中石化投资，2900亿新能源巨头上市

Core Viewpoint - Huadian New Energy officially listed on the Shanghai Stock Exchange on July 16, raising a total of 18.171 billion yuan, marking it as the largest IPO in the year and the largest listed company in China's new energy power generation capacity [1][3]. Group 1: Company Overview - Huadian New Energy, established in August 2009 and based in Fuzhou, Fujian, is the final integration platform for wind and solar energy businesses of China Huadian, one of the five major power generation groups in China [1]. - The company has a substantial project reserve of 132 GW and is actively exploring new business areas such as "new energy + energy storage" and "new energy + hydrogen" [1]. - The company has a strong shareholder base, with major shareholders including Fujian Huadian Furu Energy Development Co., Ltd. (46.06% stake), Huadian International, China Life, and several other prominent investment firms [1]. Group 2: Financial Performance - As of the end of 2024, Huadian New Energy's installed capacity reached 68.6171 million kilowatts, with wind power accounting for 32.0245 million kilowatts (6.15% market share) and solar power for 36.5926 million kilowatts (4.13% market share) [3]. - The company's revenue has shown consistent growth over the past three years, reaching 24.673 billion yuan in 2022, 29.580 billion yuan in 2023, and projected to reach 33.968 billion yuan in 2024, with a compound annual growth rate of 11.3% [3]. - In 2024, the revenue from wind power was 22.741 billion yuan (67.52% of total revenue), while solar power contributed 10.939 billion yuan (32.48%) [3]. Group 3: Profitability Metrics - The net profit for Huadian New Energy was reported at 8.522 billion yuan in 2022, 9.620 billion yuan in 2023, and is projected to be 8.831 billion yuan in 2024, with a net profit margin of 27.91% and a return on equity of 10.16% in 2024 [4]. - In the first quarter of 2025, the company reported a revenue of 9.628 billion yuan, a year-on-year increase of 16.19%, and a net profit of 2.922 billion yuan, up 5.89% year-on-year [5].