HPI(600011) 新浪财经·2025-04-02 08:29Core Viewpoint - The company reported a net profit attributable to shareholders of 7.211 billion yuan for 2024, a year-on-year increase of 30.4%, slightly below expectations [1][2] Financial Performance - The company achieved a total net profit of 10.135 billion yuan for 2024, with a proposed dividend of 0.27 yuan per share, resulting in a dividend payout ratio of 58.78% after deducting perpetual bond interest [1] - Financial expenses decreased significantly by 16.1% to 7.441 billion yuan due to declining interest rates, benefiting from lower interest payments [4] Coal and Power Segment - The profitability of coal-fired power generation improved significantly, with pre-tax profits of 7.138 billion yuan, up from 0.433 billion yuan year-on-year, primarily due to a larger decline in coal prices compared to electricity prices [2] - The average coal trading electricity price was 446.45 yuan per megawatt-hour, a decrease of 7.2% year-on-year, while the unit fuel cost for coal-fired power plants was 300.31 yuan per megawatt-hour, down 8.0% [2] - The net profit for the coal power segment in Q4 2024 was 0.57 billion yuan, an increase of 3.573 billion yuan year-on-year [2] Renewable Energy Segment - The company added 9.4177 million kilowatts of new renewable energy capacity in 2024, with wind and solar power installations at 2.6458 million kilowatts and 6.772 million kilowatts, respectively [3] - The pre-tax profits for wind and solar power reached 6.772 billion yuan and 2.725 billion yuan, reflecting year-on-year growth of 14.53% and 33.32% [3] - The total installed capacity for wind and solar power reached 37.945 million kilowatts by the end of 2024 [3] Future Outlook - The company plans capital expenditures of 36.2 billion yuan for wind power and 15 billion yuan for solar power in 2025, with expectations for wind power spending to increase and solar power spending to decrease [3] - The company adjusted its net profit forecasts for 2025-2026 to 11.758 billion yuan and 12.462 billion yuan, respectively, due to anticipated declines in long-term electricity prices and reduced operating hours for coal-fired power [5]