JEI(SZ:000600) Zheng Quan Ri Bao·2025-04-24 12:40Core Viewpoint - Hebei Jiantou Energy Investment Co., Ltd. reported significant growth in revenue and net profit for 2024, driven by a decrease in coal prices and an increase in electricity demand, marking a successful turnaround for the company [2][3]. Financial Performance - In 2024, the company achieved operating revenue of 23.517 billion yuan, a year-on-year increase of 20.09% [3]. - The net profit attributable to shareholders reached 531 million yuan, up 181.59% year-on-year [3]. - The non-recurring net profit soared to 399 million yuan, reflecting a staggering growth of 5401.22% [3]. - The company plans to distribute a cash dividend of 1.3 yuan per 10 shares, totaling 235 million yuan, which represents 44.28% of the net profit attributable to shareholders [3]. Cost Structure and Profitability - The fuel cost for thermal power generation accounted for 71.77% of the company's operating costs, making coal price fluctuations critical to profitability [4]. - The average procurement price of coal was 822.02 yuan per ton, a decrease of 10.07% year-on-year, leading to significant cost savings [5]. - Despite a slight decrease in the average on-grid electricity price by 2.82% to 437.37 yuan per megawatt-hour, the company's revenue still grew by 20% due to expanded installed capacity [5]. Market Dynamics - The coal market saw a price drop, with the average price of 5500 kcal thermal coal at northern ports being 863 yuan per ton, down 11% year-on-year, easing the cost pressure on the coal power industry [5]. - The company procured 34.01 million tons of coal in 2024, benefiting from a favorable supply situation due to increased domestic production and imports [5]. Future Growth and Strategic Direction - The company is exploring opportunities in renewable energy, participating in wind and solar projects, and aims to optimize its business structure to reduce reliance on traditional thermal power [6][7]. - The 2025 national energy work conference emphasized the need for a new energy system, which aligns with the company's strategic focus on expanding its renewable energy portfolio [6]. - The company plans to enhance its project management and pursue new energy projects, including pumped storage and flexible resources [7]. Competitive Landscape - The company's future competitiveness will depend on its ability to integrate coal and electricity operations, accelerate the transition to renewable energy, and adapt to market fluctuations [8]. - The company holds a regional monopoly in coal power but must strategically position itself in the renewable energy sector to capitalize on future growth opportunities [8].