EBSCN·2025-05-05 06:14Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [3][6]. Core Views - The company achieved a revenue of 69.695 billion yuan in 2024, a year-on-year increase of 14.86%, while the net profit attributable to shareholders decreased by 17.70% to 2.922 billion yuan [1]. - In Q1 2025, the company reported a revenue of 16.548 billion yuan, up 9.93% year-on-year, and a net profit of 1.154 billion yuan, which is a significant increase of 27.39% year-on-year and 288.02% quarter-on-quarter [1]. - The company’s new effective orders exceeded 100 billion yuan in 2024, marking a 16.88% year-on-year increase, with notable growth in renewable energy and emerging industries [2][3]. Summary by Sections Financial Performance - In 2024, the company’s main energy equipment sales saw significant increases: hydroelectric generator sets, steam turbines, and wind turbines grew by 12.29%, 30.65%, and 83.63% respectively, reaching 5.77 GW, 40.05 GW, and 8.98 GW [2]. - The revenue from renewable energy equipment and clean efficient energy equipment increased by 19.98% and 37.73% to 16.603 billion yuan and 28.358 billion yuan respectively [2]. - The gross margins for renewable energy and clean efficient energy equipment decreased by 3.17 and 4.12 percentage points to 3.77% and 16.75% respectively due to low-price orders in thermal power and intensified competition in wind energy [2]. Orders and Growth - The company’s new effective orders reached 101.142 billion yuan in 2024, a record high since the 14th Five-Year Plan, with renewable energy equipment and emerging industries growing by 31.66% and 27.88% to 26.489 billion yuan and 14.585 billion yuan respectively [2][3]. - In Q1 2025, the company added new effective orders of 35.881 billion yuan, a year-on-year increase of 36.28%, with growth exceeding 30% in clean efficient energy equipment, renewable energy equipment, and engineering and international supply chain industries [2]. Dividend and Shareholder Returns - The company increased its dividend payout ratio to 46.76% in 2024, up by 5.05 percentage points, reflecting a commitment to shareholder returns [3].