HPI(600011) 新浪财经·2025-03-27 10:26Core Points - The company reported a net profit of 10.14 billion yuan for 2024, representing a year-on-year increase of 20.0% [1] - The company's revenue for 2024 was 245.55 billion yuan, a decrease of 3.5% year-on-year [1] - The gross margin for 2024 was 15%, an increase of 3.0 percentage points year-on-year, primarily due to a decrease in domestic coal prices [1] Operational Data - In Q4 2024, the on-grid electricity volume was 111.7 billion kWh, an increase of 1.11% year-on-year, while the average settlement price for 2024 was 494.26 yuan/MWh, a decrease of 2.85% [2] - The total installed capacity for 2024 reached 145.1 GW, with new installations of 9.7 GW, including 0.3 GW for thermal power, 2.6 GW for wind power, and 6.8 GW for solar power [2] New Energy Business - The profits from wind and solar energy businesses were 6.772 billion yuan and 2.725 billion yuan respectively, with year-on-year increases of 15% and 33% [3] - The capital expenditure for wind power is expected to increase significantly in 2025, rising from 25.056 billion yuan in 2024 to 36.2 billion yuan [3] Shareholder Returns - The company plans to distribute a cash dividend of 0.27 yuan per share, totaling 4.238 billion yuan, which represents 58.78% of the distributable profit [3] Investment Outlook - The company is projected to achieve net profits of 11.6 billion yuan, 12 billion yuan, and 12.7 billion yuan for 2025 to 2027, with corresponding EPS of 0.74, 0.77, and 0.81 yuan [4] - The target market value for the company in 2025 is estimated at 131.7 billion yuan, with a target price of 8.39 yuan, indicating a potential upside of approximately 21% from the current price [4]