Shenzhen Energy(SZ:000027) Zheng Quan Zhi Xing·2025-06-12 09:27Core Viewpoint - Shenzhen Energy Group maintains a long-term credit rating of AAA with a stable outlook, reflecting its strong operational performance and financial stability [1][5][4]. Company Overview - Shenzhen Energy Group is a large comprehensive energy supplier under the Shenzhen Municipal Government's State-owned Assets Supervision and Administration Commission [5][9]. - The company has expanded its operational scale and improved its clean energy ratio, with a strong sustainability in its main business [5][9]. Financial Performance - In 2024, the company's total operating revenue increased by 1.75% to CNY 412.14 billion, while total profit rose by 12.67% to CNY 36.99 billion [5][17]. - As of the end of 2024, the company's total assets reached CNY 1,613.71 billion, with equity of CNY 582.05 billion [9][6]. Debt and Credit Metrics - The company has a low proportion of restricted assets, totaling CNY 3.868 billion, which is 2.40% of total assets [6]. - The total debt increased to CNY 98.262 billion by the end of 2024, with a debt-to-asset ratio of 74.78% [6][5]. Operational Strengths - The company has a diversified power generation structure, with a significant increase in clean energy capacity, which accounted for 74.63% of total installed capacity by the end of 2024 [12][18]. - The company operates 42 solid waste treatment plants with a total daily processing capacity of 50,515 tons [15][5]. Industry Context - The energy supply and environmental protection issues are becoming increasingly prominent, with a shift towards clean energy investments expected to continue [11][12]. - The power industry is anticipated to face cost pressures due to high fuel prices, particularly for coal and gas, while maintaining a balance between supply and demand [12][11]. Future Outlook - The company's overall power generation capacity is expected to expand further with the commissioning of new projects, reinforcing its competitive position in the industry [5][12]. - The credit rating outlook remains stable, with no immediate factors expected to trigger an upgrade or downgrade [5][6].