上海电力股份有限公司2025年第一季度报告

Core Viewpoint - Shanghai Electric Power Co., Ltd. has made significant progress in its clean energy transition, highlighted by the full-capacity grid connection of the Gansu Dangchang Phase I wind power project, which has a total installed capacity of 200,000 kW and is expected to generate an average annual output of 390 million kWh [8]. Financial Performance - In 2024, the company achieved a total profit of 5.196 billion yuan, representing an 18% year-on-year increase, while the net profit attributable to shareholders rose by 28.46% to 2.046 billion yuan [23]. - The weighted average return on equity increased by 1.19 percentage points to 9.33%, with basic earnings per share at 0.6172 yuan [23]. Operational Highlights - The company completed a consolidated power generation of 77.147 billion kWh in 2024, a 2.27% increase year-on-year, with significant growth in gas and renewable energy generation [23]. - The company’s clean energy capacity reached 60.05% of its total installed capacity by the end of 2024, with substantial contributions from wind and solar power [24]. Strategic Initiatives - The company has focused on quality improvement and efficiency enhancement, successfully reducing fuel costs and financing costs, with a comprehensive funding cost of 2.96% by the end of 2024 [24]. - The company has initiated several high-quality projects domestically and internationally, including the construction of new wind and thermal power plants [26][27]. Governance and Compliance - The company has strengthened its governance structure and internal controls, enhancing decision-making processes and risk management [28]. - The company has received high ratings for its information disclosure practices, achieving an A-level evaluation from the Shanghai Stock Exchange for three consecutive years [32]. Shareholder Returns - The company plans to distribute a cash dividend of 0.28 yuan per share for 2024, totaling 789 million yuan, which represents 45.36% of the net profit attributable to shareholders [30]. - The cash dividend per share has increased from 0.035 yuan in 2022 to 0.28 yuan in 2024, reflecting a commitment to enhancing shareholder returns [30].