中国电力：中期业绩大幅增长，宣派20周年特别股息

Investment Rating - The report does not specify a clear investment rating for the company [4]. Core Insights - The company reported a significant increase in mid-year performance for 2024, with a revenue growth of 24.2% to RMB 26.47 billion and a net profit increase of 53.0% to RMB 2.57 billion [2][3]. - The company declared a special dividend of RMB 0.05 per share to celebrate its 20th anniversary [1][2]. - The clean energy segment continues to be a major driver of profit growth, with wind and solar profits increasing by 35% and 46% respectively [2]. - The company aims to increase its clean energy capacity to over 78% by the end of 2024, with a target of 90% by the end of the 14th Five-Year Plan [1][2]. Summary by Sections Financial Performance - The company achieved a significant operating profit growth of 66.7% to RMB 7.47 billion in the first half of 2024 [2]. - The hydropower segment turned profitable with a profit increase of 622%, driven by improved rainfall and operational efficiency [2][3]. - The thermal power segment saw a profit increase of 97% due to a decrease in coal procurement prices, with average fuel costs down by 8% [3]. Clean Energy Development - The company added 3.3 GW of self-built wind and solar capacity in the first half of 2024, bringing the total clean energy capacity to 77% of its total installed capacity [2]. - The company plans to add an additional 7 GW of clean energy capacity by the end of 2024 [1][2]. Shareholder Returns - The company maintains a dividend payout ratio of over 50%, with an expected annual dividend yield exceeding 7% [2][3]. - The special dividend of RMB 0.05 per share is part of the company's commitment to shareholder returns [1][2].