GED(SZ:000539) Chang Jiang Shang Bao·2025-08-06 09:07Core Viewpoint - Guangdong Power A is advancing its business expansion by issuing an energy infrastructure investment asset-backed special plan (similar to REITs) with a maximum issuance scale of 3.801 billion yuan, aiming to enhance its operational capabilities and diversify its energy portfolio [1][2]. Group 1: Business Expansion and Investment Plans - The company plans to hold the Dongguan Ningzhou site as the underlying asset for the issuance, with a term not exceeding 30 years [1]. - Guangdong Power A will provide operational support of up to 4.3 billion yuan for its subsidiary, Binhai Bay Energy [1]. - The company aims to invest approximately 16.096 billion yuan in 2025, with one-third allocated to the renewable energy sector [2]. Group 2: Energy Generation Capacity - Currently, Guangdong Power A has 8 million kilowatts of coal power under construction, with 3 to 5 million kilowatts expected to be operational by 2025 [2]. - The company has a total installed capacity of 39.3657 million kilowatts, with wind and solar power accounting for 8.62% and 9.86% of the total, respectively [2]. - The company is accelerating its transition to renewable energy, with a total of 7.2759 GW in wind and solar power capacity by the end of 2024 [2]. Group 3: Financial Performance - In 2024, the company reported total revenue of 57.159 billion yuan, a year-on-year decrease of 4.27%, and a net profit of 964 million yuan, down 1.07% [3]. - The company anticipates a significant decline in net profit for the first half of 2025, projecting a range of 28 million to 36 million yuan, a decrease of 96.90% to 96.01% year-on-year [3]. - Despite the challenges, the company expects a recovery in profitability in the second quarter of 2025 as its power generation capacity gradually increases [3].