HPI(600011) 新浪财经·2025-03-31 08:25Group 1 - The company reported a revenue of 245.55 billion RMB for 2024, a decrease of 3.5% year-on-year, while achieving a net profit attributable to shareholders of 10.14 billion RMB, an increase of 20.0% year-on-year [1] - The company plans to distribute a cash dividend of 0.27 RMB per share (including tax), with a cash dividend payout ratio of 58.78% [1] - The company completed an on-grid electricity generation of 452.94 billion kWh in 2024, a year-on-year increase of 1.1%, with coal-fired power generation hours at 4,285 hours, a decrease of 103 hours year-on-year [1] Group 2 - The average procurement price of coal decreased by 8.27% year-on-year, with the unit fuel cost for domestic coal-fired power plants at 300.31 RMB/MWh, down 8.00% year-on-year [1] - The profit per kWh for coal-fired and gas-fired power generation reached 0.019 RMB/kWh and 0.040 RMB/kWh respectively, an increase of 0.018 RMB/kWh and 0.012 RMB/kWh year-on-year [1] - The company added 9.7 GW of new installed renewable energy capacity in 2024, with wind and solar power contributing 2.6 GW and 6.8 GW respectively [2] Group 3 - The wind power and solar power segments achieved pre-tax profits of 6.77 billion RMB and 2.73 billion RMB respectively, with profit per kWh for wind and solar at 0.183 RMB/kWh and 0.150 RMB/kWh, down 0.2 and 3.7 cents year-on-year [2] - The company plans capital expenditures of 36.2 billion RMB for wind power and 15 billion RMB for solar power in 2025, representing increases of 11.1 billion RMB and decreases of 4.74 billion RMB year-on-year [2] - The Singapore and Pakistan operations reported profits of 2.68 billion RMB and 0.97 billion RMB respectively, with year-on-year changes of -38.4% and +60.9% [2] Group 4 - The company forecasts net profits attributable to shareholders of 11.60 billion RMB, 12.68 billion RMB, and 13.44 billion RMB for 2025-2027, with corresponding EPS of 0.74, 0.81, and 0.86 RMB [2] - The target price is set at 8.69 RMB, maintaining a "buy" rating [2]