受光伏产业链供需关系失衡等影响 特变电工去年盈利同比下降逾六成

Core Insights - The company reported a decline in revenue and net profit for the fiscal year 2024, with revenue at 97.78 billion yuan, down 0.35% year-on-year, and net profit at 4.135 billion yuan, down 61.37% year-on-year [1][2] Revenue Breakdown - Revenue from electrical equipment and wire and cable products increased by 20.98% and 15.81% respectively, reaching 22.364 billion yuan and 15.692 billion yuan [1] - Coal product revenue was 19.264 billion yuan, impacted by a decrease in coal prices, leading to a gross margin drop of 13.99 percentage points to 32.42% [1] - Revenue from new energy products and engineering saw a significant decline of 33.94%, totaling 18.531 billion yuan, with a gross margin of only 1.41%, down 29.94 percentage points [1] Losses and Impairments - The company faced substantial losses in its polysilicon business due to a significant drop in market prices, leading to a provision for impairment of fixed assets amounting to 1.474 billion yuan [2] - The company also recorded asset impairment losses of 3.56 billion yuan for the year, which negatively impacted overall performance [2] Dividend Distribution - The profit distribution plan for 2024 includes a cash dividend of 2.50 yuan per 10 shares (tax included) for all shareholders [2] Q1 2025 Performance - For Q1 2025, the company reported revenue of 23.357 billion yuan, a decrease of 0.79% year-on-year, and a net profit of 1.6 billion yuan, down 19.74% year-on-year [2] - The company's power generation for Q1 2025 was 8.251 billion kWh, an increase of 24.86% year-on-year, with coal power generation at 6.126 billion kWh, up 28.28% [2] Investment and Expansion - The company is focusing on expanding its renewable energy capacity, announcing an investment of 1.488 billion yuan for a 300MW photovoltaic project [3] - Additionally, the company plans to invest in a coal-to-natural gas project with a total investment of 17.039 billion yuan and a supporting coal supply project costing 0.808 billion yuan [3]