SEP(SH:600021) Chang Jiang Shang Bao·2025-04-02 00:32Core Viewpoint - Shanghai Electric's operating performance continues to grow, with a slight increase in revenue and a significant rise in net profit for 2024 [2][3] Financial Performance - In 2024, Shanghai Electric achieved operating revenue of 42.734 billion yuan, a year-on-year increase of 0.78% [3] - The net profit attributable to shareholders reached 2.046 billion yuan, reflecting a growth of over 28% compared to the previous year [2][3] - The company's net profit excluding non-recurring gains and losses was 1.895 billion yuan, up 26.57% year-on-year [3] - In Q4 2024, the company reported operating revenue of 10.168 billion yuan, a decline of 6.80% year-on-year, and a net loss of 413 million yuan [4] Quarterly Performance - For the first three quarters of 2024, the operating revenue was 10.608 billion yuan, 9.513 billion yuan, and 12.445 billion yuan, with year-on-year changes of 2.57%, -4.41%, and 11.13% respectively [3] - The net profit for these quarters was 634 million yuan, 693 million yuan, and 1.132 billion yuan, showing significant growth rates of 89.20%, 48.83%, and 67.57% respectively [3] Impairment Losses - In Q4 2024, the company recorded credit impairment losses of 286 million yuan, impacting the net profit for the quarter [5][6] - The impairment was related to the fuel procurement business of its subsidiary, which faced challenges in recovering amounts owed [5] Financial Costs - The financial expenses for Q4 2024 reached 1.023 billion yuan, the highest level for any quarter, increasing by 199 million yuan year-on-year [7] Dividend Distribution - Shanghai Electric plans to distribute cash dividends of 789 million yuan, accounting for 38.55% of the annual net profit [8] Green Energy Transition - The company is focusing on green transformation, with clean energy accounting for 60.05% of its installed capacity by the end of 2024 [9][11] - In 2024, the total power generation was 771.47 billion kWh, a year-on-year increase of 2.27%, with growth in gas, wind, and solar power generation [11] Investment and Expansion - Shanghai Electric is actively investing in renewable energy projects, with significant developments in wind and solar power across various regions [9][10] - The company has a total installed capacity of 24.6531 million kW, with ongoing projects in both domestic and international markets [10][11] Market Confidence - The stock market shows confidence in Shanghai Electric's future, with significant share purchases by institutional investors in 2024 [11]