electricity sales prices, and will strengthen market analysis to adapt to these changes[113]. - Extreme weather conditions pose risks to hydropower generation, and the company will utilize modern forecasting technologies to optimize resource utilization[118]. Market and Operational Strategy - The company’s future development strategy includes a focus on expanding its market presence and enhancing operational efficiency through new technologies[6]. - The company is focusing on expanding its energy and power-related business in response to market changes and reforms[34]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and revenue growth[80]. - The company plans to enhance its poverty alleviation efforts in 2021, focusing on industry, education, and infrastructure development[156]. Acquisitions and Investments - The company completed the acquisition of 8 new energy projects, achieving a breakthrough in multiple provinces and reserving a large amount of developable resources[50]. - The company raised a total of $220 million through the issuance of GDRs on the London Stock Exchange, supporting its internationalization efforts[50]. - The company completed the acquisition of 100% equity in Dingbian County Angli Photovoltaic Technology Co., Ltd. for 59 million RMB, which is now included in the consolidated financial statements[95]. - The company also acquired 100% equity in Xiangshui Yongneng Solar Power Co., Ltd. for 100 million RMB, completed in May 2020[96]. - The acquisition of Xiangshui Henneng Solar Power Co., Ltd. for 438 million RMB was finalized in May 2020, and it is now part of the consolidated financials[97]. Environmental and Social Responsibility - The company is committed to complying with environmental regulations and enhancing its green image amidst increasing public awareness of environmental issues[116]. - The company has established pollution prevention facilities in compliance with national and local regulations[161]. - The company has implemented an emergency response plan for environmental incidents as per national and local requirements[163]. - The company conducted various English training programs, including a specialized financial English course for six key finance personnel, enhancing employees' business language skills[196]. - The company provided RMB 232.85 million for health poverty alleviation, focusing on improving medical resources in impoverished areas[158]. Governance and Management - The company has a diverse board with members holding various positions in the energy sector, including former roles in major power companies and investment groups[187]. - The independent directors include professionals with backgrounds in law, accounting, and energy economics, enhancing governance and oversight[187]. - The company has maintained a stable management team with no significant turnover reported in the last year[185]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period was 6.8473 million yuan[190]. - The company has not reported any changes in shareholding for its senior management during the reporting period[185]. Future Outlook - The company plans to achieve a total power generation of 154.2 billion kWh in 2021[110]. - The total investment expenditure planned for 2021 is RMB 7.71 billion[110]. - The company anticipates a 6%-7% growth in national electricity consumption in 2021, with a total installed power generation capacity expected to reach 2.37 billion kW, a year-on-year increase of approximately 7.7%[105]. - By the end of 2021, the installed capacity of non-fossil energy is projected to reach 1.12 billion kW, accounting for 47.3% of the total installed capacity, an increase of 2.5 percentage points from the end of 2020[105].