GDPD(SH:600795) Xin Lang Cai Jing·2025-04-18 08:31Core Viewpoint - The company reported a mixed performance for 2024, with a slight decline in revenue but a significant increase in net profit, driven by investment gains from asset sales [1] Financial Performance - In 2024, the company achieved operating revenue of 179.18 billion yuan, a year-on-year decrease of 1% [1] - The net profit attributable to shareholders was 9.83 billion yuan, a year-on-year increase of 75.29% [1] - Basic earnings per share (EPS) rose to 0.551 yuan, up 75.48% year-on-year [1] - The weighted average return on equity (ROE) was 18.60%, an increase of 6.76 percentage points year-on-year [1] - Total cash dividends amounted to 3.57 billion yuan, with a cash dividend ratio of 36.28% [1] - Investment income reached 7.33 billion yuan, a year-on-year growth of 363%, primarily from the sale of a 50% stake in a subsidiary [1] Operational Data - In 2024, the company's conventional power generation volumes were 366.17 billion kWh for coal, 23.5 billion kWh for gas, and 59.47 billion kWh for hydropower, with year-on-year changes of -1.30%, +22.49%, and +7.93% respectively [2] - The on-grid electricity prices were 457.52 yuan/MWh for coal, 860.83 yuan/MWh for gas, and 240.59 yuan/MWh for hydropower, with year-on-year changes of -0.82%, -4.18%, and -2.08% respectively [2] - The net profit from coal and hydropower segments was 4.12 billion yuan and 1.24 billion yuan, accounting for 41.9% and 12.6% of total profits respectively [2] New Energy Sector - In 2024, the company generated 20.18 billion kWh from wind and 11.28 billion kWh from solar, with year-on-year increases of 7.01% and 95.9% respectively [3] - The corresponding on-grid electricity prices were 474.2 yuan/MWh for wind and 408.22 yuan/MWh for solar, with year-on-year decreases of -5.52% and -15.11% respectively [3] - The overall gross margin for the new energy sector was 36.61%, a decrease of 7.68 percentage points year-on-year [3] Project Development - As of the end of 2024, the company had an operational capacity of 111.7 million kW, with coal power accounting for 66.8%, hydropower 13.4%, and new energy 19.8% [4] - The company has ongoing projects totaling 7.64 million kW for coal and 4.92 million kW for hydropower, with significant new installations planned for 2025 and 2026 [4] - The company is actively pursuing cost reductions in new energy project development to enhance market competitiveness [4] Future Outlook - Revenue projections for 2025-2027 are 188.40 billion yuan, 195.56 billion yuan, and 200.10 billion yuan, with year-on-year growth rates of 5.1%, 3.8%, and 2.3% respectively [5] - Expected net profits for the same period are 7.48 billion yuan, 8.70 billion yuan, and 10.03 billion yuan, with a projected decline in 2025 followed by growth in subsequent years [5] - The company maintains a "buy" rating based on its diversified energy portfolio and project pipeline [5]