九洲集团：深耕核心业务，压力释放未来可期

Group 1: Company Performance - JiuZhou Group (300040) expects a net loss of 465 million to 490 million yuan for the fiscal year 2024, primarily due to losses from biomass power plants and goodwill impairment, which together impact profits by approximately 555 million yuan [1] - The company reported that excluding one-time impairment factors, the net profit attributable to shareholders remains roughly stable compared to the previous year, indicating a resilient core business despite the losses [1] - The biomass assets, after sufficient impairment provisions, are expected to improve profitability in 2025, suggesting a potential recovery path for the company [1] Group 2: Industry Challenges - The biomass power generation industry is facing widespread challenges, with many companies reporting significant losses due to adjustments in national subsidy policies, rising fuel costs, and difficulties in obtaining biomass resources [2][3] - South Network Energy's 2024 performance forecast indicates a substantial decline, primarily affected by low-efficiency assets related to biomass projects, with net profit impacts of approximately 210 million yuan and 288 million yuan from subsidy receivable impairments and asset impairment losses, respectively [2] - Other companies, such as Huaneng International and Guangdong Power A, have also reported significant asset impairments due to rising fuel costs and reduced resource quality, highlighting the sector's ongoing struggles [2] Group 3: Future Prospects and Innovations - Despite current challenges, the biomass power generation industry has potential for future growth driven by technological advancements and improved policy environments [4] - JiuZhou Group is actively diversifying its business and investing in renewable energy projects, with over 2 GW of installed capacity developed by the end of Q3 2024, indicating a strong commitment to expanding its renewable energy footprint [4] - The company is also focusing on smart energy solutions, leveraging distributed energy sources and storage assets to create a new energy system model, which could provide new revenue growth opportunities [5]