长源电力(000966) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥5,722,155,054.78, a decrease of 22.32% compared to ¥7,366,107,380.46 in 2019 [25]. - The net profit attributable to shareholders for 2020 was ¥354,218,021.20, down 38.18% from ¥572,988,266.86 in 2019 [25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥203,000,839.36, a decline of 66.73% compared to ¥610,088,024.46 in 2019 [25]. - The net cash flow from operating activities was ¥577,759,009.68, a decrease of 65.04% from ¥1,652,758,557.43 in 2019 [25]. - Basic earnings per share for 2020 were ¥0.3196, down 38.18% from ¥0.5170 in 2019 [28]. - The weighted average return on equity for 2020 was 8.51%, a decrease of 6.38% from 14.89% in 2019 [28]. - The company's electricity sales revenue was CNY 5,103.28 million, accounting for 89.18% of total revenue, a decrease of 23.55% year-on-year [54]. - The company's total operating income decreased by 22.32% to CNY 5,722.16 million compared to CNY 7,366.11 million in the previous year [54]. - The company achieved a net profit of CNY 354.22 million, a decrease of 38.1% from the previous year [53]. - The company's electricity product gross margin was 11.39%, down 4.14 percentage points year-on-year [53]. Cash Flow and Dividends - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares to all shareholders, based on a total of 2,549,660,478 shares [4]. - In 2020, the company distributed cash dividends of CNY 127,483,023.90, representing 35.99% of the net profit attributable to ordinary shareholders [130]. - The cash dividend for 2019 was CNY 177,325,452.80, accounting for 30.95% of the net profit attributable to ordinary shareholders [130]. - The company's net profit for 2020 was CNY 354,218,021.20, with a distributable profit of CNY 893,744,165.54 after accounting for reserves and previous distributions [131]. - The company has not proposed any cash dividend distribution plan despite having positive distributable profits for the reporting period [130]. Operational Changes - The company ceased coal production and sales in 2020, adjusting its main business to electricity and heat production and operation [24]. - The company plans to actively participate in the competitive allocation of new energy projects in Hubei province, focusing on wind and solar energy [38]. - The company has established a wholly-owned subsidiary to engage in electricity sales, focusing on providing optimal energy solutions and value-added services [49]. - The company has established a new subsidiary, Guoneng Changyuan Suizhou Power Co., Ltd., which is currently in the construction preparation phase and has not yet impacted overall operations [99]. Risk Management - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors, highlighting potential risks [4]. - The report includes a detailed description of potential risks and corresponding countermeasures related to the company's future development [4]. - The company will focus on enhancing production operations and environmental protection measures in response to risks from the electricity market and external uncertainties [116]. Investment and Capacity - The company's total controllable installed capacity is 3.8046 million kW, with thermal power accounting for 3.59 million kW, wind power 193,000 kW, and biomass 21,600 kW, representing 4.62% of Hubei province's total installed capacity [37]. - The total installed capacity of the company reached 3,804.6 MW, an increase from 3,755.1 MW in the same period last year [49]. - The company invested 697.32 million CNY in thermal power, wind power, and heat network projects, which accounted for 98.12% of the initial budget [114]. - The total planned investment for 2021 is 2.97 billion CNY for thermal power, wind power, photovoltaic, and heat network projects [115]. Research and Development - The company reported a significant increase in R&D expenses, totaling ¥5,233,770.59 in 2020, which is a 171.02% increase compared to ¥1,931,121.85 in 2019 [72]. Compliance and Governance - The company is committed to advancing its governance structure and compliance management to enhance operational effectiveness [120]. - The company has complied with all commitments and there are no outstanding commitments from controlling shareholders or related parties [135]. - The company has not engaged in any investor communications or interviews during the reporting period [123]. Environmental and Social Responsibility - The company donated 1 million yuan to support anti-epidemic efforts in Hubei province [198]. - The company completed 8 special poverty alleviation projects during the reporting period [197]. - The company focused on long-term benefit projects, enhancing collective economic strength through oil tea planting and chicken farming cooperatives [199]. - The company improved infrastructure conditions, ensuring water supply guarantee rates and water quality standards [199]. - The company emphasized compliance with labor laws and employee rights protection during the reporting period [192].