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中广核新能源净利七年来首降
01811CGN NEW ENERGY(01811) 界面新闻·2025-03-26 13:27

Core Viewpoint - China General Nuclear Power Corporation's (CGN) renewable energy subsidiary, CGN New Energy (01811.HK), reported a decline in net profit for the first time in seven years, primarily due to increased impairment losses and scrapping costs [2][3]. Financial Performance - For the fiscal year 2024, CGN New Energy's total revenue was 1.951billion(approximately14.16billionRMB),ayear−on−yeardecreaseof11.021.951 billion (approximately 14.16 billion RMB), a year-on-year decrease of 11.02% [2]. - The net profit attributable to equity shareholders was 248 million (approximately 1.8 billion RMB), down 7.35% year-on-year [2]. - The company experienced impairment losses and scrapping costs of 45.6million(approximately331millionRMB)in2024,comparedto45.6 million (approximately 331 million RMB) in 2024, compared to 7.7 million (approximately 55.95 million RMB) in 2023 [4]. Operational Capacity - As of the end of 2024, CGN New Energy's installed capacity reached 10.4524 million kW, an increase of 8.6% year-on-year, with wind power capacity at 4.4364 million kW and solar power capacity at 2.545 million kW [4]. - The company’s revenue from its South Korean gas projects decreased by 21% year-on-year to approximately 910millionduetofallingaverageelectricitypricesandreducedgeneration[4].MarketDynamics−TheaverageutilizationhoursforCGN′swindpowerprojectsinChinadecreasedbyapproximately3.1910 million due to falling average electricity prices and reduced generation [4]. Market Dynamics - The average utilization hours for CGN's wind power projects in China decreased by approximately 3.1% due to increased power restrictions, while solar projects saw a decline of 16.8% despite a 44.7% increase in installed capacity [5]. - The weighted average electricity price for wind projects in China remained stable at 0.57 RMB/kWh, while the solar projects' price dropped significantly by 12.5% to 0.56 RMB/kWh due to competitive bidding pressures [5]. Strategic Positioning - CGN New Energy's operational assets represent only 12.3% of CGN Group's total renewable energy assets, highlighting competitive challenges within the sector [6]. - The company has maintained a high debt ratio, reported at 79.8% in 2024, which is significantly higher than other state-owned renewable energy companies [7]. Dividend Policy - Despite the performance challenges, CGN New Energy announced a dividend payout ratio of 25%, with a proposed final dividend of 0.01445 (approximately 0.1049 RMB) per share [8].