JEP(SZ:000875) Zheng Quan Zhi Xing·2025-08-29 17:35Core Viewpoint - The credit rating of Jilin Electric Power Co., Ltd. is maintained at AAA/stable, supported by strong backing from its actual controller, advantages in renewable energy scale, robust profitability, and improved financial leverage [3][4][9]. Company Overview - Jilin Electric Power Co., Ltd. has a total asset value of 873.17 billion yuan as of March 2025, with total liabilities of 602.47 billion yuan and total debt of 604.01 billion yuan [8][29]. - The company has a strong equity position, with total equity reaching 270.70 billion yuan [8][29]. - The company’s operating income for 2024 is reported at 137.40 billion yuan, with a net profit of 16.87 billion yuan [8][29]. Financial Performance - The company has shown strong profitability, with an EBIT of 32.68 billion yuan and EBITDA of 71.59 billion yuan for the first quarter of 2025 [8][29]. - The operating cash flow for 2024 is reported at 54.74 billion yuan, indicating strong cash generation capabilities [30]. - The average gross profit margin for the company is 26.92% for 2024, reflecting a solid operational performance [8][29]. Debt and Leverage - The company’s total debt to EBITDA ratio is 7.86, indicating a manageable level of debt relative to earnings [30]. - The company has a well-structured debt profile, with a significant portion of long-term debt, which supports its financial stability [29]. Renewable Energy Focus - Jilin Electric Power has a significant focus on renewable energy, with a clean energy capacity ratio of 76.94% as of 2024, highlighting its commitment to sustainable energy sources [24][28]. - The company has been expanding its renewable energy projects, including a major investment in a green hydrogen project with a total investment of 59.56 billion yuan [20][24]. Market Position and Strategy - The company is strategically positioned to leverage its renewable energy capabilities and has established multiple platforms for renewable energy development across the country [15][24]. - The company aims to enhance its core competencies in investment, development, construction, technology, innovation, and operation to become a leading clean energy enterprise [15][24]. Industry Outlook - The overall power supply and demand in China are expected to remain balanced in 2024, with a continued trend towards cleaner energy sources [12][13]. - The industry is projected to experience stable growth in electricity demand, supported by policy initiatives and infrastructure investments [12][13].