CTGR(SH:600905) Xin Lang Zheng Quan·2025-08-12 11:33Core Viewpoint - China Three Gorges New Energy (referred to as "the company") announced a cash dividend of 0.067 yuan per share, totaling approximately 1.917 billion yuan, which represents 31.37% of the parent company's net profit for 2024. This dividend is the lowest in the past three years despite a decline in net profit [1][2]. Financial Performance - In 2024, the company reported an operating income of 29.717 billion yuan, a year-on-year increase of 12.13%. However, the net profit attributable to shareholders decreased to 6.111 billion yuan, a decline of 14.81% compared to the previous year [2][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses also fell by 13.60% [5]. Reasons for Profit Decline - The decline in net profit is attributed to several factors: 1. Changes in the structure of electricity sales, with an increase in market-based trading volume and a decrease in average electricity prices, which affected revenue despite growth in installed capacity and generation [4][5]. 2. Increased depreciation and operating costs due to new projects coming online in 2024 [4][5]. 3. A provision for impairment of 1.45 billion yuan, which is an increase of 889 million yuan from the previous year [4]. 4. Fluctuations in the profitability of associated enterprises, leading to a decrease in investment income by approximately 47.64 million yuan [4]. Capacity Expansion - The company continued its expansion in the industry, adding 7.917 million kilowatts of new installed capacity in 2024, bringing the total installed capacity to 47.9614 million kilowatts. This includes 22.432 million kilowatts of wind power, 7.0498 million kilowatts of offshore wind power, and 24.2657 million kilowatts of solar power, representing market shares of 4.31%, 17.08%, and 2.74% respectively [6]. Strategic Outlook - The company's strategy of maintaining dividends despite reduced profits is seen as a way to optimize asset quality and reserve growth potential during the industry's transition period. The market will closely monitor whether the company can sustain its growth momentum while improving profitability to provide more stable returns to investors [9].