龙源电力(00916) - 2023 - 年度业绩

Financial Performance - For the year ended December 31, 2023, revenue was RMB 37.638 billion, a decrease of 5.6% compared to the previous year[2]. - For the same period, profit before tax was RMB 8.398 billion, an increase of 9.3% year-on-year[4]. - Net profit attributable to equity holders was RMB 6.355 billion, reflecting a growth of 23.9% compared to last year[2]. - Earnings per share for the year was RMB 0.7398, an increase of RMB 0.1536 from the previous year[2]. - Total comprehensive income for the year was RMB 6.891 billion, compared to RMB 6.096 billion in 2022[6]. - The company reported a net financial expense of RMB 3.437 billion, down from RMB 3.800 billion in the previous year[4]. - The company’s coal sales cost decreased significantly to RMB 3.119 billion from RMB 6.275 billion in 2022[4]. - The company’s total revenue from technical service fees increased to RMB 387,004,000 in 2023, up from RMB 249,129,000 in 2022, representing a growth of approximately 55.41%[49]. - The company reported a net loss of RMB 28,596 thousand from the disposal of subsidiaries, indicating challenges in this area[44]. - The company achieved a net profit of RMB 6.868 billion in 2023, representing a 12.1% increase from RMB 6.128 billion in 2022[104]. Assets and Liabilities - Non-current assets increased to RMB 184.907 billion from RMB 170.707 billion in 2022[7]. - Current assets decreased to RMB 45.008 billion from RMB 52.905 billion in 2022[7]. - Total current liabilities decreased to RMB 71,254,606 thousand in 2023 from RMB 74,279,570 thousand in 2022, representing a reduction of approximately 2.8%[8]. - Total non-current liabilities increased to RMB 76,634,457 thousand in 2023 from RMB 69,536,675 thousand in 2022, reflecting an increase of about 10.1%[8]. - Total assets minus current liabilities rose to RMB 158,660,533 thousand in 2023, up from RMB 149,331,785 thousand in 2022, indicating an increase of approximately 6.8%[8]. - The company's total equity increased to RMB 82,026,076 thousand in 2023 from RMB 79,795,110 thousand in 2022, marking a growth of about 2.8%[8]. - The company's total liabilities increased to RMB 147,889,063 thousand in 2023 from RMB 143,816,245 thousand in 2022, reflecting an increase of approximately 2.9%[8]. - The company's reserves increased to RMB 60,232,203 thousand in 2023 from RMB 55,008,230 thousand in 2022, representing an increase of about 9.9%[8]. - The company's borrowings decreased from RMB 53,279,235 thousand in 2022 to RMB 49,498,691 thousand in 2023, a decline of approximately 7.5%[8]. - The company's total borrowings increased to RMB 72,780,016 thousand in 2023 from RMB 66,445,183 thousand in 2022, reflecting an increase of about 9.4%[8]. Segment Performance - The group reported total revenue of RMB 38,405,434,000 for the year ending December 31, 2023, with significant contributions from the wind power segment at RMB 27,496,401,000, thermal power at RMB 8,418,208,000, and photovoltaic power at RMB 1,408,072,000[26]. - The operating profit for the group was RMB 12,033,730,000, with the wind power segment contributing RMB 11,010,584,000, thermal power RMB 394,869,000, and photovoltaic power RMB 627,146,000[26]. - The profit from reportable segments increased to RMB 12,033,730,000 in 2023, compared to RMB 11,450,511,000 in 2022, reflecting a growth of 5.1%[30]. - The wind power segment's revenue for 2023 was RMB 27.496 billion, a growth of 0.9% from RMB 27.248 billion in 2022, attributed to increased installed capacity and electricity sales[124]. - The thermal power segment's revenue decreased by 28.1% to RMB 8.418 billion from RMB 11.716 billion in 2022, mainly due to reduced coal sales volume and average selling price[126]. - The photovoltaic segment's revenue surged by 114.3% to RMB 1.408 billion from RMB 0.657 billion in 2022, driven by increased installed capacity and electricity sales[129]. Cash Flow and Investments - The net cash inflow from operating activities in 2023 was RMB 13.884 billion, down RMB 15.684 billion from RMB 29.568 billion in 2022, mainly due to a decrease in receivables from electricity sales subsidies[152]. - The net cash outflow from investment activities in 2023 was RMB 21.434 billion, an increase of RMB 2.325 billion from RMB 19.109 billion in 2022, primarily for wind and photovoltaic power project construction[152]. - The net cash outflow from financing activities in 2023 was RMB 6.264 billion, a decrease of RMB 10.241 billion from a net inflow of RMB 3.977 billion in 2022, mainly due to loan repayments and interest payments[152]. - In 2023, the company's capital expenditures amounted to RMB 23.896 billion, a 33.1% increase from RMB 17.959 billion in 2022[145]. - Wind power project expenditures were RMB 10.469 billion, accounting for 43.8% of total capital expenditures, while photovoltaic project expenditures were RMB 12.014 billion, making up 50.3%[146]. Corporate Governance and Compliance - The company has consistently adhered to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year ending December 31, 2023[177]. - The company has adopted the standard code for securities trading for all directors and supervisors, confirming compliance during the reporting period[178]. - The audit committee has reviewed the group's performance for the year 2023 and the financial statements prepared in accordance with International Financial Reporting Standards[181]. - The company has appointed Ernst & Young as the auditor for the financial statements for the year ending December 31, 2023, with an audit fee of RMB 13.24 million (excluding tax)[179]. - The company has engaged Zhongshen Zhonghuan Certified Public Accountants as its Chinese auditor for the year 2023, with an audit fee of RMB 9.929 million (excluding tax)[180]. Future Outlook and Strategy - The company plans to accelerate the development of renewable energy, particularly wind and solar power, as part of the national energy strategy[69]. - The group is focusing on the development of offshore wind power projects in Jiangsu, Hainan, Shanghai, and Guangdong, achieving new breakthroughs[83]. - The group is enhancing strategic collaboration and leveraging integrated advantages to promote large-scale project development[83]. - The group has developed new models for long-term electricity price forecasting and multi-period trading strategy risk control[89]. - The group aims to improve local grid structures and expand consumption channels to address risks associated with weak grid infrastructure in certain regions[155].