2024-04-25 10:45Performance Overview The group reported stable financial growth in Q1 2024, with a slight revenue increase and higher net profit, supported by significant expansion in operational capacity and power generation from renewable and thermal segments Financial Performance In Q1 2024, the group's total revenue slightly increased by 0.10% to RMB 9.877 billion, driven by strong growth in thermal power and other renewables offsetting a decline in wind power, leading to a 2.59% increase in net profit attributable to equity holders to RMB 2.482 billion Consolidated Performance Summary The group's Q1 2024 consolidated financial results show a slight increase in revenue and profit for the period, with net profit attributable to equity holders growing by 2.59% Q1 2024 Consolidated Performance Summary | Indicator | For the Three Months Ended March 31, 2024 (RMB Thousand) | For the Three Months Ended March 31, 2023 (RMB Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 9,876,891 | 9,866,566 | +0.10% | | Operating Profit | 4,088,981 | 4,113,681 | -0.60% | | Profit Before Tax | 3,282,794 | 3,245,837 | +1.14% | | Profit for the Period | 2,760,530 | 2,723,954 | +1.34% | | Net Profit Attributable to Equity Holders of the Company | 2,481,723 | 2,418,982 | +2.59% | Revenue Composition Q1 2024 revenue composition highlights a slight overall increase, with strong growth in thermal power and other renewable segments offsetting a decline in wind power revenue Q1 2024 Revenue Composition | Business Segment | Q1 2024 Revenue (RMB Billion) | YoY Change | | :--- | :--- | :--- | | Wind Power | 7.376 | -4.70% | | Thermal Power | 1.976 | +3.28% | | Other | 0.525 | +146.45% | | Total | 9.877 | +0.10% | Operational Performance In Q1 2024, the group demonstrated strong operational performance with total controlled installed capacity growing by 16.23% to 36,155.83 MW, primarily driven by a 113.75% surge in other renewable energy capacity, while total power generation increased by 8.27% due to significant growth in other renewables and thermal power Installed Capacity The group's total controlled installed capacity significantly increased by 16.23% as of March 31, 2024, primarily driven by substantial growth in other renewable energy capacity - In Q1, new controlled installed capacity of 562.16 MW was added, comprising newly commissioned wind and photovoltaic projects, alongside 478.40 MW from acquired photovoltaic projects2 Controlled Installed Capacity as of March 31, 2024 | Business Segment | March 31, 2024 (MW) | March 31, 2023 (MW) | YoY Change Rate | | :--- | :--- | :--- | :--- | | Wind Power Capacity | 27,780.64 | 26,191.84 | +6.07% | | Thermal Power Capacity | 1,875.00 | 1,875.00 | 0.00% | | Other Renewable Energy Capacity | 6,500.19 | 3,041.00 | +113.75% | | Total | 36,155.83 | 31,107.84 | +16.23% | Power Generation and Utilization Hours Total power generation increased by 8.27% in Q1 2024, with significant contributions from other renewable energy and thermal power, despite a slight decrease in wind power utilization hours - Wind power average utilization hours were 640 hours, a 14-hour decrease year-on-year due to lower wind speeds, while thermal power units averaged 1,377 hours, an increase of 140 hours year-on-year, primarily driven by increased electricity demand in Jiangsu province2 Power Generation for the Three Months Ended March 31, 2024 | Business Segment | Power Generation (MWh) | YoY Change Rate | | :--- | :--- | :--- | | Wind Power Business | 17,030,932 | +1.37% | | Thermal Power Business | 2,581,257 | +11.30% | | Other Renewable Energy Business | 1,613,059 | +233.33% | | Total | 21,225,249 | +8.27% |