GED(SZ:000539) Changjiang Securities·2025-03-30 23:30Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a downward adjustment in expectations [8]. Core Insights - The company reported a total operating revenue of 57.159 billion yuan in 2024, a year-on-year decrease of 4.27%, and a net profit attributable to shareholders of 0.964 billion yuan, down 1.07% year-on-year [5][11]. - The decline in coal power revenue was attributed to a reduction in both volume and price, leading to a 17.34% decrease in revenue from coal power. However, revenue from gas power and renewable energy increased by 32.86% and 42.81% respectively due to new installations [11][12]. - The company successfully reduced asset impairment losses by over 1.3 billion yuan, resulting in a total of 0.356 billion yuan in impairment losses for 2024 compared to 1.675 billion yuan in the previous year [11][12]. Summary by Sections Financial Performance - The company achieved a total operating revenue of 57.159 billion yuan in 2024, a decrease of 4.27% year-on-year. The net profit attributable to shareholders was 0.964 billion yuan, down 1.07% year-on-year [5][11]. - The coal power segment generated a net profit of 0.278 billion yuan, while gas power and renewable energy segments contributed net profits of 0.483 billion yuan and 0.171 billion yuan respectively [11]. Operational Highlights - The company’s controllable installed capacity reached 41.7075 million kilowatts by the end of 2024, with a significant portion (49.24%) coming from clean energy sources [11]. - The total power generation for 2024 was 1,258.3 billion kilowatt-hours, reflecting a year-on-year increase of 4.38% [11]. Cost Management - Operating costs decreased by 2.84% year-on-year, amounting to 49.521 billion yuan, primarily due to alleviated fuel price pressures [11]. - The company maintained stable sales and management expenses, while financial costs remained flat despite significant growth in installed capacity [11]. Future Outlook - The report projects earnings per share (EPS) for 2025-2027 to be 0.18 yuan, 0.23 yuan, and 0.32 yuan respectively, with corresponding price-to-earnings (PE) ratios of 24.95, 20.41, and 14.28 [11].