XCEP(SH:600505) Jin Rong Jie·2025-04-17 14:54Core Viewpoint - Xichang Electric achieved significant performance improvement in 2024, turning a profit after a loss in the previous year, but the low profit base and conservative dividend policy may affect investor confidence [1][4][7]. Financial Performance - The company reported total operating revenue of 1.454 billion yuan, a year-on-year increase of 3.52% [1][4]. - Gross profit reached 284 million yuan, reflecting a year-on-year growth of 46.4% [4]. - Net profit attributable to shareholders was 8.29 million yuan, marking a turnaround from a loss of 45 million yuan in 2023, with a year-on-year increase of 118.59% [1][4]. - The non-recurring net profit was 18.48 million yuan, up 132.45% year-on-year [1][4]. Dividend Policy - The proposed dividend is 0.2 yuan per 10 shares (before tax), totaling 7.29 million yuan, indicating a conservative approach to profit distribution [1][5]. - The dividend payout appears limited in relation to the net profit, which may not provide significant returns to investors [5][7]. Safety Management and Investor Relations - The company enhanced safety management by revising four key regulations, ensuring no fire incidents occurred due to transmission and distribution lines in 2024 [6]. - In investor relations, the company emphasized compliance, equality, proactivity, and integrity, facilitating better understanding of its development and values through timely disclosures and regular performance briefings [6][7].