福能股份(600483)：风况好转 首提中期分红

Core Viewpoint - The company is expected to see continuous performance recovery due to improved wind conditions, with significant increases in utilization hours for both onshore and offshore wind power in 2024 and Q1 2025 [1] Financial Performance - The company reported a revenue of 14.56 billion yuan for 2024, a year-over-year decrease of 0.9%, and a net profit attributable to shareholders of 2.79 billion yuan, a year-over-year increase of 6.5% [2] - In Q1 2025, the company achieved a revenue of 3.1 billion yuan, a year-over-year increase of 0.3%, and a net profit of 750 million yuan, a year-over-year increase of 42.8%, primarily due to excellent wind resources [2] - The company’s onshore wind and offshore wind generation increased by 24% and 31% year-over-year, respectively [2] Profitability Analysis - The estimated net profit from thermal power for 2024 is 820 million yuan, a decrease of 130 million yuan year-over-year, while the net profit from renewable energy is estimated at 1.97 billion yuan, an increase of 350 million yuan year-over-year [3] - The company’s controlled onshore wind utilization hours increased by 152 hours to 2,718 hours, and offshore wind utilization hours increased by 421 hours to 3,939 hours [3] Future Growth Potential - The company has a rich pipeline of future projects, including a combined heat and power project expected to start production in 2026 and 2027, with internal rates of return (IRR) of 12.55% and 17.73%, respectively [4] - The company plans to distribute a mid-term dividend of no less than 10% in 2025, indicating a positive stance on market value management while balancing stability and growth [4]