GWYD(SH:600517) Di Yi Cai Jing·2025-04-27 06:44Core Viewpoint - The rapid reform in the electricity industry has led to increased attention on the performance of listed companies in the sector, particularly State Grid Yingda's financial and operational results, which show significant growth and a focus on shareholder returns [1][13]. Financial Performance - State Grid Yingda reported a total revenue of 11.288 billion yuan for 2024, representing a year-on-year increase of 3.60%, and a net profit of 1.574 billion yuan, up 15.39% [1]. - Yingda Trust achieved a revenue of 2.99 billion yuan, a growth of 7.29%, and a net profit of 1.776 billion yuan, increasing by 10.63%, ranking third in the industry for revenue [3]. - Yingda Securities experienced a revenue decline of 25.64% to 860 million yuan, but net profit rose by 64.43% to 176 million yuan due to improved investment returns [3]. Business Segments - The company's main business segments include Yingda Trust, Yingda Securities, Yingda Carbon Assets, and Zhixin Electric, with financial services playing a crucial role in supporting net profit [1][2]. - Zhixin Electric reported a revenue of 7.375 billion yuan, up 6.86%, and a net profit of 149 million yuan, increasing by 45.18%, benefiting from rising market demand [6]. Carbon Asset Development - Yingda Carbon Assets generated revenue of 70.016 million yuan, a growth of 13.39%, and a net profit of 10.405 million yuan, up 14.51%, indicating a growing potential in this emerging business area [11]. - The carbon trading market's development has positively impacted Yingda Carbon Assets, with the cumulative transaction volume reaching 190 million tons and a total transaction value of 18.1 billion yuan [11][12]. Shareholder Returns - The company plans to distribute a cash dividend of 0.51 yuan per share, totaling 292 million yuan, reflecting a commitment to shareholder returns [1][13]. - Since its restructuring in 2020, the company has maintained a cash dividend ratio of over 30%, with cumulative dividends expected to exceed 1.9 billion yuan [13]. Regulatory Compliance and Risk Management - The company has implemented a comprehensive risk management system and is focusing on compliance as a core competitive advantage [14][16]. - The 2025 action plan emphasizes enhancing business profitability and optimizing risk management to better serve the main business and improve investor return expectations [16].