Shenzhen Energy(SZ:000027) Zhong Guo Jing Ji Wang·2025-05-08 01:45Core Insights - The performance of Penghua Shenzhen Energy REIT has shown stability, with distributable amounts of approximately 356 million yuan for 2024 and 48 million yuan for Q1 2025 [1][2] Group 1: Fund and Project Operations - The fund and underlying projects have maintained a steady operational status, with electricity sales reaching approximately 3.512 billion kWh in 2024 and 507 million kWh in Q1 2025, with average electricity prices of 0.5021 yuan/kWh and 0.5171 yuan/kWh respectively [2] - Financial indicators for 2024 include a consolidated revenue of approximately 1.561 billion yuan, primarily from electricity sales, and a net profit of approximately 135 million yuan [2] - The fund's performance is closely tied to seasonal variations, with Q1 and Q4 typically being off-peak seasons [2] Group 2: Investor Returns - The fund has consistently focused on increasing dividend distributions, with distributable amounts of approximately 457 million yuan, 420 million yuan, and 356 million yuan for 2022, 2023, and 2024 respectively, reflecting a distribution rate of 12.93%, 11.87%, and 10.05% [4] - Since its listing, the fund has conducted five distributions, with a total of 640.2 million yuan distributed in 2023 and 477 million yuan in 2024 [4] Group 3: Policy Dynamics and Future Outlook - The management team emphasized the importance of natural gas power in Guangdong's energy landscape, aligning with the green and low-carbon transition policies [3][5] - The policy framework encourages the development of clean energy, including natural gas, which is expected to continue to play a significant role in the power system [5] - The fund's performance in 2024 is expected to be influenced by a decline in overall electricity market prices, with a focus on maintaining operational health and managing risks for 2025 [7]