CHANGYUAN POWER(SZ:000966)2024-04-25 15:28Financial Performance - The company's operating revenue for 2023 was CNY 14,457,133,396.36, a decrease of 1.40% compared to 2022[24]. - Net profit attributable to shareholders for 2023 was CNY 349,062,023.56, an increase of 184.07% year-on-year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 342,389,999.62, up 568.12% from the previous year[24]. - The net cash flow from operating activities reached CNY 2,347,476,954.23, representing a 247.25% increase compared to 2022[24]. - Basic earnings per share for 2023 were CNY 0.1270, an increase of 184.12% year-on-year[24]. - Diluted earnings per share also stood at CNY 0.1270, reflecting the same growth rate of 184.12%[24]. - Total revenue for 2023 was ¥14,457,133,396.36, a decrease of 1.40% compared to ¥14,661,915,637.42 in 2022[80]. - Power generation revenue accounted for 89.84% of total revenue, decreasing by 2.93% from the previous year[80]. - Heat generation revenue increased by 24.36% to ¥1,288,616,517.66, representing 8.91% of total revenue[80]. Assets and Liabilities - Total assets reached ¥37,601,830,440.61 at the end of 2023, representing a 21.95% increase from ¥30,834,062,684.52 at the end of 2022[25]. - Net assets attributable to shareholders of the listed company amounted to ¥9,954,786,999.91, reflecting a 3.75% increase from ¥9,594,531,129.13 at the end of 2022[25]. - The total amount of accounts receivable at the end of 2023 was CNY 2.01 billion, accounting for 5.34% of total assets, a decrease of 1.02% from the beginning of the year[103]. - Fixed assets increased significantly to CNY 25.15 billion, representing 66.89% of total assets, up from 48.60% at the beginning of the year[103]. - The company’s total liabilities increased, with short-term borrowings at CNY 6.23 billion, accounting for 16.58% of total assets, down from 17.76% at the beginning of the year[103]. Cash Flow - The net cash flow from operating activities increased by 247.25% year-on-year, primarily due to a decrease in fuel procurement costs and a reduction in factoring payments[108]. - Total cash inflow from investment activities decreased by 92.54% year-on-year, mainly due to the previous year's cash recovery from the liquidation of Guodian Financial Company amounting to 621.34 million yuan[109]. - The net increase in cash and cash equivalents rose by 140.41% year-on-year, driven by a 167.14 million yuan increase in net cash flow from operating activities and a 680.96 million yuan increase in net cash flow from investment activities[109]. - The net cash flow from financing activities decreased by 20.40% year-on-year, with cash inflows totaling 20,506,211,333.50 yuan and cash outflows of 15,691,066,550.26 yuan[108]. Operational Performance - The company's operating income for Q1 2023 was ¥3,923,397,781.52, with a net profit attributable to shareholders of ¥221,492,612.67[46]. - In Q2 2023, the operating income was ¥2,997,733,914.53, with a net profit attributable to shareholders of ¥159,390,248.87[46]. - The operating income for Q3 2023 was ¥3,752,714,214.93, with a net profit attributable to shareholders of ¥261,223,522.67[46]. - In Q4 2023, the operating income was ¥3,783,287,485.38, but the company reported a net loss attributable to shareholders of -¥293,044,360.65[46]. - The total electricity sales volume was 311 billion kWh, a slight decrease of 0.26% compared to 311.8 billion kWh in the previous year[58]. Installed Capacity and Generation - The total installed capacity reached 1,049.47 million kW, an increase from 730.05 million kW in the same period last year[53]. - New installed capacity from newly commissioned units was 319.42 million kW, significantly up from 21.08 million kW year-on-year[53]. - The average utilization hours of power plants were 3,120 hours, down from 4,516 hours in the same period last year[53]. - The company’s thermal power generation decreased by 7.45% to 28.834 billion kWh, while hydropower increased by 70.22% to 1.985 billion kWh, and solar power surged by 1027.67% to 1.319 billion kWh[72]. - The company achieved a total installed capacity of over 10 million kW, with renewable energy accounting for 20.82%, an increase of 6.98 percentage points year-on-year[136]. Research and Development - Research and development expenditure increased by 44.85% to ¥78,408,400.00, representing 0.54% of total revenue[91]. - Research and development expenses increased significantly by 241.21% to CNY 55.44 million in 2023 from CNY 16.25 million in 2022, reflecting the company's increased investment in R&D[100]. - The company is developing technologies to improve the efficiency and safety of coal-fired power plants, including a project aimed at reducing emissions and operational costs[87]. - The company plans to increase its investment in technology innovation and establish collaborative platforms for research and development[162]. Future Plans and Goals - The company plans to start 200,000 kW and put into operation 600,000 kW of new energy projects in 2024, aiming for an operating revenue of 16.29 billion yuan[136]. - The company aims to achieve a significant breakthrough in green transformation by rapidly scaling up renewable energy projects[162]. - The company will actively participate in the construction of a new energy system and promote the integration of coal and renewable energy[135]. - The company has identified major risks for 2024, including compliance risk, market competition risk, investment risk, production management risk, and engineering project management risk[162]. - The company aims to improve project profitability by optimizing construction plans, reducing costs, and ensuring safety, quality, and progress in engineering management[188].