Datang Power(601991) CMS·2025-03-27 02:32Investment Rating - The report maintains a rating of "Buy" for the company [4] Core Views - The company's 2024 annual report shows that it achieved operating revenue of 123.47 billion yuan, a year-on-year increase of 0.86%, and a net profit attributable to shareholders of 4.51 billion yuan, a significant year-on-year increase of 229.7% [1][8] - The improvement in profitability is attributed to the decline in fuel costs and increased hydropower generation, leading to a substantial recovery in thermal power profits [8] - The company plans to distribute a cash dividend of 0.0621 yuan per share, totaling 1.15 billion yuan, with a dividend payout ratio of 38.13% [8] Financial Data and Valuation - The company forecasts total operating revenue for 2025 to be 130.02 billion yuan, with a year-on-year growth of 5% [3][11] - The net profit attributable to shareholders is projected to be 5.09 billion yuan in 2025, reflecting a year-on-year growth of 13% [9][11] - The company's average on-grid electricity price for the year was 451.4 yuan per megawatt-hour, a decrease of 3.22% year-on-year [8] - The company has a total market capitalization of 54 billion yuan and a circulating market capitalization of 36.2 billion yuan [4] Performance Metrics - The company achieved a gross profit margin of 14.87% in 2024, an increase of 3.12 percentage points year-on-year, and a net profit margin of 5.55%, up by 3.1 percentage points [8] - The return on equity (ROE) for the trailing twelve months (TTM) is 5.9% [4] - The company's debt-to-asset ratio stands at 71.0% [4] Growth and Investment Outlook - The company is actively pursuing a low-carbon transition, with significant wind and solar projects in progress, including 2.59 million kilowatts of new wind power and 1.70 million kilowatts of solar power added in 2024 [8] - The company expects continued growth in its renewable energy capacity, which is anticipated to contribute positively to future earnings [8]