HDPI(600027) 新浪财经·2025-04-03 06:28Core Viewpoint - The company reported a slight decline in revenue for 2024, but significant growth in net profit and cash flow, indicating improved operational efficiency and cost management [1][4]. Financial Performance - In 2024, the company achieved operating revenue of 1129.94 billion yuan, a year-on-year decrease of 3.57% [1]. - The net profit attributable to shareholders was 57.03 billion yuan, up 26.11% year-on-year [1]. - The non-recurring net profit was 53.52 billion yuan, reflecting a 40.74% increase year-on-year [1]. - For Q4 2024, the company reported operating revenue of 281.83 billion yuan and net profit of 5.46 billion yuan, representing year-on-year increases of 6.55% and 2212.03%, respectively [1]. Business Segmentation - Revenue from power generation, heating, and coal sales for 2024 was 947.44 billion yuan, 97.43 billion yuan, and 79.05 billion yuan, with year-on-year changes of -1.46%, +1.24%, and -25.43%, respectively [2]. - The power generation segment accounted for the largest share, with electricity generation of 2084.53 billion kWh, a decrease of approximately 0.52% year-on-year [2]. - The average utilization hours for the company's power generation units were 3746 hours, down 210 hours year-on-year [2]. Cost Management - The company's operating costs for 2024 were approximately 1030.71 billion yuan, a decrease of 6% year-on-year [3]. - Fuel costs were about 705.67 billion yuan, down 6.49% year-on-year, with the standard coal price at 965.16 yuan/ton [3]. - The company's coal consumption per unit of electricity generated was 287.53 grams/kWh, a reduction of 1.81 grams/kWh year-on-year [3]. Cash Flow and Dividends - The net cash flow from operating activities was 163.36 billion yuan, an increase of 23.28% year-on-year [4]. - The company declared dividends totaling 21.48 billion yuan, a 40% increase year-on-year, with a payout ratio of 37.66%, up 3.73 percentage points [4]. Future Outlook - The company anticipates continued growth in net profit for 2025-2027, with projected figures of 66 billion yuan, 76 billion yuan, and 85 billion yuan, reflecting year-on-year growth rates of 15.91%, 14.89%, and 11.80%, respectively [4].