POWERCHINA Ltd(SH:601669) Chang Jiang Shang Bao·2025-06-05 23:31Core Viewpoint - China Electric Power Construction (China Electric) has recently secured multiple significant projects, indicating strong growth in new contracts and a focus on renewable energy and digital transformation. Group 1: Major Project Wins - China Electric's subsidiary, China Water Resources and Hydropower 16th Engineering Bureau, won a contract for a 1 million kW/6 million kWh energy storage project in Inner Mongolia, with a total bid amount of approximately 6.282 billion yuan [1][2] - The company has also signed contracts for a 1.1 GW wind power project in Egypt worth about 5.970 billion yuan and a dam project in Yalong River with a contract value of approximately 5.771 billion yuan [3][4] Group 2: Contract and Revenue Growth - In 2024, China Electric's new contract total reached 1.27 trillion yuan, a year-on-year increase of 11.19%, surpassing the annual target [5][6] - The company's contract backlog at the end of 2024 was 2.13 trillion yuan, reflecting a 15.37% year-on-year growth, with domestic contracts accounting for 84.40% of the total [6] Group 3: Business Performance - Domestic business revenue for 2024 was 541.059 billion yuan, up 3.03%, while international business revenue reached 90.628 billion yuan, an increase of 11.43% [6] - The company completed investments of 903.12 billion yuan in 2024, a decrease of 30.16% from the previous year, focusing on both major projects and smaller community initiatives [7] Group 4: Strategic Focus - China Electric is emphasizing the development of new energy sectors, with over 40% of revenue coming from new industries and nearly 50% of investments directed towards these areas [7] - The company is also enhancing its digital capabilities, with new contracts in digital business exceeding 20.683 billion yuan, and contracts for data center projects surpassing 10 billion yuan for the first time [7]