POWERCHINA Ltd(SH:601669) Mei Ri Jing Ji Xin Wen·2025-04-27 15:17Core Insights - China Power Construction Corporation (China Power) demonstrated resilience in a challenging economic environment, achieving a revenue growth of 4.07% year-on-year, reaching 633.685 billion yuan, and a net profit of 12.015 billion yuan, with operating cash flow increasing by 10.34% to 24.546 billion yuan [1][2] Financial Performance - The core engineering contracting and design business generated revenue of 575.003 billion yuan, up 4.42% year-on-year, with a gross margin increase of 0.11 percentage points to 10.95% [2] - The power investment and operation segment reported revenue of 25.404 billion yuan, a growth of 5.95%, with a gross margin increase of 0.52 percentage points to 44.92% [2] - New contracts signed reached 1.27 trillion yuan, a year-on-year increase of 11.19%, with a total contract backlog of 2.12 trillion yuan, up 15.37% [2] Strategic Development - China Power is actively transforming its traditional business towards high-end, intelligent, and green development while accelerating the cultivation of strategic emerging industries [1][4] - The company plans to achieve a revenue target of 653.15 billion yuan by 2025, with domestic business accounting for 87.37% and international business 12.63% [1] Dividend Policy - The company intends to distribute a cash dividend of 1.2695 yuan per 10 shares, totaling 2.187 billion yuan, which represents 20% of the net profit attributable to shareholders [3] Emerging Industries - In 2024, revenue from strategic emerging industries is expected to exceed 40%, with nearly half of the investment directed towards these sectors [4] - The renewable energy sector has shown significant progress, with projects covering 27 provinces domestically and 3 countries internationally, achieving a market share of over 5% in resource-rich areas [4] International Business Growth - International contracts signed amounted to 223.957 billion yuan, a growth of 4.08%, with international revenue reaching 90.628 billion yuan, up 11.43% [6] - The company maintains a strong position in the international contracting sector, ranking 7th and 8th in global contractor lists [2][6] Market Outlook - Despite global economic pressures, there is a growing market for infrastructure renewal, particularly in developing countries, driven by green and digital transformation needs [7] - China Power aims to leverage its position as a leading power design and contracting firm to capitalize on opportunities in renewable energy projects and international collaborations [7]