Yueda Inv.(SH:600805) Sou Hu Cai Jing·2025-04-02 09:50Core Viewpoint - The 2024 annual report of Yueda Investment showcases a remarkable transformation, with a 25-fold increase in revenue from new energy business and a net profit growth of 66 million yuan, alongside a significant dividend payout, indicating a successful shift from traditional operations to new energy focus [1][5][19]. Group 1: Business Transformation - Yueda Investment has strategically divested from its loss-making automotive sales business by transferring 100% of Yueda Zhixing, recovering approximately 94.54 million yuan, allowing for reinvestment into new energy [6][11]. - The company has revitalized its traditional sectors, such as agricultural machinery and textiles, by implementing advanced technologies and automation, leading to increased efficiency and production capacity [7][9]. - The new energy sector has become the main revenue driver, with the "Electricity, Heat Production and Supply" segment generating 37.94 million yuan, a staggering increase of 2,570% year-on-year, and achieving a gross margin of 46% [11][12]. Group 2: New Energy Initiatives - Yueda's first large-scale photovoltaic project, the Huafeng 378MW fish-solar complementary project, generates 423 million kWh annually, significantly contributing to carbon reduction [12][14]. - The collaboration with the Three Gorges Group on a 160MW/320MWh shared energy storage station demonstrates a leading charging and discharging efficiency of 90.77%, positioning it as a profitable "cash cow" for the company [14][16]. - The company is also investing in biomass projects and new materials, with a focus on producing green methanol and aviation fuel, alongside a significant increase in the output of lithium iron phosphate materials [16][19]. Group 3: Financial Performance and Dividends - The company reported a cash and cash equivalents balance of 1.29 billion yuan by the end of 2024, reflecting a year-on-year increase of over 16%, enabling the initiation of dividends after years of no payouts [19][21]. - The dividend payout ratio reached 156%, with a commitment to maintain a minimum of 30% in the next three years, signaling a shift towards shareholder returns and sustainable profitability [19][21]. - The report emphasizes the importance of continuous profitability to support future dividends, aligning with the national strategy for state-owned enterprise reform [19][24].