Investment Rating - The investment rating for the company is maintained, with a target price of 6 HKD [7]. Core Insights - The company reported a revenue growth of 6.3% year-on-year to 2.75 billion RMB for 2024, while net profit decreased by 16.5% to 805 million RMB due to a reduction in the sale of completed power stations [2][4]. - The company plans to prepare for a secondary listing on the Singapore Exchange to enhance overseas business development and broaden potential financing channels [3][4]. - The company emphasizes shareholder returns with a dividend payout ratio of 32% and a dividend yield of 7% [2][4]. Summary by Sections Financial Performance - The company’s revenue for 2024 reached 2.75 billion RMB, reflecting a 6.3% increase compared to the previous year [2]. - The net profit for 2024 was 805 million RMB, down 16.5% year-on-year, attributed to a significant decrease in the sale of completed power stations [2][4]. - The company maintained a dividend of 0.035 HKD per share, consistent with the previous year, resulting in a dividend yield of 7% [2][4]. Operational Highlights - The company’s installed capacity for renewable energy generation is expected to reach 1 GW in 2025, with a total installed capacity of 4.6 GW by the end of 2024, an increase of 565 MW year-on-year [2]. - The company faced challenges in its power generation business, with utilization hours for wind and solar projects declining by over 10% [3]. - Despite these challenges, the company’s equity power generation increased by 25% year-on-year to 7,515 GWh, and revenue from power generation rose by 11.4% to 2.52 billion RMB [3]. Strategic Initiatives - The company is preparing for a secondary listing on the Singapore Exchange to expand its financing options and investor base, which is expected to support its future growth [3][4]. - The company is focused on increasing its market share in overseas renewable energy projects, which is anticipated to contribute positively to its growth trajectory [4].
协合新能源：保持高比例派息，筹备新加坡第二上市-20250306