郴电国际2024年财报：营收增长但净利润持续亏损，新能源布局能否扭转局面？

Core Viewpoint - Chendian International reported a revenue growth of 9.47% in 2024, reaching 4.292 billion yuan, but continued to face net losses, indicating challenges in profitability despite revenue increases [1][4]. Revenue Growth and Profitability - The company achieved a historical high in revenue at 4.292 billion yuan, driven by investments in core businesses like power grids and water supply, as well as developments in the renewable energy sector [4]. - Despite the revenue growth, the net profit attributable to shareholders was -36 million yuan, and the non-recurring net profit was -109.7 million yuan, showing a year-on-year reduction in losses of 41.21% and 31.23% respectively, but still not achieving profitability [4]. - Rolling quarter data indicated a 1.81% increase in revenue, while net profit and non-recurring net profit saw declines of 197.86% and 100.30%, highlighting ongoing issues with profitability [4]. Renewable Energy Opportunities and Challenges - In 2024, Chendian International made several moves in the renewable energy sector, including acquiring a 49% stake in Chenzhou Yunyi Electric Investment New Energy Co., and investing in distributed photovoltaic projects [5]. - These initiatives aim to promote a green transition and reduce electricity costs, but the long investment return cycle in renewable projects may not yield significant profit contributions in the short term [5]. - The company faces policy risks and market uncertainties in the renewable sector, with intense competition and rapid technological changes posing challenges to establishing a strong position [5]. Financial Pressure and Risk Management - Chendian International received 868 million yuan from provincial revenue-sharing funds, alleviating some financial pressure, and improved cash flow through measures like collecting receivables [6]. - The net operating cash flow for the year was 1.261 billion yuan, reflecting a 185.4% increase, indicating positive cash management efforts [6]. - Despite a decrease in the asset-liability ratio to 73.23%, the overall debt level remains high, and ongoing investments in renewable energy may further strain financial resources [6].