GDPD(SH:600795)2024-08-20 10:08Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance has shown significant recovery in water and thermal power sectors, with short-term impacts from asset impairments [5] - The company reported a 3.22% year-on-year decrease in revenue for the first half of 2024, totaling 85.83 billion yuan, while net profit attributable to shareholders increased by 127.35% to 6.72 billion yuan [5] - The report highlights the expected continued growth in hydropower and renewable energy contributions to overall performance [5] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 85.83 billion yuan, a decrease of 3.22% year-on-year, while net profit reached 6.72 billion yuan, an increase of 127.35% [5][6] - The company plans to distribute a cash dividend of 0.90 yuan per 10 shares, amounting to 1.61 billion yuan, which is 23.90% of the net profit for the first half of 2024 [5] Power Generation - The total electricity generated in the first half of 2024 was 202.97 billion kWh, a year-on-year increase of 3.34%, with thermal power generation slightly declining by 1.42% [5] - The average on-grid electricity price for coal-fired power was 460.89 yuan per MWh, a decrease of 1.18% year-on-year, while the cost of coal dropped by 2.70% to 918.94 yuan per ton, leading to an increase in net profit from the thermal power segment [5] Hydropower and Renewable Energy - Hydropower generation increased significantly by 32.11% year-on-year, with the Sichuan province benefiting from abundant water resources [5] - The company’s renewable energy capacity has grown, with wind power generation increasing by 5.88% and solar power generation soaring by 118.95% [5] Financial Management - The company successfully disposed of a 50% stake in Guodian Construction Investment for 6.74 billion yuan, enhancing cash flow and reducing financial expenses [5] - Financial expenses for the first half of 2024 were 3.22 billion yuan, a decrease of 1.18 billion yuan year-on-year, positively impacting overall profitability [5] Profit Forecast - The net profit forecast for 2024 has been raised to 10.99 billion yuan, while projections for 2025 and 2026 have been slightly adjusted downwards [5][6]