GDPD(SH:600795) Zheng Quan Zhi Xing·2025-04-16 22:22Core Viewpoint - Guodian Power achieved significant profit growth in 2024 despite a slight decline in total revenue, indicating effective management of non-operating gains [1][2][6]. Group 1: Operating Performance Overview - Total revenue for Guodian Power in 2024 was 179.18 billion yuan, a decrease of 1.0% year-on-year [1]. - Net profit attributable to shareholders reached 9.83 billion yuan, a substantial increase of 75.28% year-on-year [1]. - Non-recurring net profit was 4.67 billion yuan, down 4.2% year-on-year, highlighting significant gains from non-operating activities [1]. Group 2: Quarterly Performance - In Q4, total revenue was 45.32 billion yuan, an increase of 4.69% year-on-year [2]. - Net profit attributable to shareholders soared to 640 million yuan, a staggering increase of 4182.16% year-on-year [2]. - Non-recurring net profit for Q4 was 10.42 million yuan, up 102.32% year-on-year, indicating strong end-of-year growth [2]. Group 3: Financial Indicators - Main revenue source was thermal power generation, accounting for 84.52% of total revenue at 151.44 billion yuan, with a gross margin of 9.52% [3]. - Hydropower and renewable energy revenues were 12.65 billion yuan and 12.35 billion yuan, with gross margins of 49.36% and 36.61% respectively [3]. - Other business segments contributed to overall revenue, though specific figures were not detailed [3]. Group 4: Asset and Liability Situation - As of the end of 2024, accounts receivable stood at 28.47 billion yuan, representing 289.57% of net profit, indicating a need for attention on receivables collection [4]. - Interest-bearing debt was 282.89 billion yuan, an increase of 3.76% year-on-year, with an interest-bearing asset-liability ratio of 55.55%, suggesting some debt pressure [4]. Group 5: Cash Flow Situation - Net cash flow from operating activities increased by 30.66% year-on-year, reaching 3.12 yuan per share, reflecting good cash flow management [5]. - Cash and cash equivalents totaled 15.44 billion yuan, down 19.46% year-on-year, with a cash-to-current liabilities ratio of only 15.61%, indicating potential liquidity risks [5]. Group 6: Development Prospects - The company is actively promoting the flexibility transformation of coal-fired units and has added 4.2853 million kilowatts of new energy capacity, focusing on clean energy development [6]. - With the advancement of "dual carbon" goals, the company aims to optimize its energy structure and increase the proportion of clean energy [6].