Core Viewpoint - The company reported a significant increase in revenue for 2024, but also faced substantial losses in net profit, indicating challenges in profitability despite revenue growth [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.481 billion, a year-on-year increase of 22.09%, but reported a net profit attributable to shareholders of -545 million, a year-on-year decrease of 678.26% [1] - For Q4 2024, the company recorded operating revenue of 508 million, a year-on-year increase of 24.14%, with a net profit attributable to shareholders of -618 million, indicating a significant loss [1] Group 2: New Energy Projects - The company accelerated the development of new energy projects, successfully connecting the 100MW wind power project and starting construction on two 250MW solar power projects, leading to a 136.41% increase in new energy engineering revenue to 115 million [2] - The gross margin for new energy engineering increased by 45.14 percentage points to 62.62% [2] Group 3: Future Plans and Investments - The company plans to invest 1 billion in its subsidiaries in 2025 to support the construction of wind and solar projects, aiming to enhance its operational capacity in new energy [3] - By the end of 2024, the company held wind and solar power station capacities of 246MW and 298.6MW, respectively, with total electricity generation reaching 609 million and 448 million kWh [3] Group 4: Asset Management and Strategy - The company recorded a 422 million impairment loss on biomass assets due to industry policy and raw material price impacts, but aims for the biomass power station business to reach breakeven or slight profit through cost control and increased non-electric revenue [4] - The company is actively acquiring distributed wind resource indicators, with several new projects approved in 2024 [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Viewpoints - The company reported a revenue of 1.481 billion yuan in 2024, a year-on-year increase of 22.09%, but a net profit attributable to shareholders of -545 million yuan, a significant decline of 678.26% [1]. - The company is actively advancing the construction of renewable energy projects, with a notable increase in revenue from its renewable energy engineering business, which grew by 136.41% to 115 million yuan, and a gross margin increase of 45.14 percentage points to 62.62% [2]. - The company plans to invest 1 billion yuan in its subsidiaries in 2025 to support the construction of wind and solar projects, aiming to enhance its power generation business [3]. - The company has made provisions for asset impairment in its biomass business amounting to 422 million yuan, which is expected to optimize its asset structure and potentially lead to breakeven or slight profit in the biomass power station business [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.481 billion yuan, with a growth rate of 22.09% compared to 2023. However, the net profit attributable to shareholders was -545 million yuan, reflecting a drastic decline of 678.26% [1][5]. - The revenue for Q4 2024 was 508 million yuan, marking a year-on-year increase of 24.14%, but the net profit was -618 million yuan, indicating substantial losses [1]. Renewable Energy Projects - The company successfully connected the 100MW wind power project in Tailai to the grid and commenced construction on two 250MW photovoltaic projects, contributing to a significant increase in revenue from renewable energy projects [2]. - By the end of 2024, the company held a total of 246MW of wind power and 298.6MW of photovoltaic capacity, with total electricity generation reaching 1.447 billion kWh [3]. Investment and Future Outlook - The company plans to focus on the construction and operation of renewable energy power stations, with a total investment of 1 billion yuan planned for its subsidiaries in 2025 [3]. - The report projects net profits for 2025-2027 to be 92 million yuan, 141 million yuan, and 167 million yuan respectively, with a downward adjustment of 46% and 27% for the first two years [4][5].