Xin Lang Cai Jing·2025-04-29 02:24Core Viewpoint - The company reported a decline in revenue for 2024, but managed to increase net profit due to reduced fuel costs and improved profitability in the coal power segment [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1129.94 billion RMB, a year-on-year decrease of 3.57% [1] - Operating costs were 1030.71 billion RMB, down 6.00% year-on-year [1] - Net profit attributable to shareholders was 57.03 billion RMB, an increase of 26.11% year-on-year [1] - Basic earnings per share rose to 0.46 RMB, up 0.11 RMB from the previous year [1] Power Generation and Utilization - The total power generation for 2024 was 2226.26 billion kWh, a decrease of approximately 0.52% year-on-year [1] - Coal power generation was 1934.7 billion kWh (down 1.07% year-on-year), gas power generation was 208.78 billion kWh (up 10.53% year-on-year), and hydro power generation was 82.7 billion kWh (down 11.37% year-on-year) [1] - Utilization hours for coal, gas, and hydro power were 4084, 2052, and 3363 hours respectively, with declines of 215, 35, and 431 hours year-on-year [1] Fuel Costs and Profitability - The average on-grid electricity price for 2024 was 511.74 RMB/MWh, a decrease of 5.24 RMB/MWh year-on-year [2] - The coal price for 2024 was 965.16 RMB/ton, down 73.4 RMB/ton (7.07% decrease) compared to 2023 [2] - Fuel costs were approximately 705.67 billion RMB, a reduction of 6.49% year-on-year [2] - The coal power segment's profit reached 47.36 billion RMB, an increase of 26.49 billion RMB compared to 2023 [2] Expansion Plans - As of the end of the reporting period, the company had a total installed capacity of 5981.86 million kW, with coal, gas, and hydro power capacities of 4675 million kW, 1060.34 million kW, and 245.9 million kW respectively [3] - The company has a total of 932 million kW under construction and approval, including 266 million kW of coal and 216 million kW of gas [3] - A significant asset restructuring plan was announced, which aims to inject approximately 1584 million kW of installed capacity, accounting for 26.49% of the total installed capacity by the end of 2024 [3] Investment Outlook - The company is expected to benefit from declining coal prices in 2025, with projected revenues of 1083.29 billion RMB, 1139.46 billion RMB, and 1140.07 billion RMB for 2025 to 2027 [3] - Projected net profits for the same period are 6.54 billion RMB, 8.73 billion RMB, and 8.37 billion RMB, with corresponding EPS of 0.64, 0.85, and 0.82 RMB/share [3]