龙源电力接待1家机构调研，包括龙源电力2024年度业绩网络说明会,面向全体投资者

Core Viewpoint - Longyuan Power reported a net profit of 6.345 billion yuan for 2024, reflecting a year-on-year growth of 0.66%, and plans to initiate new renewable energy projects totaling 5.5 million kilowatts in 2025 [1][2][3] Financial Performance - The net profit attributable to shareholders for 2024 was 6.345 billion yuan, with earnings per share increasing by 2.71% to 0.7535 yuan per share [2] - The company issued 25 bonds totaling 51.9 billion yuan in 2024, maintaining a competitive funding cost [7] Capacity Expansion - In 2024, Longyuan Power added 7,480.66 megawatts of controllable installed capacity, including 2,654.38 megawatts from wind and 4,826.28 megawatts from solar [3][6] - The total controllable installed capacity reached 41,143.20 megawatts by the end of 2024 [3] Project Development - The company emphasized project construction management, achieving significant milestones and receiving awards for various projects in 2024 [5][6] - Longyuan Power's wind power average utilization hours in 2024 were 2,190 hours, which is 63 hours higher than the industry average despite a decrease of 156 hours from 2023 [4] Cost Management - The average procurement cost of onshore wind turbines decreased, and the engineering cost of wind power projects fell by 9% year-on-year [10] - The company optimized its financing structure and actively replaced existing loans to reduce funding costs [7] Market Adaptation - Longyuan Power is adapting to the market-oriented reform of renewable energy pricing, which will impact future electricity prices and requires enhanced trading capabilities [8][9] - The company plans to closely monitor national and local policy changes to optimize its renewable energy market strategies [9] Environmental and Resource Management - Longyuan Power has initiated a wind turbine blade recycling project in Liaoning, aiming to process up to a thousand tons annually [12] - The company is also exploring the reuse of waste photovoltaic components and batteries, contributing to a circular economy [12] Shareholder Returns - The company has committed to a cash dividend policy, planning to distribute at least 30% of its net profit to shareholders from 2025 to 2027 [19] - In 2023, the dividend payout ratio was increased from 20% to 30%, with a planned payout of 0.2278 yuan per share for 2024 [19]